5 Ontario islands that are way cheaper than the average Toronto home

If you’ve been house hunting in Toronto, then you know all too well that the housing market is as cutthroat as ever, with homes getting snapped up within days and selling for way over the asking price.

And the price of homes only continues to rise.

According to a recent report by the Toronto Regional Real Estate Board (TRREB), the average price of a home in the GTA now hovers at $1.3 million — that’s up from last year’s average of $1.1 million. So it’s no surprise that nearly half of millennials in Canada can’t afford to buy a home in Toronto.

It almost makes you want to get away from it all… perhaps on an island somewhere?

As it turns out, there are Ontario islands listed for way below the average price of a home in the GTA. Some of them are blank canvases, while others are move-in ready with cottages and guest homes.

If you’re ready to quit the Hunger Games that is the Toronto real estate market, now might be the right time to make your island ownership dreams come true.

Ken’s Island – $136,889

Private Islands Inc.

• Northern Ontario
• 0.75 acres
• Developed

Private Island South – $622,899

Private Islands Inc.

• Lake of the Woods
• 7.2 acres
• Developed

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• Waiting game: Over half of Canadian millennials put plans to buy a home on hold
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• Record-breaking highs: Benchmark price for new GTA homes jumped by 35% to $1.86 million

Duval Island – $722,723

Private Islands Inc.

• Echo Bay
• 5.4 acres
• 1,242 square foot cottage and guest cabin

Private Island at Big Narrows – $743,101

Private Islands Inc.

• Northern Ontario
• 8.9 acres
• Developed

Namakan Lake Island – $743,101

Private Islands Inc.

• For Frances
• 2 acres
• 1,150 square foot cottage and guest cabin