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Not under my roof: 13% of Vancouver parents consider buying a condo for their adult children
- TD Canada Trust's 4th Condo Poll shows Vancouverites see condos as a source of long-term income -
TORONTO, May 5 /CNW/ - Want a condo? Ask mom and dad. According to the 4th TD Canada Trust Condo Poll which surveyed Canadians who would consider purchasing a condo, 13% of Vancouverites would consider buying a condo for their adult children.
"Vancouverites continue to see the value in purchasing a condo, whether it is a place to call home for themselves or for their children," says Chris Wisniewski, Associate Vice President, Real Estate and Secured Lending, TD Canada Trust. "Affordability and stable monthly expenses can make condos very attractive for both first-time buyers and investors."
Why buy a condo?
The most popular reason for Vancouverites to consider purchasing a condo is affordability. This number is nearly double the national average (45% compared to 24%). Less maintenance (21%) and wanting to downsize from a house because they are retired or approaching retirement (15%) are the second and third most important factors.
Vancouverites choose condos
Respondents in Vancouver were the most likely in the country to say that if they had more money, they would buy a house rather than a condo (53%). Vancouverites are also the most likely to consider raising a family in a condo (42% versus 36% nationally).
Is a condo a good investment?
Forty-seven percent of Vancouverites surveyed would consider investing in a condo that is not their primary residence. This is the highest percentage in the country with the national average being 37%. Of those Vancouverites, 61% cite potential rental income as the main reason. However, the number who feel the market conditions have stayed the same or improved for buying a condo as an investment has dropped from 54% in 2009 to 24% in 2010. Also, the number of respondents who would purchase a condo as an asset to sell when prices go up dropped from 29% in 2009 to 21% this year.
"In the B.C. market, condo properties continue to be popular primary residences as they remain the most affordable option for first-time buyers," says Barry Rathburn, Mobile Mortgage Specialist, B.C., TD Canada Trust. "I've also seen many Snowbirds and frequent travellers finding that a condo provides worry-free ownership while they are away travelling."
Vancouverites know what they want to pay
The majority of Vancouverites (66%) say they would spend no more than $400,000 for a two bedroom condo. However, Vancouverites are also the most willing in the country to pay more than $400,000 (31% versus 15% nationally). While Vancouver residents may be willing to pay more for their condo, they would not be willing to shell out big condo fees: only 8% would be pay more than $400 per month.
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 202 Vancouverites.
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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