You can now enter a draw to get on the list to buy a Toronto Islands home

While owning a home on the Toronto Islands is a dream for many of the city's residents, actually getting the opportunity to buy one is a little more complicated than simply finding a listing and making a competitive offer.

Right now, aspiring Island homeowners can enter a draw for a coveted spot on the Toronto Islands Residential Community Trust's Purchasers' List, which is required for anyone hoping to purchase a property and its associated land lease.

Under the Toronto Islands Residential Community Stewardship Act, 1993, the Trust maintains the list, which only opens every two years for a four-week period. The list was first established in 1994 and is limited to 500 names, and by law, homes on the Toronto Islands can only be sold to people whose names are on the list.

Applications are now open for a draw to fill 38 spots on the list, and will be accepted until Oct. 30 at 4 p.m. However, simply submitting an application doesn't automatically put you on the list — only successful applications with their name drawn are added to the bottom of the list.

According to the Trust, 70 Island homes and leases have been sold since the list was established back in 1994. When a house and lease become available, the Trust typically sends offers to the top 150 to 250 people on the list. Buyers are normally found within the first 100 names, although some properties have been purchased by people as far down as number 196.

"The Trust cannot determine when a home will become available for people who are joining the end of a list of 500 names because we cannot predict how many homes will sell or how many people will drop off the list in any given year," the Trust writes on its website, noting that an average of one to two homes are sold each year.

Still, if you've always dreamed of calling the Toronto Islands home, getting your name on the decades-long waiting list is naturally the first step. Plus, compared with Toronto's broader housing market, prices on the Islands can actually be quite attainable in comparison.

The value of the land leases is set by legislation, with the one-time purchase price of the lease currently running at approximately $60,000 on Ward's Island and $78,000 on Algonquin Island. Property values are established through a regulated appraisal and inspection process and are based solely on the construction costs of the building.

Homes currently range between $50,000 and $700,000, with the average property falling between $150,000 and $400,000, not including the cost of the land lease.

The draw is set to take place on Nov. 9, 2026, and successful applications will be added to the bottom of the list.