Small Ontario town to sell off plots of land for just $10

A small town in northern Ontario plans to offer up plots of land for just $10 in the new year to keep the dream of homeownership alive.

The municipality of Cochrane, Ont., located more than seven hours north of Toronto, is offering plots of land intended for new home builds for just $10.

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“We're doing what any progressive organization would do,” Cochrane Mayor Peter Politis told CTV News Toronto Thursday. “We’re being aggressive and opportunistic about attracting folks.”

The initiative was announced after the northeastern Ontario municipality held a council meeting last month to discuss and ultimately adopt the plan.

The discounted plots, which Politis says usually sell for an estimated $50,000, will also come with a property tax rebate for the first five years of homeownership.

Initial interest in the program has been strong, according to the mayor. At the same time, reaction within the community of more than 5,000 has been mixed, he said.

“People are a little paranoid about, you know, growing too fast and becoming big,” Politis explained. “But another part of the community also recognizes the generational opportunity.”

Politis said he wants the public to know that Cochrane is no “small town desperate to grow its population,” but rather, an “extremely vibrant community” known for its polar bear habitat and strong connections to the mining and forestry industries.

“The hope is to attract young people who may have given up on their dream of one day owning a home,” Politis said.

Details on eligibility for the incentive are being developed and will be released in the coming weeks, the municipality said. The program is set to launch in early 2024.