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Condo living, Canadian style
West Coasters are willing to pay more for condos: survey
Carrie Tait
Financial Post
Tuesday, April 10, 2007
TORONTO -- The expensive price tags on Vancouver’s houses are pushing its residents into boxes in the sky.
Vancouverites are more likely to buy a condo than any other group of Canadians, according to a Ipsos Reid poll conducted for TD Bank.
Fifty percent of respondents in the Greater Vancouver Area said they would “consider†buying a condo as their principal residence, according to the survey, which also included Calgary, Toronto, Montreal and Halifax. About 38% of those surveyed said they would consider condo living.
West Coasters are also willing to pay more to get their condos.
About 13% of the West Coasters surveyed said they would pay between $400,000 and $600,000 for a condo, while only 7% of Torontoians surveyed would pay that much. Only about 4% of Calgarians would go for a condo at that price.
Montrealers are the most likely to shun condo-life, with only 27% of respondents in that city saying they would consider the option. Further, two-thirds of these respondents said $200,000 is the upper limit they would plunk down for a condo.
But despite their distaste for condos, Montrealers are the most willing to consider raising a family there.
The most popular price range in Vancouver, Calgary and Toronto is between $200,000 and $400,000, the survey showed.
Statistics from the Canadian Real Estate Association showed that the Vancouver area is home to the most expensive housing in the country, with an average resale price of $531,688. The national average rang in at $311,101 in February.
“The fact that Vancouverites are more willing to consider buying higher-priced condos — and condos in general — reflects real estate market realities in the city,†said Peggy Barnett, TD Canada Trust’s zone sales manager for Western Canada.
But bring up the question of condo fees and Vancouver residents get their back up. About 45% of those surveyed would only pay up to $200 a month for a two-bedroom unit. Montrealers are also touchy about the issue, with 65% of those surveyed in that city willing to pay that much. Other turn-offs for Vancouverites include no parking, lack of energy-efficient features an shoddy security, the survey said.
The average price for a condo is $289,344 in Vancouver, $262,456 in Calgary, $239,816 in Toronto, and $169,899 in Montreal.
The online survey was conduced between March 1 and March 5, and included 725 adults aged 18 and older living in the five cities surveyed.
Link to article
Condo living, Canadian style
West Coasters are willing to pay more for condos: survey
Carrie Tait
Financial Post
Tuesday, April 10, 2007
TORONTO -- The expensive price tags on Vancouver’s houses are pushing its residents into boxes in the sky.
Vancouverites are more likely to buy a condo than any other group of Canadians, according to a Ipsos Reid poll conducted for TD Bank.
Fifty percent of respondents in the Greater Vancouver Area said they would “consider†buying a condo as their principal residence, according to the survey, which also included Calgary, Toronto, Montreal and Halifax. About 38% of those surveyed said they would consider condo living.
West Coasters are also willing to pay more to get their condos.
About 13% of the West Coasters surveyed said they would pay between $400,000 and $600,000 for a condo, while only 7% of Torontoians surveyed would pay that much. Only about 4% of Calgarians would go for a condo at that price.
Montrealers are the most likely to shun condo-life, with only 27% of respondents in that city saying they would consider the option. Further, two-thirds of these respondents said $200,000 is the upper limit they would plunk down for a condo.
But despite their distaste for condos, Montrealers are the most willing to consider raising a family there.
The most popular price range in Vancouver, Calgary and Toronto is between $200,000 and $400,000, the survey showed.
Statistics from the Canadian Real Estate Association showed that the Vancouver area is home to the most expensive housing in the country, with an average resale price of $531,688. The national average rang in at $311,101 in February.
“The fact that Vancouverites are more willing to consider buying higher-priced condos — and condos in general — reflects real estate market realities in the city,†said Peggy Barnett, TD Canada Trust’s zone sales manager for Western Canada.
But bring up the question of condo fees and Vancouver residents get their back up. About 45% of those surveyed would only pay up to $200 a month for a two-bedroom unit. Montrealers are also touchy about the issue, with 65% of those surveyed in that city willing to pay that much. Other turn-offs for Vancouverites include no parking, lack of energy-efficient features an shoddy security, the survey said.
The average price for a condo is $289,344 in Vancouver, $262,456 in Calgary, $239,816 in Toronto, and $169,899 in Montreal.
The online survey was conduced between March 1 and March 5, and included 725 adults aged 18 and older living in the five cities surveyed.