The Toronto real estate world is a wild place. In a market that normally sees prices in the millions, a house has just gone up for sale for only $160,000. On top of that, the house legally cannot sell above asking. Seems too good to be true, right? Well, for most prospective buyers in the city, it is. Only a lucky few can actually purchase this incredibly low-priced property.
What on earth do we mean by all this? Let us explain. So the house in question is located on Ward Island of the Toronto Islands. Because of this, it’s got an entirely different set of rules from the properties on the mainland. The Islands’ real estate market functions through a regulated system called the Toronto Islands Residential Community Trust. Ever since it was enacted in 1993, homes on the land are set at fixed prices that prevent property owners from making enormous profits.
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As for who can buy a house here? That comes down to something called the Purchaser’s List. This list is essentially a $45/year subscription, capped at 500 people, that creates the potential pool of buyers. When a house goes up for sale, bids begin with the person at the top of the list and continue down until a buyer is found.
Getting on the list in the first place is difficult. Spots are only advertised when there are 25 openings. Plus, from all the applicants, those who are chosen are picked at random. Once you’re on the Purchaser’s List, you’re given a bottom spot and gradually move up as those above you either buy a home or stop paying their annual fee. So yeah, if you were thinking of buying a Toronto Island home on a whim, you’ve got another thing coming. You can learn more about the Toronto Island Residential Community Trust Purchaser’s List here.
But for those who are in the pool of potential buyers, this is exciting news! It’s not every day that an Island home goes up for sale and a price that low is pretty unbeatable. We’re happy that someone out there will finally see their Island home dreams come true.
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