This family swapped their cramped urban quarters for a six-bedroom château
The place: A three-bedroom detached at Mount Pleasant and Davisville
The sellers: Lorin Banks, a 43-year-old industrial salesperson, and Gita Banks, a 42-year-old food entrepreneur
What they paid: $1 million in 2012
What they sold for: $2.1 million in July 2017
Lorin and Gita Banks were living in Etobicoke when Gita accepted a retail job downtown, 23 subway stops away. Lorin worked from home, and Gita wasn’t willing to spend three hours a day commuting, so they decided to move. They found a three-bedroom, 1,200-square-foot detached near Mount Pleasant and Davisville with a newly renovated, open-concept kitchen. They purchased it for $1 million in 2012, then spent $250,000 on an extensive renovation.
The Bankses loved their home and the neighbourhood, but, in the fall of 2014, they learned they were expecting their third child and started thinking about another upgrade. In January 2016, Gita launched a business teaching clients to cook fast and healthy meals in their own homes. Suddenly, she and Lorin were no longer tethered to the city. Their home was appraised at $1.5 million, which would allow them to buy a new house and shrink their monthly costs.
In September 2016, the year after their third daughter was born, Lorin and Gita found a listing for a gorgeous six-bedroom, six-bathroom house in Rockwood, about an hour west of the city. Gita thought the house looked like a French château, with a tumbled-brick exterior, and it sat on almost a hectare of land with tons of greenery, mature trees, and a pool and firepit in the backyard, plus endless hiking trails owned jointly by the residents. They put in an offer, and stipulated a long closing so they could sell their house and the girls could finish their school year. In the spring, with the Toronto market soaring, they sold their midtown home for $2.1 million.
In June, the family moved into their new place. They’ve already begun a facelift. Gita has always dreamed of having a gourmet kitchen; now, she’s getting it. They’re also planning to make annual family trips. On the list so far: Italy, Austria, Switzerland, Australia and India.
Other families who are cashing out…
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The place: A three-bedroom detached at Mount Pleasant and Davisville
The sellers: Lorin Banks, a 43-year-old industrial salesperson, and Gita Banks, a 42-year-old food entrepreneur
What they paid: $1 million in 2012
What they sold for: $2.1 million in July 2017
Lorin and Gita Banks were living in Etobicoke when Gita accepted a retail job downtown, 23 subway stops away. Lorin worked from home, and Gita wasn’t willing to spend three hours a day commuting, so they decided to move. They found a three-bedroom, 1,200-square-foot detached near Mount Pleasant and Davisville with a newly renovated, open-concept kitchen. They purchased it for $1 million in 2012, then spent $250,000 on an extensive renovation.
The Bankses loved their home and the neighbourhood, but, in the fall of 2014, they learned they were expecting their third child and started thinking about another upgrade. In January 2016, Gita launched a business teaching clients to cook fast and healthy meals in their own homes. Suddenly, she and Lorin were no longer tethered to the city. Their home was appraised at $1.5 million, which would allow them to buy a new house and shrink their monthly costs.
In September 2016, the year after their third daughter was born, Lorin and Gita found a listing for a gorgeous six-bedroom, six-bathroom house in Rockwood, about an hour west of the city. Gita thought the house looked like a French château, with a tumbled-brick exterior, and it sat on almost a hectare of land with tons of greenery, mature trees, and a pool and firepit in the backyard, plus endless hiking trails owned jointly by the residents. They put in an offer, and stipulated a long closing so they could sell their house and the girls could finish their school year. In the spring, with the Toronto market soaring, they sold their midtown home for $2.1 million.
In June, the family moved into their new place. They’ve already begun a facelift. Gita has always dreamed of having a gourmet kitchen; now, she’s getting it. They’re also planning to make annual family trips. On the list so far: Italy, Austria, Switzerland, Australia and India.
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