These Island Homes Were an Affordable Dream – Until Residents Started to Age
The Toronto Islands community has been a model for affordable housing. Now some aging residents are questioning their decision to invest in price-controlled real estate.
A view of the Toronto skyline from a beach on Ward's Island, part of the Toronto Islands.
Photographer: Curtis Heinzl/Bloomberg
The affordably priced homes have long been considered real estate treasure hidden in plain sight. If you were lucky enough to be selected by lottery, you could buy one at a below-market price.
Houses at the picturesque Toronto Islands community have been in high demand for three decades, offering a rare combination of amenities: A quick 10-minute ferry ride to downtown, an idyllic setting on protected public land with a view of the Toronto skyline, and housing prices kept low by a special trust.