Toronto Island Homes

If you are looking to own one of those cute homes on Ward’s or Algonquin Island, regrettably, your chances are somewhat slim…unless you have lots of patience and a bit of luck.  This is because the handful of Island homes and cottages (262 in total) can only be sold to individuals who are on a government-instituted waiting list.  How do you get on the list?  Approximately once per year, the administrators draw 15-25 names from a pool of applicants.  Those selected are placed on the list, which is capped at 500 names.  The rest of the time, the list is closed to new applicants.

The good news is that if you make it through the process and are one of the three or four lucky people each year that actually purchase a Toronto Island home, the prices are quite reasonable.  However, you do not actually get to own the property on which your house sits, as this must be leased from the Government of Ontario.  Oh, and did I mention that it must be your year-round pinciple residence, and there are limits to how much you can profit from the resale of your home should you decide to move?

This somewhat complicated system has been in place since 1994 after provincial legislation established the Toronto Islands Residential Community Trust to administer the housing transactions, property leases, etc.  So far, it has been successful in maintaining the Island community, allaying the uncertainty that used to prevail regarding the future of these unique residences.

Toronto Islands Alternatives

If you would like to buy an Island-esque home while you wait for your name to progress up the waiting list, or if after reading about the lengthy process you are reconsidering Toronto Island living altogether, may I make a few suggestions:

• Scattered amongst its Victorian row houses and semi-detached homes, Cabbagetown also features quaint cottages that are reminiscent of what you might find on the Islands.
• Similarly, The Beach has its own share of cozy, whimsical homes that offer lakeside living in a park-laden community, but without the inconvenience of having to ferry across the Toronto harbour in order to work or shop.

Should you decide to pursue home ownership on the mainland, I would be pleased to assist you in finding that perfect neighbourhood and house you are looking for.

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