Toronto housing is still incredibly expensive in 2018. This past January, the average selling price of a detached home in the city was a staggering $1.2 million, according to the Toronto Real Estate Board. Semis, townhouses and condos weren’t any better, either — they sold at average prices of $936,623, $712,186 and $514,279 respectively.
Across all types of housing, the average property sold for $736,783, and even though such value represents a 4.1 percent drop over the past year, its still a ridiculously high value.
Perhaps its time for aspiring homeowners to consider other options. In Ontario, there are several private islands available for sale; some for less than the average price of a detached home in Toronto and others for less than the average price of all types of housing altogether. Most of these islands also come with their own fully-developed properties, electricity and internet access, so you’ll basically be good to go.
Take Natural Inlet Island, for example. The 1.9-acre island is located in Georgian Bay and is fully developed. The price? $220,000 USD (or 227,576 CAD), which is way less than half the average price of a home in Toronto.
"Natural Inlet Island is located at the mouth of Collins Inlet, east of the Killarney area. This area known for its excellent fishing and scenery," reads the island's sale description. "The Island has mature white pines and a rocky shoreline. The well constructed main cottage has 4 bedrooms, a 4 piece bath, gravity fed water system, large living room with quartz stone fireplace, spacious kitchen area and porch. Also on site are 2 cabins, wood shed and dock shed. The island boasts scenic views in all directions. Access is by boat from a boat launch area in Killarney Park along Collins Inlet which is a sheltered natural inlet. Islands for sale in this area are very rare."
The problem is that the island may not have updated amenities like electricity or internet. It might be better off as a vacation island that you use to get away from the city from time to time.
The more realistic option would be Shore Island. The 2.29-acre private island, located in Northern Ontario, retails for only $586,455 USD (or $739,924 CAD), which isn't necessarily half the average price of a home in Toronto, but it's still cheaper than most homes in the city and almost the same price as a typical downtown condo.
The island has a beautiful boathouse that is finished from top to bottom. It has two garage spots for boats, a spacious living area, a 3 piece bath, kitchenette, screened veranda and huge sundeck. The house is also supplied with electricity via a massive array of solar panels, which feed an impressive battery bank inside.
Just behind the boathouse is an all-season log cottage that features an open concept living and dining area with a wood stove, galley kitchen, full washroom, bedroom and sleeping loft. It also comes equipped with laundry facilities, a large septic field, a hot and cold water system, bulk fuel services and basic internet and reception, so you basically have everything you need to live comfortably.
Of course, there’s also the added bonus of having an entire woodland area to yourself. It’s enclosed by 1,266 feet of shoreline so you’ll enjoy gorgeous views all year round.
Would you be down to live on your own private island? Check out Shore Island and other listings for sale on PrivateIslandsOnline.com.