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Under $200,000, The Price Is Right for Halifax Condo Buyers

5 minute read
By TD Bank Group
• May 7, 2008
- More than half say $200,000 is upper limit they'll pay for a two-bedroom unit - Energy efficiency is high and growing in importance for Haligonians - Lowest in importance: "owning a brand new condo" - Haligonians expect to stay longer in a new condo than other urban residents HALIFAX, May 7 /CNW/ - Haligonians' pricing preferences for condominiums are well-matched to the local market, according to the 2008 TD Canada Trust Condo Poll. Just over half (52%) say they will pay no more than $200,000 for a two-bedroom condo. Another 41% will pay between $200,000 and $400,000. This compares with a total of 28% in six major Canadian cities who want to pay less than $200,000 and 52% who would pay between $200,000 and $400,000. Across Canada, condo popularity is steadily increasing. Almost half of urban Canadians (48%) indicate they would consider buying a condo as their primary residence, up from 39% in 2007. The findings are part of the 2008 TD Canada Trust Condo Poll. Conducted by Angus Reid Strategies between March 20 and 25, the poll looks at the attitudes of urban Canadians towards condo ownership. A total of 1200 online interviews were conducted with Angus Reid Forum panelists who indicated they are likely to consider purchasing a condominium as a primary residence. The sample consisted of 200 interviews in each of Greater Vancouver, Calgary, the Greater Toronto Area, the Montreal Metropolitan Community, Halifax and Ottawa. Royal Lepage's "Survey of Canadian House Prices" indicates that in the first three months of 2008, the average price of a standard (two-bedroom) condominium in Halifax was $152,000, or 5.6% higher than the same period in 2007. On a nationwide basis, the average price was $240,423, or 6.9% higher than the same period in 2007. "Prices for a standard condominium in Halifax, while considerably lower than the national average, have still seen substantial growth over the last few years(1)," says Joan Dal Bianco, Vice President, Real Estate Secured Lending. "But the rate of price appreciation has moderated here and in other urban centres. With economists predicting improved affordability in Canadian housing markets this year and next, Haligonians should continue to enjoy a stable condo market." Haligonians are less likely than most urban Canadians to consider owning a condo purely for investment reasons rather than as a primary residence. 28% say they would consider doing so. The six-city total response to this question is 38%. Across the six cities polled, 7% of respondents indicate they currently own an investment condo; in Halifax, 5% say they currently own one. Key Findings: - When asked the main reason they would buy a condo as their principle residence, Halifax residents mainly say it is due to less maintenance. While most other city respondents also say less maintenance is key, it is even more important in Halifax (44% of respondents vs. six-city total of 34%). - Affordability, on the other hand, barely registers in Halifax as a reason to choose a condo over other types of housing. Only 8% cite it as a factor in their purchase. In the red hot Vancouver market, 40% say affordability is the top factor; across the six cities polled, 23% say it is most important. - An energy-efficient building and good building security, at 98% each, are the two most important amenities for Halifax residents, followed by low condo fees (93%) and attractive design (91%). - Energy efficiency is growing in importance for Haligonians. In last year's condo poll, it ranked third in importance (94%) after good building security (99%) and attractive design (96%). - At 50%, owning a brand new condo is the least important amenity for Haligonians. - Eight-in-ten Haligonians (79%) say that no parking is the main reason they would not buy a particular condo. Next on the list of deal-breakers, at 73%, is insufficient building security. - Attitudes towards raising a family in a condo seem to be softening in Halifax. Last year, 85% said they would not raise a family in a condo, whereas in this year's poll, 79% say no. This is still higher than the six-city total of 67% who say no to raising a family in a condo, but less than residents of Montreal (81%). - Having too many children in the building would stop 58% of Halifax buyers vs. a total of 44% for the six cities polled. - Halifax residents expect to stay longer in a new condo than other urban residents. 35% would stay more than 15 years vs. a six-city total of 25%. Another 19% would stay 11-15 years and 28% would stay 3-5 years. All results presented on a total basis for the six cities are weighted averages to reflect the populations of the individual cities. The margin of error for the Halifax poll is +/-6.9%, 19 times out of 20. For the total sample of six cities, the margin of error is +/-2.9%, 19 times out of 20. About TD Bank Financial Group The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. TD Bank Financial Group is the seventh largest bank in North America by branches and serves approximately 17 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking through TD Commerce Bank; and Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks among the world's leading on-line financial services firms, with more than 5.5 million on-line customers. TD Bank Financial Group had CDN$435 billion in assets as of January 31, 2008. The Toronto-Dominion Bank trades on the Toronto and New York Stock Exchanges under the symbol "TD", as well as on the Tokyo Stock Exchange. The TD Economics Special Report can be found at http://www.td.com/economics/special/ca0408_housing.pdf ------------------- (1) 27.4% price rise from Q1 2006 to Q1 2007; 5.6% rise from Q1 2007 to Q1 2008. Source: Royal Lepage Survey of Canadian House Prices. For further information: Kelly Hechler, Media Relations, Corporate and Public Affairs, TD Bank Financial Group, (416) 982-2469

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