- Three-quarters of condo buyers say monthly fees are a small price to
pay to enjoy the convenience and amenities of condos, according to
annual TD Canada Trust Condo Poll -
TORONTO, April 18, 2012 /CNW/ - Attracted to the urban lifestyle,
three-quarters of Canadian condo buyers say condo fees are worth the
extra monthly expense to enjoy the benefits of living in a condominium.
The TD Canada Trust 2012 Condo Poll surveyed urban Canadians who
recently bought or intend to buy a condo and found they are drawn to
condos because they require less maintenance (60%), are more affordable
(45%), and offer more amenities (25%) than a house.
"Managing your housing expenses is about prioritizing your needs and
budgeting accordingly. It's clear that the convenience of condo living
is important to many Canadians, and they are willing to pay the monthly
fees that come with owning a condo," says Farhaneh Haque, Director of
Mortgage Advice, TD Canada Trust.
The poll found that one-third of condo buyers (35%) are willing to pay
up to $200 per month in condo fees, 44% would pay up to $400 and 17%
would pay up to $800. Across all cities, Torontonians are willing to
pay the highest fees; 38% are willing to pay more than $400 and 16%
more than $600. Conversely, the majority of Montreal residents (59%)
wouldn't pay more than $200 per month in condo fees.
Even though they've set these limits, many condo buyers understand that
monthly fees can increase at any time and have a plan: 29% have a
buffer built into their current budget and 34% say they could cut back
in other areas in the event of an increase.
"The possibility of a fee increase can be a little unnerving," says
Haque. "While there's no way to 'lock-in' to a monthly fee like you can
with a mortgage, you can prepare for a fee increase by building a
buffer into your monthly housing budget, as some Canadians have wisely
done. That way if fees go up, it won't be a major shock to your cash
flow. If they don't increase, you have extra money to put aside in
savings or towards your mortgage. You can also explore flexible
mortgage options that allow you to pay more towards your mortgage when
you can, then, upon an approved application, ease off on payments when
you need to.