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Vancouverites Have an Appetite for Condos, says TD Canada Trust Poll
- Most likely among major cities to consider condo purchase - Most likely to consider paying between $400,000-$600,000 VANCOUVER, April 10 /CNW/ - Residents of the Greater Vancouver Area are the most likely among Canada's major cities to consider purchasing condominium as their principal residence. They are also the most likely to consider higher-priced condos, according to an Ipsos Reid survey conducted on behalf of TD Bank. The on-line survey, which looked at a number of factors that might influence a potential condo owner's purchase decision, was conducted between March 1 and March 5, 2007 among 725 adults aged 18 and older living in Vancouver, Toronto, Montreal, Calgary and Halifax. 50% of Vancouver poll respondents say they would likely consider buying a condo. This compares with a five-city average response of 38%. Montrealers, at 27%, are the least likely to consider buying a condo. The main reason that Vancouverites are likely to consider purchasing a condominium as a primary residence is that they are more affordable than houses. More than a third (36%) cites this factor, versus an average of 21% for all regions polled. In statistics released for February 2007 by the Canadian Real Estate Association on average MLS prices in urban areas across the country, the Greater Vancouver area had the most expensive housing in Canada, with average resale price of $531,688(1). 13% of Vancouver respondents indicate they would consider paying between $400,000 and $600,000 for a two-bedroom unit, more than twice the five-city average of 6% for that price range and almost twice the number of respondents in the Greater Toronto Area (7%). The most popular price range for Vancouverites, Calgarians and Torontonians is from $200,000 to $400,000, with 61%, 69% and 57% choosing this option respectively. "The fact that Vancouverites are more willing to consider buying higher-priced condos - and condos in general - reflects real estate market realities in the city," said Peggy Barnett, TD Canada Trust's Zone Sales Manager, Personal Credit, Western Canada. "Vancouver currently has the highest average condo prices in Canada." A recent study of the condominium market has shown that the average Vancouver condo price in 2006 was $289,344, compared with $262,456 in Calgary, $239,816 in Toronto and $169,899 in Montreal. The average price for the four cities was $240,378. When it comes to condo fees, however, Vancouverites are more frugal. 45% would only pay up to $200 per month for a two-bedroom unit - surpassed only by Montreal (65%) among the five cities surveyed. Another 46% of Vancouverites would pay between $200 and $400 per month. "Higher real estate prices in the Greater Vancouver Area are expected to continue for the next few years," concludes Barnett. "The city is very attractive to new immigrants, and this won't change. With the pressure on current and new housing stock, it is no surprise that condos are an increasingly popular choice for Vancouverites." Other Key Findings - 34% of Vancouverites would consider raising a family in a condominium, up from 28% who responded affirmatively to this question one year ago. - One in four Vancouverites would consider buying a condo because it involves less maintenance. One in five would do so because they are approaching retirement or already retired and want to downsize from a house. - Good building security (97%), an attractive design (94%) and an environmentally friendly, energy-efficient building (93%) are the three top-ranked reasons for buying a condo among Vancouverites. - In Vancouver, no parking (84%), lack of energy-efficient features (73%) and insufficient security (69%) are the three top reasons for not wanting to buy a particular condo unit. About Ipsos Reid Ipsos-Reid is Canada's market intelligence leader and the country's leading provider of public opinion research. With operations in eight cities, Ipsos-Reid employs more than 300 researcher professionals and support staff in Canada. The company has the biggest network of telephone call centres in Canada, as well as the largest pre-recruited household and on-line panels. Ipsos-Reid's Canadian marketing research and public affairs practices are staffed with seasoned research consultants with extensive industry-specific backgrounds, offering the premier suite of research vehicles in Canada - including the Ipsos Trend Report, the leading source of public opinion in the country - all of which provide clients with actionable and relevant information. Ipsos-Reid is an Ipsos company, a leading global survey-based market research group. To learn more, visit www.ipsos.ca About TD Bank Financial Group The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. TD Bank Financial Group serves more than 14 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; Wholesale Banking, including TD Securities; and U.S. Personal and Commercial Banking through TD Banknorth. TD Bank Financial Group also ranks among the world's leading on-line financial services firms, with more than 4.5 million on-line customers. TD Bank Financial Group had CDN$408 billion in assets, as of January 31, 2007. The Toronto-Dominion Bank trades on the Toronto and New York Stock Exchanges under the symbol "TD".
For further information: Christa Poole, TD Bank Financial Group, (416) 308-0177, firstname.lastname@example.org
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