Builders warn of danger of using ‘cash’ contractors
by Jamie Henry | 09 Mar 2015
Source: Mortgage Broker News
A program to help Canadians who are having a home built or renovated has been extended for three years. The Canadian Home Builders Association in partnership with the federal government will continue the Get it in Writing initiative to help consumers with topics such as hiring a contractor and the dangers of using illegal ‘cash’ operators.
Kevin Lee, CEO of the CHBA warns: “Cash operators threaten the financial security of homeowners, the physical integrity of their homes, harm the businesses of legitimate renovators, and undermine the well-being of all Canadians by evading taxes that support the government services we all depend on.”
Home renovation and repair represent more than half of all residential construction investment—over $60 billion each year. The industry supports over 500,000 jobs and nearly $28 billion in annual wages and Mr Lee says as well as damaging this part of our economy the savings are not worth the risk: “Homeowners who think they are getting a deal when they agree to pay cash for a lower price often end up paying far more when things go wrong, and they have no way to hold the contractor accountable.”