The Purchasers’ List is currently now closed.
Under the Toronto Islands Residential Community Stewardship Act, 1993 (the Act) the Trust is required to create a waiting list for potential purchasers of Island homes and land leases. The list was established in February, 1994. The maximum number of names on the List is 500. By law, homes and leases can only be sold to people on the list. The list is currently at its maximum, and is reopened whenever space permits. Names are added to the end of the list by a draw. The deadline to apply to the lottery draw is advertised in one major weekend paper and on the Trust website
Since the establishment of the Purchasers’ List in 1994, 70 island homes and leases have been sold. When a house and lease come up for sale, the Trust usually sends offers to the top 150 to 250 people on the list. Buyers are normally found within the first 100 names, but on occasion properties have been bought by numbers as far down as 196. While the Trust cannot predict sales on an annual basis; we anticipate that we will sell an average of one to two houses per year. In addition, over the past few years, an average of 15 to 20 people each year have not renewed their place on the list.
PLEASE NOTE: 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 does not provide any direct notification when the list opens as the process must be totally self-directed with no onus on the Trust. We announce the opening of the list two weeks prior on this website and the local real estate section of the Toronto Star newspaper. The list is left open for four weeks. Applications are only available during the four week opening period and will be available on this site.
Lease and House Costs
The value of the land leases is set by the legislation. Initially, the cost of a lease was $36,000 for a lot on Ward’s Island and $46,000 for a lot on Algonquin Island. Since declaration of the Act (1993), lease prices have increased by approximately $19,000 – $25,000 in accordance with formulas set out in government regulations for the Islands Trust. The purchase price of the lease is currently approximately $60,000 on Ward’s Island and $76,000 on Algonquin Island. The lease cost is a one-time payment.
The value of a house is established through a regulated appraisal and inspection process, and is based solely on the construction costs of the building. Lot size and location are not a factor in determining the value of a house. The price of a house ranges from around $50,000 to $700,000, with the average house in the $150,000 – $400,000 range (not including the one-time lease cost). The resale values of houses and leases are limited by formulas set out in the Act.
Under the Act, anyone who holds title to an Island home must use that house as his/her principal residence and declare it as such for Income Tax purposes. The homeowner’s land lease stipulates that you cannot use an Island house for a part-time or “summer” home, or as rental property. There are provisions in the lease permitting limited rentals.
Rules and Instructions
All applications for the Purchasers’ List must be completed and paid for online or a paper copy must be sent to the Trust by regular mail and be accompanied by a cheque or money order for $20 for the processing fee. The cheques are payable to the Toronto Islands Residential Community Trust Corporation. If you do not include payment or your cheque is returned by your bank, your application may be disregarded without further notice
- Annual Renewal fees
There will be an annual renewal fee (currently set at $45) to maintain your entry on the Purchasers’ List. The renewal fee is payable by March 15 of each year. Only one (1) notice of renewal will be sent. If payment is not received by March 15 of each year, your name will be removed from the List.
- Change of Address
The Trust will rely on the address appearing on your application form. The address can be changed only by written notice to the Trust and the Trust will rely on the address shown in any written notice of change.
Applicants who are turned down because the List is full will not have their $20 fee refunded.
All notices sent by ordinary mail and will be considered delivered three days after they are mailed. All emailed notices will be considered delivered the next business day.
- Minimum Age Requirement
All applicants must be at least eighteen years of age or 16 where required by Ontario law. The applicants must turn 18 or 16 where required by Ontario law in the calendar year of their application.
Co-applicants are no longer permitted. Single entries only.
- Limit of Number of Times a Name May Appear on the List
Each individual will only be permitted to have his or her name appear once on the Purchasers’ List.
For context and more information on the Purchasers’ List and the sale of Island homes see the following information