Homes in Toronto Islands
The Toronto Island Residential Community Trust manages the buying and selling of homes on the Island. Islanders are permitted to hand down both houses and leases to their heirs but no profit is allowed on the sale of Island houses or on the transfer of leases.
The Islands' house values are calculated based on the cost to build less depreciation. The land leases fluctuate slightly over time but are currently at $39,000 for Ward's Island, and $49,000 for Algonquin Island. Algonquin's leases are higher because the lots are bigger.
The Toronto Island houses have mostly wood exteriors which blend in well with the rustic setting of this neighbourhood. Each Island home is decorated with a variety of whimsical accents, that add to the overall charm of these picture postcard houses.