A small town in Northern Ontario will soon be selling plots of land for $10.
Cochrane, ON is located about 8 hours north of Toronto and will be offering up 1,500 plots of land for cheap as part of its efforts to rouse the local economy and attract developers.
The quaint town is home to just over 5,000 people, a polar bear sanctuary and a yet-to-be-launched program aimed at boosting housing construction.
Mayor of Cochrane Peter Politis told Now Toronto in an email statement that the program is still in its developmental stages with an anticipated launch in early May, “when the regulatory hurdles should be cleared,” he said.
Politis explained both serviced and unserviced lots will be available and that individuals will have options at the serviced lots and developers will have options at the unserviced lots (future subdivisions).
Developers will be required to bid for subdivisions and potential land development opportunities, prove they are investing elsewhere in the town and present a track record of accomplishments, while applications for individuals will assess the financial ability to build a home and timelines for construction, Politis explained.
Local authorities will also take into account neighbourhood planning requirements set by the municipality.
The purpose of the project is multifaceted, but its main goal is to build “housing inventory” that will stabilize the cost of homeownership in Cochrane, Politis said.
However, it will also serve to establish affordable rental rates, provide transitional housing for seniors, affordable housing for low income families, create innovative housing options to ease homelessness, attract commercial services and regional employers, and increase population density to create more revenues, Politis explained, saying those who chose to purchase land will be incentivized.
Politis also said the aim is to have developers buy up the majority of the plots in order to meet the town’s growth goals, in turn relieving the current burden on the taxpayer to uphold the town’s infrastructure.
The future homes will also service the town’s mining industry, including the largest gold mine in North America and the development of the largest base metal mine in the country projected to be operational in 2027.
The town has received mixed reviews from its residents about the plan, who have expressed concerns about a disruption to their current way of life.
“We understand some of the anxiety that develops as we wait for the program to be defined. Folks are very passionate about our amazing way of life and naturally concerned in the absence of greater details. As we explain, you can see folks connecting to just how comprehensively planned this is and how risks are minimized. We are taking lots that traditionally sit and do nothing and converting them into millions of future tax generating revenues,” Politis said.
