Media Room

It’s still home sweet home:
TD Canada Trust Homeowner Confidence Poll finds Canadians moving ahead with renovation plans

TORONTO, January 19, 2009 – Despite the reports of economic doom and gloom, it is life as usual for many Canadian homeowners. In fact, of those Canadians who had renovation plans, the majority are moving forward as planned or doing even more renovations, according to the TD Canada Trust Homeowner Confidence Poll. Further, 92% of homeowners surveyed said that the current state of the economy has not required them to consider selling their home.

“If you’re planning on riding out this tough economy by cocooning in the comforts of your home, why not be comfortable in your space?” says Joan Dal Bianco, Vice President, Real Estate Secured Lending, TD Canada Trust. “Renovations can be a good investment and if it means you’ll be spending more time at home or reducing energy costs, they can also be a money saver in the long-run.”

While 53% of Canadians said they are moving forward as planned or doing even more renovations, many also see the current state of the economy as a good time to consider buying a home. In fact, 63% of Canadians said they feel this is a good opportunity to purchase a home. With traditionally higher housing prices, those in Ontario and the West are most likely to see this as a good time to buy (69% and 66% respectively).

“Our research shows 72% of Canadians who are thinking about putting their homes on the market are concerned that the economy will affect their ability to sell in the next year. The fact is, the home market has changed – it’s become much more balanced, creating opportunities for both buyers and sellers,” says Dal Bianco. “So, whether you’re a first time buyer or a repeat buyer and you want to find out what your financial options are, we have specialists who will work with you and help you figure out how to make your ownership dreams a reality.”

Canadians were divided in their response when asked if they are taking measures to save more (37%), or if they are planning to put more towards debt (33%), given the current economy. Interestingly, almost one third of Canadians said they are making no changes to their financial strategy. Canadians can visit any TD Canada Trust branch or have one of our Mobile Mortgage Specialists meet at a time and place that’s convenient for them to discuss their financing options for buying, selling or renovating their home. For more information about mortgages and home equity lines of credit or TD Canada Trust Mobile Mortgage Specialists, visit www.tdcanadatrust.com/mortgages or call 1.800.722.3098.

The TD Canada Trust Homeowner Confidence Poll surveyed adult Canadians from across the country, to explore the impact of the current economy on Canadian’s home and housing decisions. The survey was conducted by Angus Reid Strategies on January 6, 2009 with English and French speaking Canadians 18+, using the Angus Reid Daily National Omnibus. The sample size includes 1,003 men and women.

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 seventh largest bank in North America by branches and serves approximately 17 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 through TD Banknorth and TD Bank, America’s Most Convenient Bank; and Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks among the world's leading on-line financial services firms, with more than 5.5 million on-line customers. TD Bank Financial Group had CDN$563 billion in assets as of October 31, 2008. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto Stock Exchange and New York Stock Exchange.

For further information:

Carolyn Abbass / Karen McCullough
Paradigm Public Relations
416-203-2223
cabbass@paradigmpr.ca / kmccullough@paradigmpr.ca