Two of Every Five Condominium Buyers in the Greater Toronto Area Would Buy from a Different Builder, given a Second Chance.

BuzzBuzzHome
September 11, 2009

Forty per cent of new condominium buyers in the Greater Toronto Area (GTA) say that they would have purchased from another builder, given a second chance. This unsettling statistic comes from the J.D. Power and Associates 2009 Canadian New-Condominium Builder Customer Satisfaction Study.

The reasons for choosing a different builder are diverse, including: poor communication from the builder; perceived misrepresentation; and delays in occupying the home. For unhappy purchasers, the overall satisfaction score is 295 points lower on a 1,000-point scale than among buyers who were content with the builder they chose.

Delays, delays, and more delays… The readiness of the home by the “confirmed occupancy date” is one expectation that is often not met by condominium builders. Sixty three percent of respondents indicate that they have experienced a delay, with an average wait of approximately seven months to take possession.

Lack of continuing information… According to the study, only fourty-five per cent of buyers say that their builder’s sales staff followed up with them after their initial visit to the sales centre. In fact, salespeople who follow up with customers receive far more favourable ratings, while further creating an opportunity to establish a relationship and ensure that all outstanding questions are answered.

“Buying a new condominium is the first form of ownership for many Torontonians, and they are both excited and stressed when making this commitment,” said Marc Thibault, real estate practice leader at the Canadian office of J.D. Power and Associates. “Homebuilders that are able to alleviate some of this stress by educating their buyers on what to expect and keeping them informed typically have far more satisfied buyers. In the absence of information, buyers may set unrealistic expectations.”

Tridel Corp. ranks highest in satisfying new-condominium buyers in the GTA market for a fourth consecutive year, with an overall satisfaction score of 730. Tridel performs particularly well in the two most important factors contributing to overall satisfaction: home / building readiness and service / warranty staff. Interested in a new condo from Tridel? Check out some of their projects spanning across the entire GTA:

1. Hullmark Centre (North York)

2. Avonshire (North York)

3. Accolade (Victoria Park)

4. Grand Triomphe 2 (North York)

5. Renaissance Of Richmond Hill (Richmond Hill)

6. 300 Front Street West (Downtown!)

7. The Republic (Midtown Toronto)

8. James Cooper Mansion (St. James Town)

9. Verve Lofts & Suites (Church and Wellesley)

10. Nuvo at Essex (Islington – City Centre West)

11. Parc Nuvo (Islington – City Centre West)

12. Ultra Ovation (Mississauga)

13. Solaris @ Metrogate (Scarborough)

14. Circa Markham Town Centre (Markham)


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