A rare opportunity is coming up for those interested in owning one of Toronto’s coveted island homes. The Toronto Islands Residential Community Trust will open its Purchasers’ List on Oct. 1, allowing 27 new names to be added to the waitlist. This list is the only way to legally purchase homes and land leases on Ward’s and Algonquin Islands, and it opens just once every two years.
Since its establishment in 1994, the list has been capped at 500 names, with potential buyers joining through a lottery system. Homes on the islands are sold infrequently—an average of one to two houses per year—making the availability of island properties unpredictable. To date, only 70 homes and leases have been sold through the Trust.
Those interested in joining the list have until Oct. 29, at 4 p.m. to submit an application, which requires a non-refundable $20 fee. The names selected through the lottery are placed at the end of the current waitlist.
Lease and Home Costs
The cost of island homes is regulated by the Toronto Islands Residential Community Stewardship Act. Land leases, originally set at $36,000 to $46,000, have increased over the years, now averaging around $60,000 on Ward’s Island and $78,000 on Algonquin Island. The cost of homes themselves varies widely, with prices ranging from $50,000 to $700,000, based solely on construction costs. The resale value of island homes is strictly controlled by the Act.
Principal Residence Requirement
Purchasers must use their island home as their principal residence, as stipulated by the Act. These homes cannot be used as summer or rental properties. There are provisions for limited rentals, but homeowners are required to declare the property as their primary residence for income tax purposes.
Uncertainty Around Availability
The timing of when a home will become available is unclear. While the Trust makes offers to the top 150-250 names on the list when a property is available, sales have occasionally gone as far down as 196 on the list. However, the Trust cannot predict when or how many homes will be sold in any given year, and an average of 15-20 people drop off the list annually due to non-renewal of their spot.
Toronto Island Controversy
Applications for the Purchasers’ List will be available only during the four-week opening period in October. Interested individuals are encouraged to mark their calendars and prepare their applications for what is widely regarded as a rare and sought-after opportunity in Toronto’s housing market.