The time to try and snag a home on the Toronto islands is now.
The Toronto Islands Residential Community Trust Corporation opened its purchasers list today, which will remain open until Oct. 29, meaning those interested in a chance to buy an island property have four weeks to put their name down for a coveted spot.
The list first opened in Feb.1994, with a maximum capacity of 500. By law, homes and leases on the islands can only be sold to people on the list, which will be open to new applicants every two years starting this year.
There are currently 27 spots up for grabs, but in the 30 years since the list began only 70 homes have been sold; the corporation anticipates selling one or two homes per year.
“In addition, over the past few years, an average of 15 to 20 people each year have not renewed their place on the list,” the trust’s website states, though it says it can not determine when homes will become available for people joining the end of the list.
Names are added to the list by way of a random draw, according to the community trust’s website.
When a house on the islands goes up for sale, the trust sends offers to the top 150 to 250 people on the list. Though buyers are commonly found within the first 100 names, the trust says a home has previously sold to a person 196th in line.
Individuals can only have their name appear once on the list and new applicants are required to pay a fee of $20. If a person does not make the list their money will be refunded.
Meanwhile, those already on the list must pay an annual fee of $50 to renew their place.
Nonetheless, some Torontonians are critical of the list, saying it’s simply a way for the corporation to make money given that the likelihood of securing a property is relatively low.
“… It’s quite the lucrative gig for the Toronto Island Residential Community Trust,” one Reddit user wrote.
“That’s wild, a yearly fee for the chance to win a spot to buy (which you may not even be able to afford). I never knew about that,” another person said.
“I’ll wait for the bridge. That’s more likely than winning this lottery,” someone else said, referring to rumors of a pedestrian bridge from the mainland to the island.
The price of a lease on Ward’s Island is approximately $60,000, and roughly $78,000 on Algonquin Island. Leases must be purchased as a one-time payment.
House prices are higher, and range from about $50,000 to $700,000, with the average cost of a house in the $150,000 – $400,000 bracket.
Moreover, those who purchase a house on the island are required to make it their primary residence, island houses can not be used as summer homes or rental properties.