May

27

Want To Buy A Condo

Posted In: Stock Market

In a buyer’s market, if you can’t go it alone, find a good friend. The results of the 2009 TD Canada Trust Condo Poll show that the perceptions of the condo market have improved significantly over 2008 with 44 in 2008).

Why? Respondents say it is a buyer’s market and condo prices are declining. If they can’t afford to buy one on their own, 43). The second most popular reason is that condos are more affordable than houses (21 of Vancouver respondents citing affordability as the top reason for a condo purchase.

HOW MUCH ARE CANADIANS WILLING TO SPEND?

While 44 agreeing with that statement in 2008, the amount Canadians are willing to spend has remained consistent. For a two bedroom condo, 82 in 2008). Prospective condo buyers continue to want to keep their costs low with 83 in 2008).

“I imagine there are many people who believed just a year ago that they would not be able to get in to the housing market — and now current market conditions are allowing them to reconsider their options,” says Dal Bianco. “Low interest rates, affordability, the range of condo options and amenities make a condo an attractive purchase for many Canadians.”

WHAT DO CANADIANS WANT?

Ninety-seven per cent of survey respondents chose low condo fees as their top condo feature or amenity, followed closely by good security at 96), as is attractive design (95 selecting it as very or somewhat important compared to 45
versus 75)
- Vancouver residents are more willing to raise a family in a
condominium (43 and 26
versus 17 and 23)
- Montrealers are willing to pay the least in condo fees with 60
willing to pay more than $200 a month
- Residents of Calgary, Toronto and Vancouver are most likely to
consider owning a condo as an investment (that is not their primary
residence) and residents of Montreal and Halifax are least likely

ABOUT THE 2009 TD CANADA TRUST CONDO POLL

The 2009 TD Canada Trust Condo Poll was conducted through interviews with 200 adult Canadians 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 Strategies between March 30 and April 7, 2009. The sample size includes 1,000 men and women.

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