The real estate situation in Toronto is pretty ridiculous. The prices of properties continue to increase at a seemingly monstrous rate and there aren't any signs of it slowing down anytime soon. As of September 2015, the average price of a detached house in downtown Toronto was $1.017 million... That's a hefty 12.9% increase from the year before!
Many Torontonians are resorting to more affordable alternatives such as condos, townhouses or semi-detached homes, but even those are still rather pricey. On average, they come up to around $407K, $524K and $663K, respectively. What's an aspiring Toronto home buyer to do?
Well, did you know that there are some private islands for sale in Canada - for partial or complete ownership - that would cost much less than all of the above options? You may want to put your house ambitions aside for a second and consider these 10 Canadian islands:
1. Hemlow Island // Nova Scotia
Cost = $29,500
On Hemlow Island, 2.14 acres of land by its coast is up for sale at $29,500. This lot costs just a little more than your university tuition (which is roughly $24K for a 4-year undergraduate degree; on average). The island is also near the village of Sherbrooke, which offers several amenities, and is approximately 2 hours away from the Halifax Stanfield International Airport.
2. Big Tusket Island // Nova Scotia
Cost = $65,000
Big Tusket Island is split into two separate parcels that are both for sale and combine to a total of 37 acres. The island is supplied with power and offers a great view of some granite islands in the Southwestern coast of Nova Scotia.
3. Sweet Island // British Columbia
Cost = $85,476
Sweet island is 3 acres large and has a moderately high elevation with no cliffs. There are several Aspen and Pine trees on the island, as well as an old house and half an acre of land available for growing a garden.
4. Big Tancook Island // Nova Scotia
Cost = $90,000
On Big Tancook Island, 11.6 acres are up for sale at $90,000. It is the largest island in Mahone Bay and also has a rich fishing history.
5. Little Island // Ontario
Cost = $103,000
Little Island is 1 acre large and located 4 miles away from Manitoulin Island. The island is also home to several fishing artifacts from the 1800s and mid-1900s.
6. Tidmarsh Island // Nova Scotia
Cost = $150,000
Tidmarsh Island is 24 acres large and located a convenient 290 meters from the Nova Scotian mainland. A power supply can be fed to the island underwater and amenities are only 25 minutes away in Sheet Harbour.
7. Leader Island // Nova Scotia
Cost = $190,000
Leader Island is 11 acres large and is located about a half hour north of Halifax airport. The island is only a quarter of a mile from the mainland, and also has its own cove.
8. Jones Island // Nova Scotia
Cost = $195,000
Jones Island is actually a grouping of three separate islands connected by a beach and runs 54 acres large. The island is characterized by high, grassy lands and few spruce trees.
9. Lake Nipissing Island // Ontario
Cost = $219,000
Lake Nipissing Island is a 1.25-acre private island located in the northwest portion of Lake Nipissing. It comes with a renovated 3-bedroom cottage complete with its own kitchen and 3-piece bath.
10. Pearl Island // Ontario
Cost = $233,900
Pearl Island is a 1-acre private island within the Bustard Islands in Killarney. It comes with its own cottage and cabin, and offers a breathtaking view of the west side of Georgian Bay.
Alright, so buying an island is a little bit of a crazy idea. But the option's there if you really wanted to do it!