BMO Bank of Montreal
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BMO Bank of Montreal

April 20, 2011 10:17 ET

BMO Celebrates the Earth: Lowers Rate for BMO Eco Smart Mortgage™

Decreases BMO Eco Smart Mortgage™ rate 25 bps to 3.89 per cent for limited time

- BMO survey shows 92 per cent of Canadians recognize the cost advantages of energy efficient home upgrades and nearly half plan to make this type of investment in the next year

- 58 per cent cite financial savings as the main reason for making eco-friendly upgrades

- Homeowners in rural communities are more likely to make energy efficient home improvements this year compared to those living in the suburbs

TORONTO, ONTARIO--(Marketwire - April 20, 2011) - As Canadians prepare to celebrate the earth on April 22nd, BMO Bank of Montreal today announced that it will decrease the rate on its BMO Eco Smart Mortgage by 25 bps to 3.89 per cent, effective Thursday, April 21st, 2011. BMO also released results of a new survey showing that while 45 per cent of Canadians plan to add eco-friendly features to their leaving significant energy-savings on the table.

Katie Archdekin, Head of Mortgage Products, BMO Bank of Montreal, notes it's a good time for homeowners to consider the benefits of increasing energy efficiency at home.

"Making simple energy efficient upgrades not only reduces the environmental impact and cost of running a home, but can also enhance your overall comfort level," said Archdekin. "For example, installing energy-efficient windows instead of a standard window product will cut down noise levels from outside the home and reduce condensation in cold weather."

Archdekin adds that Canadians planning to buy a home or renew their existing mortgage in the next six months should consider products that reward them for reducing their energy usage, such as the BMO Eco Smart Mortgage.

The Leger survey also revealed:

  • Almost all (90 per cent) recognize the benefits of energy efficient upgrades.
  • 89 per cent believe it is important to have an energy efficient home, but only 20 per cent say they are likely to purchase one in 2011.
  • One in five Canadians (19 per cent) say that improving quality of life is the main reason behind making energy efficient upgrades to their homes.
  • Homeowners in rural communities are more likely to make energy efficient home improvements this year compared to those living in the suburbs (52 per cent versus 42 per cent).
  • 89 per cent say they would pay more for energy efficient features if there was evidence they would reduce energy costs.
  • 75 per cent of Canadians say making an effort to be more environmentally conscious makes them feel happier.

Furthermore, recent polling from WWF shows that 84 per cent of Canadians are as convinced or more convinced than last year that urgent action on climate change is necessary.

"Canadians recognize the environmental importance of making responsible energy choices," said Josh Laughren, WWF's Director of Climate and Energy. "And companies like BMO are helping facilitate lowering our day-to-day energy usage."

The Leger Marketing survey was completed on-line from Thursday, March 10th, 2011 to Monday, March 21st, 2011, using Leger Marketing's online panel, LegerWeb, with a sample of 1508 Canadians, 25-45 years old, who plan to buy a home in the next two years.

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