RenoAssistance is gaining ground in Ontario

OTTAWA, March 22, 2023 (GLOBE NEWSWIRE) -- Two-thirds of Ontario homeowners intend to undertake at least $5,000 worth of renovations or maintenance over the next three years, according to new survey results from RenoAssistance, a comprehensive platform that helps homeowners and commercial operators complete renovations by giving them access to the best possible contractors. The second annual Ontario homeowners' renovation intentions survey reveals that renovation intentions remain stable, though economic barriers are a top concern. RenoAssistance is also announcing a partnership with the Ottawa Senators to become the team's official comprehensive renovation referral platform until 2025.

"Data from our renovation intentions survey shows Ontarians' continued demand for home renovations and support from licensed contractors throughout the process, which may partially be due to the large number of properties that changed hands during the pandemic," says Paul Bégin, Chief Operating Officer of RenoAssistance. "Many of these homeowners want their homes to reflect their personal tastes, and our goal is to accompany them throughout their projects to contribute to successful renovations. These survey results help us better understand and support Ontarians' needs as we work toward this goal."

Money matters
The web survey, conducted in January 2023, shows that insufficient budget is the top obstacle to renovation work, with inflation outpacing measured increases in overall renovation budgets. The average budget across all three renovation categories (interior, exterior, and expansion or conversion work) remains around $40k, while fewer Ontarians report having small budgets (less than $15k).

79% of homeowners plan to use their personal savings to finance their renovation work. For larger projects like expansion and conversion work, 62% will consider external financing, including lines of credit, refinancing mortgages, and other loans, to support their renovation goals.

While most homeowners (61%) are worried about the current economic climate, around half say it will not impact the timeline or scope of their planned renovation project. However, 45% say they will postpone their project due to current financial uncertainty.

New units on the rise
Interior renovations are still popular among Ontarians, with 82% of respondents planning one in the next three years. That said, almost 40% are considering outdoor renovations. While less than 10% of homeowners are planning to expand or convert their property, 39% of them are doing so to create an additional dwelling unit, which is a 15% increase from last year.

"As we experience ongoing challenges in housing affordability, more Ontarians are exploring ways to create additional housing on their current properties," said Bégin. "We understand the value of these renovations in creating income or supporting families, and our team's accompaniment can help ensure a smooth process by connecting homeowners with the right contractor."

When it comes to motivations for expansion and conversion work, 71% state they would like to make their home more functional, compared to 57% in 2022. The use of RenoAssistance's website has also grown in popularity for this type of renovation, up 7% from 2022.

Licensed contractors provide peace of mind
For those planning renovations, hiring a licensed contractor is the preferred choice (64%) versus doing it themselves (29%); using a friend, family member, or acquaintance (22%); or hiring a handyperson (23%). The primary motivation for hiring a licensed contractor is to ensure quality work (77%).

The top three selection criteria for licensed contractors are general reputation (67%), recommendation from family and friends (50%), and price (48%). Price is a greater priority for younger age groups, with 44% of those aged 18 to 34 ranking it as the most important factor in their decision.

RenoAssistance expands Ottawa presence through Senators partnership
In addition to the survey results, RenoAssistance is also announcing a partnership with the Ottawa Senators, which will make it the hockey team's official renovation referral platform until 2025.

The partnership will also include the placement of RenoAssistance's logo in a prominent location at the Canadian Tire Centre for the next three years, as well as Digitally Enhanced Dasherboards advertising on TSN and Rogers Sportsnet.

"This partnership marks an exciting milestone for the Senators. RenoAssistance will provide homeowners and commercial renovators and builders secure and proper guidance when they embark on their renovation projects. We are thrilled to have them as our official renovation referral platform partner for the next two years. This is all about the synergies of our two brands connected to the core value of teamwork, a value also cherished by our fans", says Martin Ballard, VP Corporate Development at the Ottawa Senators.

"We are excited to continue to grow our roots in Ottawa through our partnership with the Ottawa Senators. We admire the work they have done through the Community Foundation and are proud to become the team's official renovation referral platform," says Paul Bégin.

Desjardins Group, which became the majority shareholder of RenoAssistance in 2020, also has an existing partnership with the Ottawa Senators. Ottawa is an important market for both RenoAssistance and Desjardins, presenting opportunities for further growth in the region. RenoAssistance will be at Booth 1021 of the Ottawa Home & Garden Show from March 23^rd to 26^th.

Survey methodology
The Ad Hoc Research web panel survey was conducted from January 12^th to 22^nd, 2023, on behalf of RenoAssistance and Desjardins, among 1,008 Ontarians aged 18 and over who own at least one property and intend to do at least $5,000 worth of renovations or maintenance over the next three years.

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About RenoAssistance
Acquired by Desjardins in January 2020, RenoAssistance employs 130 people and has more than 2,000 professionals and contractors in its network. Since its founding in 2010, the company has served more than 118,000 customers. RenoAssistance offers a one-stop solution to help homeowners and commercial property owners succeed in their renovation and construction projects. Its 53-point Verification Process, which contractors must undergo to be part of its network, is the most comprehensive in the industry. Clients work with a Renovation Advisor and receive up to 3 quotes from Verified Contractors at no cost or obligation. RenoAssistance's services are currently available in Greater Montreal, Quebec City, the Greater Toronto Area, and Ottawa. For more information, visit renoassistance.ca.

About Desjardins Group
Desjardins Group is the largest financial cooperative in North America and the fifth largest in the world, with assets of $407.1 billion. It has been named one of the world's best employers for women by Forbes. It meets the diverse needs of its members and customers, both personal and business, offering a full range of products and services through its extensive network of locations, virtual platforms, and subsidiaries across Canada. Ranked among the world's strongest banking institutions by The Banker, Desjardins' capital ratios and credit ratings are among the best in the industry.

Media information:

RenoAssistance
Laurence Lafforgue-Lapointe
Public Relations Advisor
Cell: 514-583-1316
[email protected]

Argyle PR
Julia Jolly
Consultant, Corporate & Public Affairs
Cell: 416-937-9714
[email protected]