The Toronto Islands neighbourhood is one of Canada’s most sought-after communities. Securing a home there isn’t easy, but you now have the slightest chance of doing so.
Catch-up: Only 262 homes exist on the Toronto Islands. When one goes on sale, it’s not put up on the open market. Instead, it's sold at a preset price to a member of a ranked waitlist.
- The list is capped at 500 people, with the first 150 to 250 members afforded the chance to buy a house when one goes on sale. The highest-ranking bidder gets the home.
Driving the news: Every two years, a lottery to join this waitlist is held and you, dear reader, are in luck. Applications for the lottery began last week. Though with only 27 open slots — and more than 27 people surely raring to apply — don’t get your hopes up you’ll get on.
- And even if you do beat the odds, prepare to wait a loooong time to buy a house. Since the list began in 1994, only about 70 homes in the community have been sold.
Why it matters: The lottery system has insulated the Islands from the hectic GTA housing market. The average sale price is between $150,000 to $400,000, keeping homes affordable in a community that otherwise would be overrun with multimillion-dollar listings.—QH