The Unveiled Truth: Home Renovation Scams In Ontario

At Bidmii, it's our mission to be the go-to home improvement platform for homeowners. Part of this mission requires us to be uber-informed about the status of the industry. In an effort to better understand our users' situations, we decided to conduct a survey. The insights?we gathered from this survey highlight a disturbing reality plaguing the home renovation industry in the province. A staggering 32% of homeowners admit to being victims of renovation scams, while almost half (49.5%) know someone who has been scammed.

Jaw-Dropping Stats

• Almost a quarter (20.1%) of homeowners discovered their fraudulent contractors through online searches, with 9% realizing that they were scammed when the contractors never showed up for the job.
• The survey found that a quarter (23%) of those scammed did not report the incident to the police while 21% of respondents faced threats or intimidation by the contractors in question.
• Beyond the financial impact, only 16% reported no financial loss when faced with a scam
• Almost half (42.5%) of those who experienced contractor fraud also experienced a significant impact on their mental health.

A Word From Our CEO, Jon Christensen

"It's crucial to realize that these trends we're seeing are not just a passing phase. As credit markets tighten and contractor cash flows face increasing restrictions, we anticipate these challenges to not only persist but escalate," said Jon Christensen, CEO of?Bidmii. "The outcomes of this survey underscore the dire need for platforms like Bidmii, designed to infuse transparency, security, and trust into the home renovation industry."

Takeaways

The final takeaway from the survey is that the public is not optimistic about the industry overall, with only 15 percent (15%) believing that enough is being done to prevent home renovation scams. This low level of confidence underscores the urgent need for actionable reforms in the industry.

Bidmii offers a secure, automated marketplace connecting homeowners with contractors. Bidmii holds funds in trust until completion and employs a purchase-verified rating system to ensure genuine reviews. These reviews include homeowner comments as well as photos throughout a project as an extra layer of protection that underscores Bidmii's commitment to revolutionizing the industry.