Low maintenance, urban living and affordability top condo lovers’ list, says TD Canada Trust Condo Poll
June 10, 2010
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Lifestyle reasons like downtown living, affordability and low maintenance are the main reasons Torontonians are purchasing condos, according to the fourth TD Canada Trust Condo Poll.
Sixty-three per cent of those who would consider purchasing or already own a condo say they would still purchase a condo or that their decision would be the same even if they had more income, the poll says. Additionally, thirty-six per cent of Torontonians thinking about buying a condo would consider raising a family in one.
People living 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. The biggest motivation for Toronto buyers, according to 39 per cent of respondents, is the lower maintenance needs of a condo versus a house. Affordability is the second most popular reason at 19 per cent, followed by downsizing from a house to prepare for retirement at 15 per cent.
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 49 per cent in 2009 to 32 per cent this year. The number who would consider purchasing a condo as an asset to sell when prices increase has dropped from 27 per cent in 2009 to 18 per cent this year.
“The results may reflect a growing perception among investors that the profitability of investment in condo ownership be reduced due to higher condo prices, expected interest rate hikes and the imminent increases in carrying costs due to the HST,” says Georgia Stamatakos, Mobile Mortgage Specialist, Toronto, TD Canada Trust.
Eighty-two per cent of Torontonians who would buy a condo say they would spend no more than $400,000 for a two-bedroom condo. Torontonians are, however, willing to pay more for condo fees. Twenty-six per cent are willing to pay over $400 a month for condo fees versus 17 per cent nationally.
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