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
Economists say temporary tax cut, relief cheques play into rosier growth picture
The federal government's 'meaty' move to pause federal sales tax on a long list of items and send cheques to millions of Canadians this spring could factor into an improving outlook for growth in 2025, economists say.
NATO and Ukraine to hold emergency talks after Russia's attack with new hypersonic missile
NATO and Ukraine will hold emergency talks Tuesday after Russia attacked a central city with an experimental, hypersonic ballistic missile that escalated the nearly 33-month-old war.
Britain forked out US$91 million for King Charles' coronation in the middle of a cost-of-living crisis
The coronation of King Charles III and Queen Camilla held in May last year cost British taxpayers £72 million (US$91 million), an amount some have labeled excessive.
Trump chooses Pam Bondi for attorney general pick after Gaetz withdraws
U.S. president-elect Donald Trump on Thursday named Pam Bondi, the former attorney general of Florida, to be U.S. attorney general just hours after his other choice, Matt Gaetz, withdrew his name from consideration.
Decision expected today in trial for Convoy protester Pat King
A judge is expected to issue a decision this morning in the criminal case against one of the most prominent figures of the 2022 'Freedom Convoy' in Ottawa.
Bears find a buffet of battlefield rations at Alaska military base
Hungry bears broke into a storage room at Joint Base Elmendorf-Richardson in this U.S. to feast on the military rations.
Sask. principal has sexual assault conviction overturned in light of 'butt-grabbing game'
A Saskatchewan principal convicted to six months behind bars for sexual assault has another chance to prove he’s the victim of a middle-school prank that escalated out of control.
Alliston, Ont., students invited to showcase goalie robot at world's largest tech trade show
A group of high school students from Alliston, Ont., have garnered international attention after being invited to showcase their work on a global stage.
More than 70K Murphy beds recalled across Canada, U.S. over tipping concerns
A popular series of Murphy beds that had been sold online is under a recall in Canada and the U.S. after several reported instances of the furniture detaching from walls.