Canadian homeowners see long-term benefit of green renos and would even pay more for them: Scotiabank study

  • Scotiabank partners with Jonathan and Drew Scott of W Network's Property Brothers to offer green renovation tips

TORONTO, Oct. 17, 2013 /CNW/ - Two-thirds (66%) of Canadian homeowners are likely to consider making  their home more energy efficient or environmentally friendly by making green home renovations according to a recent Scotiabank Home Renovations Poll. Interestingly, of those likely to consider green home renovation options, 66% are likely to consider them even if they were more costly than non-green renovations.

Quick Facts:

  • Canadian homeowners in Manitoba/Saskatchewan are the most likely to consider green renovations (76%) followed by the Atlantic provinces (75%), British Columbia (74%), Ontario (68%), Alberta (65%), and Quebec (48%).

  • Canadian homeowners in Manitoba/Saskatchewan (74%) are the most likely to consider green renovations even if they are more costly than non-green renovation options, followed by Alberta (70%), British Columbia (67%), Ontario (67%), the Atlantic provinces (62%), and Quebec (58%).

  • Two thirds (65%) of Canadian homeowners agree that green renovation choices will lower the operating cost of their home in the long run.

  • Half (52%) of homeowners agree that green renovation choices will increase their home's value.

  • Eight-in-ten (78%) homeowners are likely to consider green products for a big renovation such as installing solar heating, while slightly more (84%) would choose green products for a small renovation such as installing ultra-low flush toilets.

  • Homeowners in Manitoba and Saskatchewan are the most likely to consider smaller green renovation options (91%), as well as bigger green renovation options (83%).

  • The top sources of inspiration for green home renovations are television programs (36%), family, friends, and neighbours (30%), home renovation stores (29%), and the internet and social media (29%).

  • The primary barrier to green home renovations for Canadian homeowners is cost (56%).

Scotiabank is partnering with Jonathan and Drew Scott of W Network's Property Brothers to provide Canadians with helpful home renovation advice.

Jonathan and Drew offer 5 green home improvement tips that can save money and improve the quality of your home right away:

  1. Use a programmable furnace to keep air temperatures constant.
  2. Fix those leaky faucets to avoid letting your money go down the drain - literally!
  3. Find and fix those drafty areas around the house to save money on heating and cooling.
  4. Use high efficiency appliances to save money on energy consumption.
  5. Look for paint that's safe for your family and protects the quality of your indoor air.

Quotes:

"Whether you are renovating to sell or stay in your home, there is no question that eco-friendly home improvements increase its value while benefitting the environment," said David Stafford, Scotiabank Managing Director of Real Estate Secured Lending. "Green renovations typically lower your overall monthly operating costs which can free up cash to put towards paying down debt such as a line of credit or your mortgage. People tend to think if they are going to pay off debt that it has to be in large chunks, but even putting small amounts towards your line of credit or mortgage makes a big difference in paying it off sooner."

"It's encouraging to see Canadians recognize the long-term benefits of green home renovations," said Kaz Flinn, Scotiabank Vice President of Corporate Social Responsibility. "Through Scotiabank's EcoLiving program, Canadian homeowners can access the latest information about eco-friendly home improvement options. We've also made it easy for Canadians to see which home improvements pay off the fastest with the EcoLiving Home Energy Savings Calculator."

About the polling data
Using Harris/Decima's proprietary panel of Canadians, a total of 1,004 current home owners completed an online survey from a random sample of panel members across Canada. The study was conducted from August 21-27, 2013.

About Drew and Jonathan Scott
Known as W Network's dynamic duo, Drew and Jonathan Scott bring to their audience over 15 years of experience in real estate and renovation. As hosts of the three hit TV series Property Brothers, Buying & Selling, and Brother vs. Brother, the twins educate and inspire viewers while entertaining them with their lighthearted and hilarious banter. Beyond their television projects, Drew and Jonathan host a Canadian syndicated radio show, Off Topic with the Scott Brothers each weekend. They also travel across North America as keynote speakers, sharing their experience on topics surrounding real estate investments and renovations. To get in touch with the brothers, message Drew @MrDrewScott and Jonathan @MrSilverScott on Twitter and Facebook. New episodes of Property Brothers air Tuesdays at 8:00 p.m. ET/PT on W Network.

About Scotiabank
Scotiabank is a leading multinational financial services provider and Canada's most international bank. With more than 83,000 employees, Scotiabank and its affiliates serve some 21 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. In December 2012, Scotiabank became the first Canadian bank to be named Global Bank of the Year and Bank of the Year in the Americas by The Banker magazine, a Financial Times publication. With assets of $743 billion (as at July 31, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

About the Scotiabank EcoLiving Program
The Scotiabank EcoLiving Program launched in June 2010. The website, www.scotiabank.com/ecoliving, is a unique online consumer resource that provides home greening options together with government rebate and financial savings information all in one place - providing an easy-to-use resource for Canadians to learn about, plan and compare green home improvement options. The website includes project planning tools and a financial calculator to allow visitors to compare products and rebates, plan and finance their projects and see the savings that can result from each energy efficient renovation.

SOURCE: Scotiabank - Products & Services

For further information:

For media inquiries:

Patty Stathokostas
P: 416-866-3625
E: patty.stathokostas@scotiabank.com


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