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
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
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
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
For further information:
Morin Public Relations
(514) 289-8688, ext 225
TD Bank Financial Group