BMO Bank of Montreal

BMO Bank of Montreal

April 22, 2011 04:00 ET

BMO Survey: 45 per cent of Canadians Plan to Make Energy Efficient Home Upgrades in 2011

- 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

- BMO Decreases Eco Smart Mortgage™ Rate 25 bps to 3.89 per cent - Limited Time Offer

TORONTO, ONTARIO--(Marketwire - April 22, 2011) - A new survey from BMO Bank of Montreal shows almost all Canadian homeowners recognize the benefits of energy efficient upgrades, and while 45 per cent plan to add eco-friendly features to their homes in 2011, the majority of Canadian homeowners (55 per cent) are still leaving significant energy-savings on the table heading into the busy home renovation season.

The report, conducted by Leger Marketing, also shows that 90 per cent believe it is important to have an energy efficient home, but reveals that only 20 per cent say they are likely to purchase one.

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 bank announced that it will be decreasing the rate on the BMO Eco Smart Mortgage by 25 bps to 3.89 per cent, effective immediately. The extra 25 bps reduction off the posted rate will be available to customers for a limited time.

The Leger survey also revealed:

  • 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.

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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