Despite Toronto's high housing prices, one property is currently selling way below normal. A Toronto home for sale on Ward's Island is going for only $160,000 and it's illegal for it to sell for any more. However, you need to be on a special list in order to purchase the property.
4 Channel Avenue, a modestly sized home on Ward's Island, can only be sold through a regulated system.
The legislation, which was passed in 1993, prevents island property owners from jacking up the prices of their houses.
Editor's Choice:
"One of the core principles of the Trust is to ensure that the sale of island homes and leases, which sit on public land, do not result in windfall profits for the owners. Under the legislation, Island homes and leases may only be bought and sold through the Toronto Islands Residential Community Trust," a statement on the Trust's website reads.
However, don't start packing your bags just yet.
Interested buyers have to be on the Toronto Islands Residential Community Trust Purchasers' List.
According to CTV, there can only be 500 people on the list at a time.
Each member is required to pay $45 a year to remain a member of the exclusive club. If they fail to, they are booted out, and a space becomes available. Anyone can apply.
CTV also reported that the house is a little worse for wear at the moment.
However, that hasn't stopped multiple people from bidding on it.
Despite the high amount of interest, according to Toronto Islands Residential Community Trust Corporation's rules, the house will not be able to go a cent over asking.
This cheap find is a stark comparison to some more expensive houses that the city has seen.
Earlier this summer, a tiny Toronto house sold for nearly $2 million.