Before and After: a professional renovator revamps an aging Corso Italia house—and ups its value by $350,000

By Victoria DiPlacido | November 19, 2013

By Victoria DiPlacido | 11/19/2013

Home renovation TV shows have made “house flipping” shorthand for turning a hasty reno into an easy payout. The reality is a lot more complicated

Before and After: 192 Northcliffe Boulevard

The Story: Amir Shahi, a 31-year-old with a degree in electrical engineering, spent five years working various corporate gigs before calling it quits and getting his real estate license. Soon after, he met his girlfriend, who was in the process of renovating her second property. Since then, the couple have renovated and resold several homes in Toronto’s west end, though they prefer not to call themselves “flippers”—a term they think underplays the associated risk and legwork. “We call ourselves rejuvenators of neighbourhoods,” quips Shahi.

The Buy: Shahi originally scouted a four-bedroom semi near St. Clair and Dufferin to be his family home, but decided he saw potential for resale in the area. He purchased it for $520,000, and saved on real estate commissions by buying privately. On the open market, he estimates the home would have gone for about $560,000.

The Renovation: The renovation was the biggest Shahi had ever taken on. He set a budget of $150,000, a timeline of five months and a vision of his ideal buyer: a young family who likes to entertain. After bringing the electrical and plumbing up to modern standards, he installed a custom entertainment centre with indoor and outdoor speakers. In the backyard, a new two-tier deck—nicknamed Club 192 for its Miami-beach vibe—addressed the lack of privacy resulting from a shared driveway. Upstairs, four bedrooms became three, allowing Shahi to enlarge the master bedroom and build an ensuite. Vaulting the ceiling in the master bedroom also added a large loft space—as well as extra costs, when 20-foot pieces of lumber were needed to reinforce the aging roof. The bill for the entire reno came to about $200,000.

See the before and after photos »

The Sell: Rather than creating a traditional virtual tour, Shahi and his girlfriend pulled three consecutive all-nighters staging the house for a video depicting what it would be like to live there. With the video complete, he priced the home at $869,900 and put it on the market with an offer deadline. There was plenty of interest: Shahi showed the home to more than 25 young families and professionals. Yet on deadline night, he received verbal offers, but nothing on paper. Shahi relisted at the same price and, five weeks later, found his buyer. The final sale price was $865,000.

By the Numbers:
• Cost to buy: $520,000
• Cost of renovations: $200,000
• Number of all-nighters: 3
• Time to shoot a lifestyle video: 9 hours
• Time on the market: 7 weeks
• Listed for: $869,900
• Sold for: $865,000

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10 thoughts on “Before and After: a professional renovator revamps an aging Corso Italia house—and ups its value by $350,000”

DavidPylyp says:

November 19, 2013 at 1:11 pm

Great article that omits one glaring point! Income TAX. and Land Transfer Tax.

“Since then, the couple have renovated and resold several homes in Toronto’s west end, though they prefer not to call themselves “flippers”—a term they think underplays the associated risk and legwork.”

CRA calls this income which is taxable. These homes may not qualify for the Principal Residence exemptions as a number of “flippers” have discovered.

Toronto Real Estate is never boring.
Rita Marino says:

November 19, 2013 at 1:45 pm

Great work! Who was the contractor?
tom wright says:

November 19, 2013 at 4:39 pm

Also omitted from the math profit is carrying costs like property taxes, mortgage costs and lines of credit to pay for the reno. And even if the vendor is a real estate agent, he still has to pay the buyers agent 2.5%. unless he sold it privately. All that aside, to not change out those 80’s era butt-ugly windows is a crime, and a sure sign of a cheap reno. Thank god there are hacks out there cranking out sub-standard work — it makes mine look all that much better.
Jonny E says:

November 19, 2013 at 6:13 pm

HI, David might you be able to do a quick re-calculation taking into account the Land transfer tax applied at the initial transaction, and if applicable at the end. I’m not sure how land transfer factors in, assuming this wasn’t their first home purchase. I just don’t’ understand how people can flip in this market with the tax. Best.
scottld says:

November 20, 2013 at 8:59 am

Yuck. Cliche HGTV colours of the month. Nothing dynamic.
jameson says:

November 20, 2013 at 1:23 pm

The $200,000 project cost more than likely includes broker fee, carrying costs and land transfer tax payment.

Because if it didn’t, then this project isn’t making enough return. Land transfer tax and broker fees would equal near $55k. Not to mention mortgage and construction loan payments would more than likely be near $35k as well. Both of those charges make up considerable carrying costs…
christinaarcher says:

November 21, 2013 at 8:03 am

There ain’t no such a thing as easy money. Remember that fact.
Ashley Hilkewich says:

November 22, 2013 at 8:52 am

Great work Victoria. We also recently renovated a plate in Leaslieville. Would you like to visit our renovation?
Vincent Alexandre says:

November 23, 2013 at 12:15 pm

I would definitely use these guy’s services for renovating our family home – back in Milton. Milton is the top growing town in Canada or North America. Imagine a house with that awesome design going on the market in Milton. CHING CHING CHING!
Allen Harper says:

February 28, 2014 at 1:38 am

Great work! The before and after photos show everything. The couples have done such a great work! And I wonder there is no limit in one’s creativity and ideas. Toronto always comes up with new ideas and thoughts. The trends in kitchen interior design in Toronto is something very interesting to know about. Not only the kitchen, it is always the same with bathrooms.