You can now apply to own a home on the Toronto Islands. Here's how
Prospective homebuyers with the dream of living on the Toronto Islands can now put their names down on the Purchasers’ List.
It’s the only way to have a chance of owning property on the Islands, as homes here are sold through a regulated system per legislation introduced in 1993. Under it, houses are sold at fixed prices, but only to one of the 500 names on the Purchasers’ List.
How the process works is relatively straightforward. Bids for homes start with the first person on the list, and then they move down until they reach someone who wants to place a bid and financing is complete. Then the house is considered sold.
The Trust usually sends the offers to the top 150 to 250 names on the list, and according to the Toronto Islands Residential Community Trust Corporation, buyers are typically found among the first 100 people.
As of Tuesday, and until Nov. 1, registration for the Purchasers’ List is open, and once it closes, it won’t open up for another two years. It costs $20 for the application.
New members are added to the end of the bidding list, and they only move up as those ahead of them either buy a home or stop paying their membership dues.
According to the Trust, an average of 15 to 20 people each year don’t renew their place on the list, but they typically cannot predict how many people will remove their names each year.
The Trust also reminds those joining that they cannot foresee how many homes will sell in any given year.
Since the Purchasers’ List’s establishment in 1994, there have been a total of 70 homes sold.
In 2020, one detached home on Ward Island was going for just $160,000, and it didn’t sell a dollar over the asking price due to the regulations under the Toronto Islands Residential Community Stewardship Act.
HOW TORONTO ISLAND HOMES ARE PRICED
All of the homes on the Islands sit on public land that has been leased from the province for the next 70 years, until December 2092. Homebuyers get to hold the title of the property until then, but never the land it sits on.
As a result, the value of the land is set by legislation. Before the Act, the cost of a lease on Ward’s Island went for $36,000 and it was $46,000 for a lot on Algonquin Island. But now a lease on Ward’s Island goes for around $60,000 or $78,000 on Algonquin Island. The lease is a one-time payment.
As for the value of a house on the Islands, the prices are not determined by the lot size and location. Instead, it is valued through a regulated appraisal and inspection process and only based on how much it cost to build the home.
According to the Trust, house prices range between roughly $50,000 to $700,000 with average prices falling in the $150,000 to $400,000 range (excluding the one-time lease cost). It is still a far cry from the average prices in the GTA’s current real estate market.
With files from CTV Toronto’s Sean Davidson.
CTVNews.ca Top Stories
WATCH LIVE Police arrest Toronto woman in connection with three recent homicides
Police have arrested a Toronto woman in connection with three recent homicides and investigators say that they believe two of the victims may have been 'randomly targeted.'
NDP house leader says House dysfunction will be a factor in future confidence votes
NDP House leader Peter Julian says there's more his party wants to do in Parliament before the next election, but if the current dysfunction continues it will become a factor in how they vote on a confidence measure.
Canadian family stuck in Lebanon anxiously awaits flight options amid Israeli strikes
A Canadian man who is trapped in Lebanon with his family says they are anxiously waiting for seats on a flight out of the country, as a barrage of Israeli airstrikes continues.
Youth pleads guilty to manslaughter in death of P.E.I. teen Tyson MacDonald
A teen charged with the murder of another teen on Prince Edward Island last year has pleaded guilty to a lesser charge of manslaughter.
BREAKING Jury begins deliberations in Jacob Hoggard's sexual assault trial
The jury tasked with determining if Canadian musician Jacob Hoggard sexually assaulted a young woman in northeastern Ontario eight years ago began deliberating Friday after nearly two weeks of testimony that saw the singer and his accuser give starkly different accounts of what happened.
BREAKING Here's what the jury didn't hear in Jacob Hoggard's sexual assault trial
A northeastern Ontario jury has started deliberating in Canadian musician Jacob Hoggard's sexual assault trial, we can now tell you what they weren't allowed to hear.
Former Colorado county clerk Tina Peters sentenced to 9 years for voting data scheme
A judge ripped into a Colorado county clerk for her crimes and lies before sentencing her Thursday to nine years behind bars for a data-breach scheme spawned from the rampant false claims about voting machine fraud in the 2020 presidential race.
Yazidi woman captured by ISIS rescued in Gaza after more than a decade in captivity
A 21-year-old Yazidi woman has been rescued from Gaza where she had been held captive by Hamas for years after being trafficked by ISIS.
Airlines' challenge of Canada's passenger protection rules rejected by Supreme Court
Canada's airlines have failed in their challenge of air passenger protection rules that the federal government implemented in 2019.