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Hot markets drive single Calgary and Edmonton women to buy homes
- Two-thirds say a motivation for first home purchase was to get into housing market - More than half say they wanted to buy while they could still afford to - Three-quarters say affordability their biggest pre-purchase worry CALGARY, Feb. 29 /CNW/ - Individual women homeowners in Calgary and Edmonton are more driven to get a foothold in the real estate market than women in any other major city in Canada, according to TD Canada Trust's Women and Home Ownership Poll. Two-thirds (66%) of women in Calgary and Edmonton cite wanting to get into the housing market as a reason for buying their first home, compared with an average 54% of women respondents across Canada, 57% in Vancouver and 52% in Toronto. More than half of Calgary and Edmonton women (54%) say they wanted to buy a home while it was still affordable, compared with an average of 36% across Canada, 42% in Vancouver and 32% in Toronto. For Calgary and Edmonton women, the biggest worry before buying their first home was affordability (77%) - the same as the national average. The next biggest worry, at 49%, was assuming homeowner responsibilities such as maintenance and legal liabilities (close to national average of 51%). When asked what they like best about home ownership, women in Calgary and Edmonton most frequently say it is "financial security" and "building equity" (39%), higher than the national average of 23%. "Most of our poll participants in Calgary and Edmonton bought their home within the past three years - in other words, during a period when real estate prices were under intense upward pressure, says Joan Dal Bianco, Vice President, Real Estate Secured Lending. "It's no surprise that affordability is both a key motivator to buy and the biggest pre-purchase worry. Once they take the plunge, however, they take pride and satisfaction in having invested in their future." The findings are part of a national poll by TD Canada Trust that portrays the individual Canadian woman homeowner as single and financially savvy. On a national basis, most women chose condos (42%) over houses (34%) for their purchase. Other choices were townhouses (13%); duplexes, triplexes or fourplexes (6%) and other types of housing (4%). In Calgary and Edmonton, the condo/house choice was more evenly split, with 31% opting for condos and 33% for houses. Other options for individual Calgary and Edmonton women buyers were townhouses (23%), duplexes/triplexes/fourplexes (10%) and other types of housing (4%). The national poll, conducted in the first two weeks of this year by Ipsos Reid, was among women aged 20 to 45 who have purchased a home as an individual rather than jointly with a spouse or common law partner. Among this group, the average age at which they purchased their first home is 29 years. 82% are single, 80% have no children and 49% have a university degree. The vast majority (86%) still live in the last home they purchased and have made only one home purchase as an individual (81%). Respondents were also asked what would be the main reason they would sell their home. For Calgary and Edmonton women, half (50%) say they would do so to trade up to a better home (identical to national average.) Getting married would motivate 40% of Calgary and Edmonton women surveyed to sell their homes. This compares with 41% in Toronto, 38% in Winnipeg/Regina/Saskatoon, 28% in Vancouver, 20% in Atlantic Canada and 11% in Montreal. The national average is 29%. The online survey was conducted among 713 women living in major metropolitan areas across Canada and reflects the population of Canadian women in these areas aged 20-45 according to 2006 Census data. The margin of error for the national sample is +/-3.7%, 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 serves more than14 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 Banknorth; 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 4.5 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.
For further information: Kelly Hechler, Media Relations, Corporate and Public Affairs, TD Bank Financial Group, (416) 982-2469
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