Northern Ont. town considers selling land for $10 to boost housing
As northern communities really feel the stress to construct extra housing to draw households and expert staff, the Town of Cochrane is engaged on an incentive program that it hopes will flip some heads.
Mayor Peter Politis informed CTV News that city council has cleared the promoting of land at excessive reductions.
“We can go as low as $10 a property,” Politis stated in an interview.
The incentive program would additionally provide to waive property taxes on new properties for a sure time period.
Details on this system are nonetheless being mentioned, Politis stated.
Seeing main development potential for the city, the mayor stated industries want of staff and there’s a chance to assist younger households obtain the “Canadian dream” of homeownership
“The youth … who are just resolved to the fact that they’ll never own a home,” stated Politis. “What we’re doing here, with the program that we’re putting in place, is messaging to people — not only can you and will you own a home here … but you can also raise your family in what is the greatest way of life, in the best backyard on the planet.
As northern communities feel the pressure to build more housing to attract families and skilled workers, the Town of Cochrane is working on an incentive program that it hopes will turn some heads: land for as little as $10. (Photo from video)
“What we want to do is provide (them) a leg up on the ability to do that.”
The city of Smooth Rock Falls, simply north of Cochrane, made nationwide headlines for promoting land for $500 since 2017.
Politis stated Cochrane’s program would go additional, with property tax incentives, however noting that that is half of a bigger effort to advertise the Highway 11 hall and develop the area.
The president of the Federation of Northern Ontario Municipalities, Danny Whalen, stated new housing initiatives are welcome within the area and that the majority municipalities are both engaged on or open to housing growth plans.
COULD BE RISKY
He warns, nonetheless, that forgoing income, albeit quickly, for potential long-term achieve could be dangerous.
“The No. 1 reason for looking for growth is to enhance your community and enhance your municipal coffers,” Whalen stated in an interview.
“But if you’re using your municipal coffers to enhance them, then your return on investment is years down the road.”
Whalen went on to say that communities ought to guarantee they’re financially steady sufficient to resist the additional demand for providers, till they’ll entry the additional income from property taxes.
It additionally must handle the impression on present taxpayers.
“If you have a couple that have spent the last 30 years in their home, within your municipality, they’ve paid for their own infrastructure,” stated Whalen.
“Now, they’re being asked to pay, so somebody else doesn’t have to pay for their infrastructure. So, you need a good financial strategy and you need a good communication plan for your current residents.”
Politis stated the intention is to develop his group for everybody’s profit, together with the prevailing inhabitants.
Local industries need workers to have the ability to stay the place they work, he stated, and so the objective is to benefit from that demand.
“(Once) we start marketing and driving the direction, the lots are going to go very quick,” Politis stated.
The city is predicted to finalize its new housing incentive program subsequent month, he stated, with the hope of launching it in January of subsequent 12 months.
