Nearly 1 in 10 Canadian Homeowners Fall Victim to Deposit Theft

(PRUnderground) July 24th, 2024

As Canada finds itself in the midst of peak renovation season, a new comprehensive survey has uncovered a widespread crisis of trust within the renovation industry. The study reveals that 68.26% of Canadian homeowners who completed renovations in the past three years experienced at least one significant problem during their project.

Most alarmingly, 8.87% of homeowners reported stolen deposits, where contractors disappeared with payments for work never completed. This statistic highlights a severe breach of trust that could have long-lasting impacts on consumer confidence in the industry.

The survey also found that 66.89% of Canadians find it very or somewhat difficult to find a trustworthy contractor for major renovations (over $5,000), while 58.03% face similar challenges for minor projects (under $5,000).

Key survey findings include:

• 33.11% of projects faced unforeseen delays
• 32.76% encountered unexpected extra costs
• 23.21% suffered from poor quality finishing touches
• Only 35.15% of homeowners verified their contractor’s licence before hiring

“The survey’s revelations should be a wake-up call for the Canadian renovation industry,” says Andrew McGillivray, Co-Founder and President of the McGillivray Group and McGillivray Capital Partners. “The high prevalence of project delays, cost overruns, and trust issues indicates systemic flaws that should be addressed. Homeowners deserve transparency, quality, and reliability from their contractors. As an industry, we should prioritise rigorous vetting, adopt advanced project management tools, and foster open communication to rebuild trust.”

Are Canadians Taking Necessary Precautions?

The study shows that many Canadians are not taking all the necessary steps to vet potential contractors:

• 48.12% checked online reviews before hiring a contractor
• Only 24.23% checked for corporate liability insurance
• 12.29% proceeded without any verification or contract

Addressing the Trust Deficit

Bidmii, Canada’s leading renovation platform, is working to address these industry-wide challenges. The company’s innovative approach includes holding funds in trust during renovations, protecting homeowners from deposit theft. Additionally, Bidmii’s platform features purchase-verified ratings and reviews, along with before, during, and after pictures of completed projects.

“By holding funds in trust, we’re not just protecting homeowners’ money – we’re creating an ecosystem of accountability,” says Jon Christensen, CEO of Bidmii.. “Every rating and review on our platform is purchase-verified, meaning potential clients can trust that the feedback they’re seeing is genuine and based on actual completed projects. This system, combined with our before, during, and after project photos, offers the easiest and most reliable way to canvas your entire neighbourhood for previous referrals. As we continue to expand across Canada, our commitment is to elevate the entire renovation experience, making finding a trustworthy contractor not just possible, but expected.”

For a comprehensive analysis of the survey results and their implications for the Canadian renovation industry, the full report is available on the Bidmii website at: https://bidmii.com/m/blog-posts/canadian-renovation-industry-in-crisis-survey-exposes-widespread-issues-and-eroding-trust

Methodology

This survey was conducted using Pollfish’s Organic Sampling methodology, which utilises Random Device Engagement (RDE) to deliver surveys to real consumers through partner apps. This approach ensures targeted and randomised sampling, reaching respondents in their natural mobile environments. Pollfish’s AI-driven fraud prevention and transparent demographic reporting provide high-quality, representative data.

For access to the raw data from this survey, please visit: https://www.pollfish.com/dashboard/results/390078125/1851761997

About Bidmii International Inc.

Bidmii is a Toronto-based tech start-up dedicated to revolutionising the home improvement industry by making it easy for homeowners to find contractors quickly and pay for their services securely. They provide an online marketplace where homeowners can easily search for contractors based on price, ratings, reviews and more. Their payment protection system ensures that customers receive the services they pay for, as well as access to an embedded financing solution. With Bidmii, home improvement projects are now easier and more affordable than ever.

For more information about Bidmii, please visit https://bidmii.com, or connect with us on Facebook, Instagram, Twitter, or LinkedIn.

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Original Press Release.