TD Bank Group Newsroom
Manitoba and Saskatchewan residents most willing to spend green to be green: provinces most likely in Canada to pay more for an environmentally friendly home
- TD Canada Trust releases 3rd Green Home Poll -
- 85% of home owners in Manitoba and Saskatchewan are willing to pay more for a home with environmentally friendly features - more than any other region in Canada
- 24% of home owners in the provinces have done or plan to do a green home renovation
TORONTO, March 30 /CNW/ - More than in any other region, people in Manitoba and Saskatchewan see the value in an environmentally friendly home with 85% of home owners there willing to pay more for a house that includes environmentally friendly features (compared to 73% nationally), according to the TD Canada Trust Green Home Poll. In fact, 11% of people in the region say they would pay 20% more, or that environmentally friendly features are so critical to their choice that there is no limit to how much more they will pay for them.
Saving money is a priority for Manitoba and Saskatchewan home owners
Of respondents in Manitoba and Saskatchewan who are willing to pay a premium for environmentally friendly homes, 74% say that cost savings on energy bills is a main motivation (compared to 77% nationally). People from the region who are willing to pay more for environmentally friendly homes also appreciate the added features of a green home such as the health benefits (42%) and reducing their environmental impact (37%).
"This is the third consecutive year that Canadians have told us that they will pay more for a home with environmentally friendly features and, as more and more homes are being built with green features included, the housing industry is making it easier for home buyers to find environmentally friendly options," says Chris Wisniewski, AVP, Real Estate Secured Lending, TD Canada Trust.
Environmentally friendly home upgrades work for Canadians - and their wallets
Environmentally friendly home renovations and upgrades are popular with people in Manitoba and Saskatchewan. A quarter (24%) of home owners in the region have done a green home renovation or are planning to do one in the future. Another 38% would like to carry out a green home renovation but don't know where to start. TD Canada Trust makes it a little easier for home owners to find information about green home renovations and upgrades by offering links on their website (www.tdcanadatrust.com/greenhome/index.jsp) to several organizations such as Natural Resources Canada and other agencies.
In addition, government incentives, such as the federal government's ecoENERGY program which offers grants for residential energy-saving improvements(1), encourage home owners in these provinces to make changes. Sixty-four per cent of respondents in Manitoba and Saskatchewan are interested in participating in an energy saving program and 12% are already participating in a program. Nearly three-quarters (74%) of respondents from the region say they would be more likely to make energy efficient upgrades if they benefitted from tax credits. People in Manitoba and Saskatchewan are tied with home owners in Ontario and British Columbia as most likely to consider an environmental assessment prior to home renovations in order to take full advantage of opportunities for environmental upgrades.
"Environmentally friendly choices can benefit the health of our families - including our financial health - and it can be easy to take advantage of them," says Wisniewski. "With Earth Day® right around the corner, it's the perfect time for Canadian home owners to assess how green their homes are and make some positive changes."
Trying to live a little greener at home
Four out of five people in Manitoba and Saskatchewan choose greener home maintenance options. For example, home owners in the two provinces are disposing of chemical products at the appropriate disposal centre (51%), avoiding pesticide use (39%) and using green household cleaners (37%). Replacing regular light bulbs with CFL light bulbs (61%) and applying weather-stripping and caulking to stop drafts (41%) top the list of home improvements home owners have already undertaken or are planning to undertake in the next 12 months. Other popular improvements include replacing or upgrading windows (40%), changing lighting fixtures to accommodate low wattage lighting (37%), installing insulated exterior doors (36%) and upgrading heating systems to more energy efficient models (36%).
<< Additional Poll Highlights - Manitoba and Saskatchewan home owners (64%), along with those in Ontario (64%) and British Columbia (63%), are the most likely to consider an environmental audit prior to finalizing their home renovation plans (versus 59% nationally) - 37% of Manitoba and Saskatchewan home owners believe what matters most in a renovation is saving money in the future, second only to Atlantic Canada (43%) >>
About TD Canada Trust green home products
TD Canada Trust has two ways that customers can save money and help protect the environment, the Green Mortgage and the Green Home Equity Line of Credit (HELOC). Both products offer a lower interest rate and rebates on certain purchases, while giving back to the environment. As well, when customers receive their rebate, TD Canada Trust donates $100 to the TD Friends of the Environment Foundation.
About the TD Canada Trust Green Home Poll
The TD Canada Trust Green Home Poll surveyed adult Canadians from across the country who own a home or are considering purchasing a home in the next 12 months, to explore the relationship between the environment and home purchase or home renovations. The survey was conducted by Angus Reid Public Opinion, a division of Vision Critical, on March 12, 2010 with English and French speaking Canadians 18+. The sample size includes 1,494 men and women. The sample yielded 105 respondents from Manitoba and Saskatchewan.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. TD Bank Financial Group is the sixth largest bank in North America by branches and serves more than 18 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks among the world's leading online financial services firms, with more than 6 million online customers. TD Bank Financial Group had CDN$567 billion in assets on January 31, 2010. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
Earth Day® is a trade-mark of Earth Day Canada (1991) Inc., used with the permission of Earth Day Canada (1991) Inc.
<< ----------- (1) "ecoENERGY Retrofit Homes Grants." Natural Resources Canada. http://oee.nrcan.gc.ca/residential/personal/retrofit-homes/apply.cfm?attr=4 >>
Get News Alerts by Email
Receive breaking news from TD Bank Group directly to your inbox.