Canadian town to sell land for $10 to keep the homeownership dream alive
Sure, there are still some places in Ontario where you can purchaseĀ a home for fairly cheap compared to the GTA, but one town takes the cake for the lowest real estate prices by far, thanks to a new initiative.
Cochrane may be nearly halfway to the Manitoba border from Toronto, but the local government is planning to offer chunks of land for as low as an unbelievable $10, which will surely inspire more people to consider the 7.5-hour move.
Known for having the world’s only sanctuary just for polar bears, the small town of just over 5,000 is definitely isolatedĀ from the bustle of Southern Ontario.
But, local government is hoping that the new scheme ā which comes in the form of discounted lots and a property tax rebate ā will draw more developers and residents nonetheless, along with making homeownership more attainable during these economic times.
This is especially importantĀ for the region’s young people, who Cochrane Mayor Peter Politis told local news outlets “believe they will never be able to own a home,” which he called “borderline tragic.”
Locals have had a strong response to the idea since it was announced by the town on Facebook.
While the Town of Cochrane was unable to provide further details at the time of publication,Ā it confirmedĀ to blogTOĀ that eligibility criteria, processesĀ and other particulars will be decided on in the next few months.
“The rebate and incentive program is in a conceptual format at the moment, but we anticipate to launch in early 2024,” a spokesperson said.
A social media post announcing council’s adoption of the idea earlier in the fall positioned it as a way to “generate housing inventory and migration” and garnered hundreds of comments, many of them expressing worry over the potential strain on local infrastructure and services, among other things.
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