In this Ontario town you could buy land for $10

The northern Ontario town of Cochrane decided to creatively combat the housing crisis by selling land for $10 to people who wanted to build a home and gain access to land.

“We’re doing what any progressive organization would do,” Mayor Peter Politis told CTV News. We are determined to attract new residents here.”

The initiative was announced at a city council meeting last month. These properties, which the mayor said are valued at $50,000, also receive a tax abatement for five years after the property was purchased.

After the program was presented, several people expressed interest. However, several residents of the 5,000-resident community have expressed their concerns.

“People are afraid that the city is growing too quickly. However, another part of the community sees this as a cross-generational opportunity,” explains Politis.

Cochrane is not a “small town desperately trying to grow its population,” says Peter Politis. “It is a vibrant community known for its polar bears as well as its mining and forestry industries,” he continues.

“We hope to attract young people who have given up their dream of becoming owners,” the mayor said.

Details of the program’s eligibility criteria are currently being finalized and will be announced in the coming weeks. The initiative is expected to officially launch in early 2024.