Land for $10? This Canadian town might be the answer to your homeownership dreams
What can ten bucks even get you nowadays? At the supermarket, not much. But, as it turns out, one Canadian town is planning to sell land for as low as $10.
Located in northeastern Ontario, Cochrane is home to around 5,380 people, but the area could soon see a population boom as it gears up to launch a program that would allow people to buy land for a mere $10.
Peter Politis, the mayor of Cochrane, told Daily Hive that the idea behind the program is to “incentivize housing inventory.”
Commando Lake in Cochrane, Ontario (Supplied)
He said the idea behind the program is to take land “that is currently doing nothing and converting [it] into tax-generating properties that contribute to population growth.”
Currently, there are between 1,000 and 1,500 lots available, and although some of them are connected to the city’s services, most are not. Depending on interest, the city could expand the area included in the program.
Speaking of interest, Politis said that the reaction has been “exceptional” even though the program hasn’t even launched yet.
“[We] currently have a list of over 3,000 interested and seeking more information,” he said. “We’re hoping to launch [in] late April or early May, depending on the regulatory environment and some strategic considerations.”
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Politis said they’re still finalizing criteria for eligible buyers, which can include financial capacity and access to capital. Buyers would have to agree to build a home within “a reasonable amount of time.”
He added that there are several reasons why people would want to move to Cochrane.
“If you are part of Generation Z who are resolved to the fact that you will never own a home, you can own one here,” he said. He added that the town has all the fibre optics and IT services and also offers a “slower, peaceful and family-oriented way of life” along with plenty of outdoor activities.
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“[If] you are looking for an affordable home to raise your family in and looking for financial relief in acquiring that home, our value proposition should be appealing,” Politis stated.
However, not everyone is on board with this program.
During a town hall meeting, one angry resident stated, “The people who have properties, they’re going to end up paying extra taxes so you can have your grandiose dreams or more politicking, that’s your end goal.”
Richard Lamoureux
Politis admitted that reaction to the program has been mixed with “a lot of speculation” as more information about the program comes out.
“However, as we speak to folks and clarify, that anxiety quickly turns to anticipation,” he said. “I believe the value proposition above speaks for itself.”
“Owning a home has never been so difficult or even discouraging. I believe that we are providing an opportunity and value proposition that doesn’t exist in most areas.”
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