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Someone to mow my lawn? Yes, please, say Halifax would-be condo owners
- TD Canada Trust's 4th Condo Poll shows Haligonians buy condos for the low maintenance lifestyle -
TORONTO, May 5 /CNW/ - Haligonians want low maintenance homes and see condos as a good option. More than any other city, Halifax respondents chose less maintenance (54%) and downsizing as they approach retirement (22%) as the main reasons to purchase a condo according to the 4th TD Canada Trust Condo Poll, which surveyed Canadians who own or would consider buying a condo.
"Haligonians continue to see the value in purchasing a condo as an opportunity to scale back as they approach retirement," says Chris Wisniewski, Associate Vice President, Real Estate and Secured Lending, TD Canada Trust. "Less maintenance in terms of house and yard-work is convenient for both first-time buyers and empty-nesters."
Haligonians choose condos
Compared to the rest of the country, affordability is not a major reason to purchase a condo for Halifax residents, with only 5% saying price is the deciding factor (compared to 24% nationally). Additionally, they are least likely in the country to say that having more money would lead them to buy a house over a condo (21%).
Haligonians know what they want to pay
Even though they say that affordability is not a reason to purchase a condo, for the fourth year in a row, the majority of Haligonians (92%) say they wouldn't spend any more than $400,000 for a two bedroom condo and only 11% of respondents would be willing to pay more than $400 per month in condo fees.
Is a condo a good investment?
Twenty-seven percent of Haligonians surveyed would consider buying a condo that is not their primary residence. Of these, the number of people who feel the market conditions have stayed the same or improved for buying a condo as an investment has dropped slightly (from 32% in 2009 to 28% in 2010).
"In my experience, the condo market in Halifax is being fueled by those who want to simplify their lifestyle," says Beth MacLellan, Mobile Mortgage Specialist, TD Canada Trust. "There are Snowbirds who want to head south during the winter months without the worry of maintaining their homes. There are also quite a few investors who find that condos can be rented out to cover the carrying costs while they wait for anticipated returns based on the increase in value over time."
About the 4th TD Canada Trust Condo Poll
The 2010 TD Canada Trust Condo Poll was conducted through interviews with adult Canadians who are likely to purchase a condo as a primary residence. Two hundred interviews were conducted in each of Greater Vancouver, Calgary, Greater Toronto Area, Metropolitan Montreal and Halifax to understand condominium choices among residents in Canada's urban centres. The survey was conducted by Angus Reid Public Opinion, a division of Vision Critical, on April 14 - 20, 2010. The sample size of 1,012 men and women includes 200 in Halifax.
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 sixth largest bank in North America by branches and serves more than 18 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 and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks among the world's leading online financial services firms, with more than 6 million online customers. TD Bank Financial Group had CDN$567 billion in assets on January 31, 2010. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
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