Mike in TO
Senior Member
J.D. Power and Associates Reports:
Tridel Corporation Ranks Highest in Satisfying New-Condominium Buyers in the Greater Toronto Area For a Third Consecutive Year
Ranking:
Tridel 776
Daniels 694
Monarch 684
Minto 683
Diamante 666
Empire 634
Context 622
Cresford 566
(other builders were in the study, but not ranked due to small sample size)
TORONTO: 8 October 2008 — Tridel Corporation ranks highest in satisfying new-condominium buyers in the Greater Toronto Area (GTA) for a third consecutive year, according to the J.D. Power and Associates 2008 Canadian New-Condominium Builder Customer Satisfaction StudySM released today.
The study measures customer satisfaction of condominium buyers throughout the new-home purchase and early ownership experience in three markets: the Greater Toronto Area, Calgary and Edmonton. Buyers are asked to evaluate their builder in eight factors (in order of importance): service/warranty staff; home/building readiness; building/shared features; price/value; sales staff; home quality; physical design; and design centre.
This marks the third year that the study has been conducted in the Greater Toronto Area. Tridel Corporation achieves a score of 776 on a 1,000-point scale to rank highest in new-condominium buyer satisfaction in the GTA market for a third consecutive year. Tridel Corporation performs particularly well in all eight factors that contribute to overall satisfaction. Daniels Corporation (694) and Monarch Corporation (684) follow Tridel in the GTA market rankings.
Overall satisfaction in the GTA condominium market has increased slightly to 622 in 2008, from 620 in 2007. While GTA condominium builders have made improvements during the past year in most of the factors that drive overall satisfaction, builders have experienced challenges with the two most important areas of the purchase and early ownership experience—home/building readiness and building/shared features, which are slowing the pace of overall improvement.
“Although GTA builders made gains in most aspects of the new-condominium purchase experience, there is still opportunity for improvement in meeting buyer expectations, particularly regarding building readiness and shared features,†said Marc Thibault, real estate practice leader at the Canadian office of J.D. Power and Associates.
The study finds that, prior to making a purchase decision, more than one-half of new condominium buyers in Canada have researched builders on their consideration lists by visiting builder Web sites, reviewing industry magazines or speaking to previous purchasers about their experiences with builders.
The study also finds that buyers who report that they were “delighted†with their experience with a condominium builder are three times more likely to recommend that builder to others than are buyers who say they were “indifferent†about the experience. “In many cases, prospective buyers will try to find as much information as they can about the builders on their
consideration lists to ensure they are making the most informed decision possible,†said Thibault. “It is not uncommon for consumers to perform research by knocking on doors in condominium complexes and speaking to current owners. Testimonials that prospective buyers receive from owners can often make the difference between whether or not a particular builder stays on shopper consideration lists.â€
The study finds the total number of reported construction problems has increased for a second consecutive year to 14.5 problems per home in 2008, compared with 13.7 problems per home in 2007 and 13.1 problems per home in 2006. Issues with kitchen cabinets are cited most often by new condominium buyers (41%), followed by problems with hardwood floors (36%).
“The best way to reduce problems is to place more emphasis on quality assurance inspections prior to home delivery,†said Thibault. “Builders need to direct resources toward eliminating the root causes of problems, rather than getting good at fixing them after the buyer finds them. This approach not only eliminates defects but also relieves demand on builder warranty service teams.â€
The study also finds that GTA builders made gains in their efforts to improve communication with buyers throughout the new-condominium purchase experience. In 2008, seven in ten buyers report that they received updates about the construction status of their new condominium. This is a notable increase from 2007, when slightly more than three in five buyers (62%) were provided with some form of proactive communication from their builder.
“There is a consistent, positive relationship between builder communication effectiveness and homeowner satisfaction,†said Thibault. “While it is true that GTA builders can continue to improve in this area, it is clear that they are taking meaningful steps to respond to this important customer expectation.â€
The 2008 Canadian New-Condominium Builder Customer Satisfaction Study is based on responses from 1,086 buyers within the Greater Toronto Area who purchased a newly built condominium. All buyers surveyed registered their home purchase in 2007. The study was fielded from March to May 2008. J.D. Power and Associates also measures customer satisfaction with new-home builders in the Ottawa-Carleton region and the province of Alberta (in alliance with The Alberta New Home Warranty Program). For more comprehensive
information on GTA, Ottawa-Carleton or Alberta builders, visit the J.D. Power Consumer Center at www.jdpower.com/canada.
