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15% of Montreal parents would consider buying a condo for their kids

Toronto (May 5, 2010) – Interested in buying a condo? If you live in Montreal, just ask your parents to buy you one. According to the 4th annual TD Canada Trust Condo Poll, which surveyed Canadians who would consider purchasing a condo, 15% of Montrealers would consider buying a condo for their adult children.

“Montrealers continue to see the value in purchasing a condo, whether it is a place to call home for themselves or for their children,” says Linda Dupont, Regional Sales Manager, Personal Credit, 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 TD Canada Trust Condo Poll revealed that the low maintenance needs of condos compared to houses is the biggest motivation for Montrealers (40%). Affordability comes in second as the most popular reason for condo purchases (18%).

Montrealers choose condos

While Montrealers appreciate the affordability of condos, 64% of those who would consider purchasing or already own a condo say that having more money wouldn’t lead them to buy a house over a condo. Additionally, one-third of Montrealers considering a condo would raise a family in one (33%).

Is a condo a good investment?

One in five (22%) of Montrealers surveyed would consider investing in a condo that is not their primary residence. The number of Montreal respondents who feel the market conditions have improved for buying a condo as an investment over the past year has dropped sharply from 36% in 2009 to 23% in 2010. In addition, the number who would consider purchasing a condo as an asset to sell when condo prices increase, has dropped from 32% in 2009 to 20% in 2010.

Montrealers know what they want to pay

For the fourth year in a row, the majority of Montrealers (96%) say they would spend less than $400,000 for a two bedroom condo. In terms of condo fees, only 7% of respondents would be willing to pay more than $400 per month, and the poll found that no Montrealers would pay more that $600 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 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 includes 1,012 men and women, including 201 Montrealers.

About TD Bank Financial Group

The year 2010 marks the 150th anniversary of TD Bank Financial Group in Quebec. TDBFG has built on a long tradition of quality client service and community involvement that dates back to the opening of the first branch of the Bank of Toronto in Quebec in 1860. Today, TDBFG’s Quebec presence includes over 4,000 employees and 125 offices and points of service, as well as significant investments in community programs.

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.

For further information:

Mathieu Beaudoin
Morin Public Relations
(514) 289-8688, ext 225

Karen Lafleur
TD Bank Financial Group
(514) 850-2832