Convenience tops the list of why Canadians are drawn to condos. Six in 10 say the main reason they bought a condo is that it involves less maintenance than a house and another quarter say they like the amenities a condo offers. These results are from the 2012 TD Canada Trust Condo Poll, which surveyed Canadians who bought or considered buying a condo.
The amenities and the worry-free upkeep of a condo do come at a price however: the condo fees.
Just how much are Canadians willing to pay each month for the perks of condo living? According to the poll:
. Up to $400: 79 per cent
. Up to $600: 11 per cent
. Up to $800: 6 per cent
Furthermore, most Canadians are comfortable with the idea that their fees could increase. Twenty-nine per cent have even built some cushion into their monthly bud-get to account for a potential fee increase.
Another 34 per cent said they would need to cut back a bit - but could afford a fee increase.
"Your housing costs, which include the mortgage, utilities, renovation savings, condo fees and more shouldn't leave you living paycheque to paycheque," says Farhaneh Haque, the director of mortgage advice for TD Canada Trust.
"It's encouraging that Canadians are giving themselves some breathing room in case their condo fees increase. Managing your living expenses is about prioritizing your needs and budgeting accordingly. It's clear that the convenience of condo living is important to many Canadians who are being responsible and leaving room in their budget for the necessary fees."