Tridel Corporation Ranks Highest in Satisfying New-Condominium Buyers in the Greater Toronto Area For a Third Consecutive Year
Ranking:
Tridel 776
Daniels 694
Monarch 684
Minto 683
Diamante 666
Empire 634
Context 622
Cresford 566
(other builders were in the study, but not ranked due to small sample size)
TORONTO: 8 October 2008 — Tridel Corporation ranks highest in satisfying new-condominium buyers in the Greater Toronto Area (GTA) for a third consecutive year, according to the J.D. Power and Associates 2008 Canadian New-Condominium Builder Customer Satisfaction StudySM released today.
The study measures customer satisfaction of condominium buyers throughout the new-home purchase and early ownership experience in three markets: the Greater Toronto Area, Calgary and Edmonton. Buyers are asked to evaluate their builder in eight factors (in order of importance): service/warranty staff; home/building readiness; building/shared features; price/value; sales staff; home quality; physical design; and design centre.
This marks the third year that the study has been conducted in the Greater Toronto Area. Tridel Corporation achieves a score of 776 on a 1,000-point scale to rank highest in new-condominium buyer satisfaction in the GTA market for a third consecutive year. Tridel Corporation performs particularly well in all eight factors that contribute to overall satisfaction. Daniels Corporation (694) and Monarch Corporation (684) follow Tridel in the GTA market rankings.
Overall satisfaction in the GTA condominium market has increased slightly to 622 in 2008, from 620 in 2007. While GTA condominium builders have made improvements during the past year in most of the factors that drive overall satisfaction, builders have experienced challenges with the two most important areas of the purchase and early ownership experience—home/building readiness and building/shared features, which are slowing the pace of overall improvement.
“Although GTA builders made gains in most aspects of the new-condominium purchase experience, there is still opportunity for improvement in meeting buyer expectations, particularly regarding building readiness and shared features,†said Marc Thibault, real estate practice leader at the Canadian office of J.D. Power and Associates.
The study finds that, prior to making a purchase decision, more than one-half of new condominium buyers in Canada have researched builders on their consideration lists by visiting builder Web sites, reviewing industry magazines or speaking to previous purchasers about their experiences with builders.
The study also finds that buyers who report that they were “delighted†with their experience with a condominium builder are three times more likely to recommend that builder to others than are buyers who say they were “indifferent†about the experience. “In many cases, prospective buyers will try to find as much information as they can about the builders on their
consideration lists to ensure they are making the most informed decision possible,†said Thibault. “It is not uncommon for consumers to perform research by knocking on doors in condominium complexes and speaking to current owners. Testimonials that prospective buyers receive from owners can often make the difference between whether or not a particular builder stays on shopper consideration lists.â€
The study finds the total number of reported construction problems has increased for a second consecutive year to 14.5 problems per home in 2008, compared with 13.7 problems per home in 2007 and 13.1 problems per home in 2006. Issues with kitchen cabinets are cited most often by new condominium buyers (41%), followed by problems with hardwood floors (36%).
“The best way to reduce problems is to place more emphasis on quality assurance inspections prior to home delivery,†said Thibault. “Builders need to direct resources toward eliminating the root causes of problems, rather than getting good at fixing them after the buyer finds them. This approach not only eliminates defects but also relieves demand on builder warranty service teams.â€
The study also finds that GTA builders made gains in their efforts to improve communication with buyers throughout the new-condominium purchase experience. In 2008, seven in ten buyers report that they received updates about the construction status of their new condominium. This is a notable increase from 2007, when slightly more than three in five buyers (62%) were provided with some form of proactive communication from their builder.
“There is a consistent, positive relationship between builder communication effectiveness and homeowner satisfaction,†said Thibault. “While it is true that GTA builders can continue to improve in this area, it is clear that they are taking meaningful steps to respond to this important customer expectation.â€
The 2008 Canadian New-Condominium Builder Customer Satisfaction Study is based on responses from 1,086 buyers within the Greater Toronto Area who purchased a newly built condominium. All buyers surveyed registered their home purchase in 2007. The study was fielded from March to May 2008. J.D. Power and Associates also measures customer satisfaction with new-home builders in the Ottawa-Carleton region and the province of Alberta (in alliance with The Alberta New Home Warranty Program). For more comprehensive
information on GTA, Ottawa-Carleton or Alberta builders, visit the J.D. Power Consumer Center at www.jdpower.com/canada.
