April 2023
PayProp Insights

Owners warned about home improvement scams

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Are your landlords prepared for an outbreak of scams this spring?

Canadians lost more money to home improvement scams than to any other type of fraud in 2022, according to the Better Business Bureau’s annual Scam Tracker.

Because spring is a popular time for homeowners to renovate, it’s also the prime season for scammers to strike, warn experts.

While this type of scam wasn’t as common as many others on the BBB’s list, it came with a high average cost. Victims lost an average of $1,900.

As an expert property manager, you can put your landlords in touch with your network of trusted local contractors – or even arrange renovations yourself. And while leases usually prevent renters from arranging maintenance, it may also be worth warning them about the high-pressure tactics that scammers use.

Other finance headlines

Canada’s home prices could complicate private mortgage renewals – CityNews

REITs mark 30th anniversary in Canada – Real Estate News Exchange

Canadian Anti-Fraud Centre warns public about fake landlord emails – Now Toronto

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