A quaint town in northern Ontario will soon be selling plots of land for as low as $10 as part of a multifaceted project to boost the development of housing and energize property sales in the community. 

The small town of Cochrane is located over 700 kilometres north of Toronto and is home to approximately 5,000 residents, as well as a polar bear sanctuary. 

Despite being an eight-hour drive from Toronto, Cochrane's enticing promotion has attracted prospective buyers from all over the province. According to the town's mayor, Peter Politis, over 4,000 individuals and companies have joined a waiting list in hopes of purchasing land through the deal. 

In an update on Facebook in October, the town revealed its concept of providing discounted municipal lot sales and a property tax rebate program to motivate property sales in the area, increase housing inventory and encourage migration. 

Ontario town to sell properties for $10 to keep the dream of owning a home alive 🏡 https://t.co/dXtZQBWBDG #Ontario #RealEstate

— blogTO (@blogTO) December 12, 2023

The incentive wasn't without controversy, as local residents expressed concern over the potential strain a rapid population increase could have on local infrastructure and services at a town hall at the end of February. 

Despite this, the plan aims to achieve several long-term goals, including establishing affordable rental rates in the area, increasing population density, boosting competition, and providing housing for young families, low-income individuals and seniors. 

Aside from the discounted land, buyers will also receive property tax relief, although they will be responsible for developing the infrastructure on the lots. 

While many details still need to be worked through, Politis told CTV News that he expects anywhere from 1,000 to 1,500 lots to be ready by late April or early May.