The protest occurred outside the home of Adam Gardin, the owner of GarCon Building Group.
Miguel Padilla says that he paid $90,000 to the contractor, who pulled the roof off of his house in the York Mills Road and Leslie Street area, but did not finish the renovation.
Now his family has been displaced.
"It's a pretty sad story," Padilla told CBC News.
Some subcontractors claim they are owed money.
Gardin did not respond to inquiries from CBC News, though some of his clients received an email they believed to be from him that indicated his business was successful, but grew at a rate that he couldn't manage.
The email indicated Gardin was "guilty of being a bad businessman" but also said that he was "not a thief" and that he had "not defrauded anyone."
Some protesters say they have taken Gardin to court, but they are calling for the police to investigate.
"Our hands are tied," said Hanna Taylor, a subcontractor. "All of the innocent homeowners, their hands are tied as well."
The protesters say they intend to hire a lawyer.
Click on the video above to see a full report from the CBC's Kate Adach.