Introduction

If you've ever fancied living on the stunning Toronto Islands, now is your chance to secure your spot on the waitlist! The Toronto Islands Residential Community Trust Corporation has opened its purchaser list, which will remain accessible until October 29. This is a rare opportunity for those hoping to buy an island property, with only four weeks to register.

The Waitlist System

Since its inception in February 1994, the waitlist has a maximum capacity of 500 entries. A unique law stipulates that property sales on the islands can only happen through the waitlist, which will now be open to new applicants every two years.

Current Availability

Currently, there are 27 spots available, but with only 70 homes sold in the past three decades, the trust only sells an average of one or two homes each year. Interestingly, every year, between 15-20 people typically withdraw from the list, opening up opportunities for newcomers. However, the trust cannot predict when homes will actually become available for those at the end of the list.

Lottery System

Names are added randomly, so it's a true lottery system. When a house becomes available, offers go to the top 150 to 250 names on the waitlist—often finding buyers among the first 100. But don't be fooled; there have been instances where a home was sold to the 196th person in line.

Costs and Fees

If you want to join this exclusive list, be aware that there's a $20 fee for new applicants. For those already on the list, renewal requires an annual payment of $50. Nonetheless, some locals voice their frustrations, suggesting the waitlist feels more like a cash grab than a true opportunity. Comments on social media, including one from a Reddit user, reflect concerns that the likelihood of securing a property is slim while the fees keep piling up.

Property Pricing

Housing prices on the Islands vary greatly. Leasing on Ward's Island costs around $60,000, while Algonquin Island properties are about $78,000. Buyers must pay this lease amount upfront. Home prices on the islands range from around $50,000 to a staggering $700,000, with most homes falling between $150,000 and $400,000.

Restrictions

To top it off, any property purchased must be the owner’s primary residence—no summer homes or rentals allowed, which could further complicate your investment plans.

Conclusion

Are you ready to take the plunge and join the ranks of hopeful island homeowners? Or will you wait for whispers of a pedestrian bridge connecting the island to the mainland? Your dream could be closer than you think, but prepare for a challenging and competitive process!