If you’ve been approved for a mortgage of almost a million dollars (or if you happen to have that amount in savings), you could go ahead and spend it on a property in one of the key housing markets in Ontario. You might want to invest in a nice, little condo in Toronto, or perhaps a sprawling home in the suburbs.
Or, for roughly the same price, you could buy yourself an entire private island with a picturesque waterfront and infinite potential. Decisions, decisions, huh?
Given the high real estate prices these days, it’s no wonder that an actual island has a similar cost to an apartment or house.
Take this listing, for example. Shore Island is a private 2.29-acre island in Northern Ontario that’s currently listed for $775,000. That’s even less than the 2017 Toronto average of $822,681 per property, and you’re not just getting an island and water — you’re also getting an all-season log cottage, which comes with an open-concept living and dining area, a kitchen, a full washroom, a bedroom and a sleeping loft. Electricity, solar panels, laundry facilities, internet access, a septic tank and a hot-and-cold water system are all included.
There’s also a completely finished boathouse that comes with a living room, a kitchenette, a three-piece bathroom, a screened-in porch and a sundeck.
That’s a great bargain, no? Assuming that you can escape city life and find suitable employment close to the island, of course. Then again, it could also be the perfect retirement space or vacation home. The only downside is that you’ll need a boat to get to the island.
If Shore Island is too expensive for you or if you’re looking for a more rustic vacation home, there are other options. Like Natural Inlet Island, which only costs $290,730 — that’s more affordable than a one-bedroom condo in Toronto.
The 1.9-acre space is located in Georgian Bay, and while it doesn’t come with bells and whistles like electricity and internet, it does come with some perks. The cost includes a four-bedroom cottage with a fireplace and a spacious kitchen along with a gravity-fed water system.