AGM Renovations Collapse Leaves Homeowners Owed Thousands, Marketplace Investigation Finds
A Marketplace investigation has uncovered unfinished renovations, allegations of fraud, and a police probe after the sudden closure of AGM Renovations, an Ontario-based company once promoted for “turn-key” home makeovers.
Customers across the province say they are out tens of thousands of dollars following the firm’s February 2025 shutdown, while the company’s chief executive, Ivan Atanasov, has since resurfaced in Bulgaria, where Marketplace journalists tracked him down earlier this year.
For Drew Carmichael of Oshawa, a $150,000 basement project was left less than halfway finished. He has joined seven other plaintiffs in a $1.36-million lawsuit against AGM Renovations and Atanasov, alleging fraud, negligence, and breach of contract.
“All sorts of upgrades and materials were never delivered,” Carmichael said, adding that the financial and emotional strain has taken a toll on his health.
Another customer, Ramon Guanzon of Cambridge, released $66,449 to the company just a week before its closure — receiving neither materials nor work. When he contacted Consumer Protection Ontario, a representative told him his complaint “goes nowhere.”
Ontario NDP consumer-affairs critic Tom Rakocevic called the response unacceptable, saying the province’s system forces victims into lengthy, costly court battles. He is urging creation of an independent consumer watchdog with power to investigate and fine companies.
Halton Regional Police confirmed two active complaints involving AGM Renovations but would not share details.
Marketplace’s on-the-ground reporting in Europe found Atanasov at a property he purchased in Bulgaria. When approached by a Bulgarian journalist, Atanasov acknowledged his identity but refused to answer questions about former customers.
Meanwhile, loan provider Financeit — which financed many of the renovation projects — has filed its own lawsuit against AGM and Atanasov, alleging fraud and deceptive trade practices. The firm said it reviews each case individually and, in Guanzon’s situation, agreed to cut his outstanding debt in half.
Ontario’s Minister of Public and Business Service Delivery, through a spokesperson, said consumer complaints are reviewed “on a case-by-case basis” and can lead to mediation or enforcement. Premier Doug Ford pledged to look into the matter, saying, “We’ve got to protect people who put their life savings into home renovations.”
