Calgarians see condos as a source
of long-term income:
Toronto (May 5, 2010)
– Condo buyers in Calgary are among the most likely in
Canada to purchase a condo as an investment property (40%). Of
those, 41% who bought or would consider buying a condo see a condo
as a long-term source of rental income, compared to 35% nationally.
While 26% of Canadians plan on eventually moving into their rental
condo unit, only 16% of Calgarians plan to do so. These stats are
according to the 4th TD Canada Trust Condo Poll which
surveyed Canadians who would consider purchasing a condo.
“Calgarians continue to see the value in
purchasing a condo as an investment strategy,” 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.
Is a condo a good investment?
Calgarians are most likely in the country to think
that market conditions have improved for buying a condo as an
investment, however the number who feel this way has dropped from
52% in 2009 to 38% in 2010.
“In Calgary, we had started to see the
early stages of some price increases in March. In the last 30 days,
the number of listings has drastically increased,” says
Jessy Bilodeau, Mobile Mortgage Specialist, Calgary, TD Canada
Trust. “The current increase in supply would suggest that
prices may not rise any further as buyers will have more options to
Why buy a condo?
The TD Canada Trust Condo Poll revealed that lower
maintenance needs of condos versus homes is the biggest motivation
for Calgarians (42%). Affordability is the second most popular
reason for condo purchases (18%). Interestingly, in Vancouver,
affordability is the primary reason for condo purchases (45%, up
from 35% in 2009) – more than double the city’s
second place reason to purchase a condo: lower maintenance (21%).
Conversely, affordability is not a major reason to purchase a condo
in Halifax with only 5% saying price is the deciding factor.
Calgarians choose condos
While Calgarians appreciate the affordability of
condos, 61% of those who would consider purchasing or already own a
condo say that their plans wouldn’t be impacted or that
they would still purchase a condo even if they had more money. That
figure is highest in Halifax (79%). Additionally, one-third of
Calgarians considering a condo would raise a family in one
Calgarians know what they want to
For the fourth year in a row, the majority of
Calgarians (82%) say they would spend less than $400,000 for a two
bedroom condo. In terms of condo fees, only 6% of respondents would
be willing to pay more than $400 per month.
About the 4th TD Canada Trust
The 2010 TD Canada Trust Condo Poll was conducted
through interviews with adult Canadians who would consider
purchasing 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 208 in Calgary.
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
For further information:
Carolyn Abbass/ Anne Locke
Paradigm Public Relations
TD Bank Financial Group