You can now apply to purchase a very rare house on the Toronto Islands
Opening today, Oct. 4, until Nov. 1, the list is a requirement for potential purchasers of island homes and land leases.
This very rare list only opens once every two years and can only hold 500 names, meaning if sometime in the far future you want to live on the island, now is the time to set your plan in motion.
How does it work?
When an island home and lease comes up for purchase, the first 150-200 listings are notified by the trust of the offer. Though buyers are normally found within the first 100 names, properties have been bought as far down as the 196th listed name.
Homes and leases, by law, can only be purchased by people on the list.
The downside is that island houses aren't sold very often and there really is no telling of when you could be able to purchase and move in.
"While the Trust cannot predict sales on an annual basis; we anticipate that we will sell an average of one to two houses 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," according to the island website.
A lease, which is a one-time payment, is currently around $60k for Ward's Island and $78k on Algonquin Island. Another detail is that your must use your island home as your primary residence and not as a summer or vacation home.
House prices range from $50k - $700k, and do not account lot size or location to determine the value of the home.
Since the list was first created in 1994, a mere 70 homes and leases have been sold. There are 260 homes on the islands.
Submit your form online or by mail with a $20 application fee and you'll be one step closer to Island living, someday!
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