A small town in northeastern Ontario is offering plots of land for new home builds for as low as $10, along with a five-year property tax break. The town of Cochrane plans to launch the program by early May, with up to 1,500 new plots of land available. Despite the costs of infrastructure, over 4,000 people have already expressed interest in the program.
A small town in northeastern Ontario is being inundated with interest after announcing a program that would see plots of land for new home builds being offered for as low as $10 along with a five-year property tax break .
Despite those stipulations, more than 4,000 people have already expressed interest in the program, Cochrane Mayor Peter Politis told CP24.com during an interview on Thursday. That's a far cry from Toronto where it could take decades to save for the down payment on a home. According to a recentby the National Bank of Canada, Torontonians who earn a median annual income of $91,858 about 25 years to save for a down payment on a house.
Further, he said that Cochrane is not as far north as some may think as its located along the 49th parallel and is south of both Winnipeg and Calgary.The municipality, he noted, has been working for more than a decade on its “comprehensive” expansion plan, which includes innovative ideas to offer people from all walks of life and socio-economic brackets the opportunity to own a home in Cochrane and live well in the town.
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