A summer ritual for many people in Toronto is making the short trip on Lake Ontario by crowded ferry to the Toronto Islands. Between the pastoral surroundings and the amazing views of downtown, it’s almost impossible to visit the Islands and not fantasize about owning one of the quaint 262 homes. Unfortunately, buying a home here is not an easy or quick process.
Last week marked the deadline for submitting applications for the lottery to get a spot on the waiting list. Competition is stiff and as only one or two homes sell a year it could take decades to make it to the front of the line. While the houses themselves sell for an average of $250,000, the property can only be leased for 99 years before it reverts back to the city. Considering the exclusivity of Island home ownership, you’d be lucky to find a downtown condo for that price.
There’s a lot of dispute amongst Toronto residents about these properties. As the leases expire, should the houses be demolished and returned to parkland? To me, the houses are part of the charm of going to the Islands. Just like any other lottery, it’s the dreaming about winning that’s half the fun.
