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Homes on Toronto Island

neuhaus

neuhaus

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I know it's a real rarity for a house on Toronto Island to come up on the market.
I understand that you are buying just the house and you have to lease the land from the city, and a lottery system is held for potential buyers dur to the demand. I always thought it would be cool to live on the Island, especially seeing that skyline perspective.

I am just wondering if there are anyone here who lives there or knows of someone who does?

Besides taking a feiry to get mainland and the restrictive selling prices, what other unique considerations (good and bad) living there. How much do homes normally go for there? What is it like in the winter? And how hard is it to renovate one of these houses?
 
The two neighbourhoods on the islands seem awesome with their narrow pedestrian streets and picturesque skyline vistas in a the unique park setting. I prefer the Ward's Island neighbourhood. The front yards are much smaller and it seems more urban and attractive.

I don't know anyone who lives there but I admire those who do. It takes a lot of effort and luck to get the privilege and the housing is rather modest.
 
This is a VERY old thread but may be appropriate for this idea - which, despite its moves, may have some merit. Coming to Council on 6 February (2024)

Collapse All 2024.MM14.4

City Council consideration on February 6, 2024​

MM14.4 - Tax Fairness for All: An Equitable Approach to the Residential Property Tax Rate on Toronto Island - by Councillor Jon Burnside, seconded by Councillor James Pasternak​

Notice of Motion
Consideration Type: ACTIONWards: All
Attention
* Notice of this Motion has been given.
* This Motion is subject to referral to the Executive Committee. A two-thirds vote is required to waive referral.

Recommendations​

Councillor Jon Burnside, seconded by Councillor James Pasternak, recommends that:

1. City Council direct the Chief Financial Officer and Treasurer to report back to City Council by the end of the second quarter in 2024 on the feasibility of applying Area Rating to the residential property tax rate for Toronto Island residential properties.

Summary​

Toronto Island home owners enjoy a beautiful setting, low crime rates, full municipal services and a year-round ferry. Additionally, this exclusive enclave has some of the lowest residential property tax bills in the City.

Home ownership on Toronto Island is different from the rest of the City. Residents own the house but not the land it sits on, which is leased from the City. Consequently, residential property taxes are extremely low as they are based solely on the house value, not the land and house value like the rest of the Toronto.

Due to these unique circumstances, Toronto Island residents pay significantly lower residential property taxes than everyone else. For example, the average Toronto Island home owner pays approximately $1,530 per year, whereas the average Flemingdon Park tenant pays $4,320 of property tax annually in their rent.

However, given the island setting the cost of providing municipal services there is approximately three times the cost for the rest of the City.

With the current residential property tax rate, Toronto Island residents are not paying their fair share. In fact, the provision of their municipal services is heavily subsidized by taxpayers across the rest of Toronto.

Area Rating is a tool that allows a municipality to consider unique circumstances to apply a tax rate that is reflective of those circumstances. The employment of Area Rating for Toronto Island may be an appropriate measure for determining appropriate residential property tax rates for these special properties.

Background Information​

Member Motion MM14.4
https://www.toronto.ca/legdocs/mmis/2024/mm/bgrd/backgroundfile-242704.pdf
 
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