Torontonians appreciate condo
Toronto (May 5, 2010)
– Low maintenance, affordability, downtown living.
Torontonians choose condos for lifestyle reasons. Sixty-three per
cent of those who would consider purchasing or already own a condo,
say that they would still purchase a condo or that their decision
would be the same even if they had more money. Additionally, more
than one-third of Torontonians thinking about buying a condo would
consider raising a family in one (36%). This is according to the
4th TD Canada Trust Condo Poll which surveyed Canadians
who would consider purchasing a condo.
“Torontonians 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
Why buy a condo?
People in Toronto and Montreal are most likely in
the country to say that wanting to live downtown is the main reason
for buying a condo (14% vs. 12% nationally). The biggest motivation
for Toronto buyers, according to the TD Canada Trust Condo Poll, is
the lower maintenance needs of condos versus homes (39%).
Affordability is the second most popular reason for condo purchases
(19%). Downsizing from a house to prepare for or during retirement
is the next most popular reason (15%).
Is a condo a good investment?
Thirty-eight per cent of Torontonians surveyed
would consider buying a condo that is not their primary residence.
Compared to this time last year, the number who feel market
conditions have improved for buying a condo as an investment has
dropped (from 42% in 2009 to 32% in 2010). The number who would
consider purchasing a condo as an asset to sell when condo prices
increase, has dropped by one third (from 27% in 2009 to 18% in
“The results may reflect a growing
perception among investors that the profitability of investment
condo ownership will be reduced due to higher condo prices,
expected interest rate hikes and the imminent increases in carrying
costs due to HST,” says Georgia Stamatakos, Mobile
Mortgage Specialist, Toronto, TD Canada Trust.
Torontonians know what they want to
For the fourth year in a row, the majority of
Torontonians who would buy a condo (82%) say they would spend no
more than $400,000 for a two bedroom condo. However, when it comes
to condo fees, Torontonians are willing to pay more than the rest
of the country. Twenty six per cent are willing to pay over $400 a
month in condo fees versus 17% nationally.
About the 4th TD Canada Trust
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 201 Torontonians.
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