“It's clear that the convenience of condo living is important to many Canadians,” said Farhaneh Haque, Director of mortgage advice for TD Canada Trust, which commissioned the survey. “They are willing to pay the monthly fees that come with owning a condo."
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.
Those findings specifically focused on condo amenities back up investors arguing monthly condo fees should explicitly be factored into rents. That move, if adopted by a majority of condo investors, could bump up rental values in new developments by as much as 10 per cent, say analysts.
That leverage increases in markets with occupancy rates sit near or at record highs. Many investors in the boom markets of Alberta and Saskatchewan are already asking tenants to pay all condo fees, some even adding a premium.
That may sit better with young renters hungry for hot and cold luxury, if their condo-buying counterparts are anything to go by.
The TD 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.
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