You can now apply to buy a very rare house on the Toronto Islands

Opportunities like this don’t come around very often, the very rare list of buyers to buy properties on the Toronto Islands is now open.

Open today, October 4, through November 1, the listing is a requirement for potential buyers of Island homes and land leases.

This very rare list only opens once every two years and can only contain 500 names, which means that if in the distant future you wish to live on the island, now is the time to put your plan into action. walking.

How it works?

When an island home and lease are offered for purchase, the first 150-200 listings are notified by the Bid Trust. Although buyers are normally found in the top 100 names, properties have been purchased up to the 196th name listed.

Homes and leases, by law, can only be purchased by people on the list.

The downside is that island homes don’t sell very often and there’s really no telling when you might be able to buy and move in.

“While the Trust cannot predict sales on an annual basis, we expect that we will sell an average of one to two homes per year. Additionally, over the past few years, an average of 15 to 20 people each year have not not renewed their place on the list,” according to the island’s website.

A lease, which is a one-time payment, currently costs about $60,000 for Ward’s Island and $78,000 for Algonquin Island. Another detail is that you must use your island as your main residence and not as a summer or vacation home.

Home prices range from $50,000 to $700,000 and do not consider lot size or location to determine home value.

Since the listing’s inception in 1994, only 70 homes and leases have been sold. There are 260 houses on the islands.

Submit your form online or by mail with a $20 application fee and you’ll be one day closer to island life!

Previous What's right for you?
Next How can a self-employed person obtain a mortgage?