British Columbians see value in being green: majority would pay more for an environmentally friendly home - TD Canada Trustreleases 3rdGreen Home Poll –
- 79%of British Columbians who are willing to pay more for an environmentally friendly home say cost savings on energy bills is a main motivation
- 23%of home owners in B.C. have done or are planning to do a green home renovation
TORONTO, March 30, 2010 - British Columbians appreciate the value of a green home, with 76%of the province’s residents willing to pay more for a house or condo that includes environmentally friendly features, according to the TD Canada TrustGreen Home Poll.
Saving money is a priority for British Columbians
Of British Columbians who are willing to pay a premium on environmentally friendly homes, 79%say that cost savings on energy bills is a main motivation (compared to 77%nationally). B.C. home owners who are willing to pay more for environmentally friendly homes also appreciate the added features of a green home such as reducing their environmental impact (51%)and the health benefits (48%).
“This is the third 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 British Columbians – and their wallets
Environmentally friendly home renovations and upgrades are popular with West Coast residents. Twenty-three per cent of home owners in the province have done a green home renovation or are planning to do one in the future. Another 32%would like to carry out a green home renovation but don’t know where to start. TD Canada Trustmakes 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 British Columbia’s Live Smart or the federal government’s ecoENERGY program, which offer grants for residential energy saving improvements1, encourage British Columbians to make changes. British Columbian home owners are the most likely in the country to be participating in an energy savings program. Eighteen per cent of respondents are currently participating in an energy saving program (versus 11%nationally) and another 68%are interested in participating (versus 66%nationally). More than three-quarters of respondents say they are more likely to make energy efficient upgrades if they benefit from tax credits. Sixty-three per cent of British Columbians are likely to consider an environmental assessment prior to home renovations.
“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.”
British Columbians are trying to live a little greener at home
Ninety-four per cent of British Columbians choose greener home maintenance options. For example, home owners in the province are disposing of chemical products at the appropriate disposal centre (64%)and using green household cleaners (58%). British Columbians are the most likely home owners in the country to buy household care products in bulk/concentrated versions to reduce packaging purchased (57%). Replacing existing fixtures, such as replacing regular light bulbs with CFL light bulbs (61%)and replacing or upgrading windows (42%), top the list of home improvements home owners have already undertaken or are planning to undertake in the next 12months. Other popular improvements include applying weather-stripping and caulking to stop drafts (41%), changing lighting fixtures to accommodate low wattage lighting (39%)and replacing kitchen appliances with energy-efficient models (38%).
Additional Poll Highlights
- British Columbians are more than four times likelier to be participating in an energy saving program than Atlantic Canadians (18%versus 4%).
- British Columbians are nearly twice more likely than Quebecers to compost (44%versus 23%).
About TD Canada Trustgreen home products
TD Canada Trusthas 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 Trustdonates $100to the TD Friends of the Environment Foundation.
About the TD Canada TrustGreen Home Poll
The TD Canada TrustGreen Home Poll surveyed adult Canadians from across the country who own a home or are considering purchasing a home in the next 12months, 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 12,2010with English and French speaking Canadians 18+. The sample size includes 1,494men and women, including 175British Columbians.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. TD Bank Financial Groupis the sixth largest bank in North America by branches and serves more than 18million 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 Trustand TD Insurance; Wealth Management, including TD Waterhouseand 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 Groupalso ranks among the world's leading online financial services firms, with more than 6million online customers. TD Bank Financial Grouphad CDN$567billion in assets on January 31,2010. The Toronto-Dominion Bank trades under the symbol "TD"on the Toronto and New York Stock Exchanges.
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Earth Day® is a trade-mark of Earth Day Canada (1991) Inc., used with the permission of Earth Day Canada (1991) Inc.