WeRenovate.com
Home of The Renovation Co-op
A Toronto-Based Organization
416-367-8370
Introduction
As mentioned in other sections, The Canadian Renovation Funding Program is responsible for the day-to-day management of all Renovation Co-op Subsidy & Discount Programs.
To provide an additional incentive for the purchase of renovations, The Renovation Credit Program was established in 2019.
As one of the many benefits offered to the Co-op’s registered clients, The Renovation Co-op offers free, unlimited access to related, 3rd party services that are directly related to the ownership of a home.
In many instances, these are essential services required by homeowners...especially (but not only) when renovations have been purchased.
Important Note: Subscribers/Clients are never obligated to purchase renovations in order to gain access to our related, professional service partners.
These selected service professionals include licensed Mortgage Brokers, Realtors, Insurance Brokers, Financial Planning Experts, Accountants, Bookkeepers and Legal Services.
Upon the purchase of one or more of the following eligible services (scroll down), a credit will be added to your Renovation Credit Balance as follows:
Upon registering as a client, your online account will contain a link to your Renovation Credit Account, which will display an initial balance of “$0.“
When you complete a purchase from a Co-op-approved, Professional Service Partner (Mortgage Broker, Realtor, Insurance Broker, etc.) an amount of between $500-$3,500 will be automatically added to your Renovation Credit Balance. see Related Professional Services below.
This revolutionary program enables registered subscribers to earn a substantial credit when they purchase any Co-op-approved, Professional Service (non-renovation-related).
Related Professional Services
Purchase of a Mortgage Product:
$2,000-$3,500
will be added to your Renovation Credit Account
Mortgage Financing
Regardless of whether you want to purchase renovations, consolidate your debts, apply for a line of credit, or you need emergency cash for an unexpected expense...as a registered client, you are entitled to free access to the Co-op's Mortgage Broker Referral Program offered through The Canadian Renovation Funding Program.
Upon your request, a Funding Program specialist will contact you to identify and recommend a specific, Co-op-approved Mortgage Broker who regularly specializes in the type of loan product that best fulfills your personal lending needs.
This targeted referral to a best-matched broker greatly increases the client’s chances of quickly obtaining the type of loan that fits his or her needs, and not the other way around.
Purchase of a Real Estate Service
$3,000-$3,500
will be added to your Renovation Credit Account
Real Estate Services
If you plan to sell your existing home and/or move to a new one, the Co-op will recommend an approved, local Realtor who has personal familiarity with current real estate trends occurring within your own area.
Note: All Real Estate professionals that are recommended through The Renovation Co-op have been heavily screened and vetted, with a strong emphasis placed on the realtor’s experience and professional attitude toward long-term relationship-building with his/her clients.
Historically, throughout the many real estate booms and cycles undergone within most major cities such as Toronto, the marketplace becomes over-saturated with new, inexperienced real estate agents who have entered the profession for the purpose of quickly “cashing in” on such major surges.
However, when a hot real estate market begins to “fizzle out”, such agents likewise tend to “fizzle out” themselves.
By a sharp contrast, each participating realtor selected to work with The Renovation Co-op’s registered clients have proven himself/herself to be totally career-oriented, and has personally experienced all of the highs and lows related to past economic and real estate market conditions over the past 15-20 years.
Hire a participating
Financial Planner
$2,000-$3,000
will be added to your Renovation Credit Account
Financial Planning Services
As many clients have opted to convert their Basement or 2nd Floor into a legal rental apartment, the income generated from such rentals can grow exponentially when placed into a safe, long-term investment strategy.
Upon your request, the Renovation Funding Program will provide you with a direct recommendation to a Co-op-approved Financial Planner or Investment Specialist who can help you achieve your long-term investment goals.
Hire a Participating Insurance Broker
$1,200-$2,000
will be added to your Renovation Credit Account
Insurance Services
As with the Mortgage Industry, the various types of Insurance products available to homeowners throughout Canada have evolved dramatically since the late 1980's...especially within Ontario (due to its rapid population growth, accelerated housing construction, higher rates of self-employment, etc.)
This has created the need for more focused, specialized insurance products.
And while most Insurance Brokers have access to all types of insurance products, it is always best to find a broker that has the the most expertise in the type of insurance product required for your own personal situation.
How Renovation Credit is applied to your Estimate...
Portions of your Renovation Credit can be applied to the cost of a project that is purchased through a member-contractor. (applicable for General Contracting projects only).
In addition to any other credits, rebates or subsidies that are applied your estimate, such as an Architectural Rebate, or a General Subsidy Fund Discount, a portion of your Renovation Credit Balance can also be applied to the final contract price.
Sample Estimate with Renovation Credit applied
By default, an amount equal to 2% of the final contract price can be withdrawn from your Renovation Credit Account (If you have earned such credit).
For Example, if the final contract price is $50,000, an amount of $1,000 (2% Rebate Allowance) can be withdrawn from your Renovation Credit Account and applied to the final price, which would reduce the contract price to $49,000.
Note: If you do not have enough credit within your Renovation Credit Account to match the allowable amount, whatever credit you may have built up can still be applied.
Occasionally, the allowable Rebate Percentage may be increased temporarily for certain types of projects, or for specific geographical locations.
For example, if you live in Etobicoke and, (at the time) business may be a bit slow for a few of our General Contractor-members who service Etobicoke, the allowable percentage may be temporarily boosted up to 6% of the final contract price.
In other words, the same contract price as mentioned above ($50,000) may then be reduced by $3,000 (6% of $50,000).
Selling your Home?
Transfer your Renovation Credit balance to the buyer...
...or Take it With You!
