Major Canadian cities are becoming increasingly unaffordable. A population boom, the development of luxury units, and an influx of foreign investment have pushed rental prices well outside the reach of average-income Canadian families and individuals.
This market continues to produce some pretty bizarre phenomena. Just last month, half of one tiny Toronto home went on sale for a whopping $500,000. To cut costs, some Toronto developers have also begun elimating ovens in new units.
Such high prices and unreasonable conditions are pushing young people out of Canadian urban cores. For rural communities, this trend is proving to be an economic boon and opportunity to address dire labour shortages.
Some municipalities are offering some pretty impressive deals to compete for the attention of Canadians who are exhausted by rental competition. Last December, for example, the town of McAdam, New Brunswick was selling plots of land for just $1 to draw prospective homeowners.
One municipality is Alberta is offering a similar deal. For just $1 and a compelling business plan, you could be the new owner of a plot of land in the commercial centre of the town of Mundare.
Here's the catch: construction must begin within a six months after signing an agreement with the town and the first floor must be commercial (residential above).
The offer was first published in January 2018, but we spoke with a town spokesperson who confirmed that the deal is ongoing! Here's how it works, according to a municipal document:
"You provide a proposal to the Town as to the size of building you are constructing and what the building will be for."
"If council is okay with the proposal, we then sign an agreement with the developer, we require a $1,000/lot deposit
"You have 90 days from the signing of the agreement to get your development permit."
"Construction on the building must start within 90 days of the development permit being issued."
"If the timelines are not met-the land is returned to our name and we keep the deposit."
New buildings would have to conform to municipal architectural controls.
For complete details,refer to the $1 lots program documents on the town of Mundare website here.
Mundare is a charming prairie town east of Edmonton. Among its attractions are a revitalized streetscape in the town centre, the Basilian Fathers Museum, a giant sausage statue, and a number of recreational areas.
Fore more information on Mundare, explore its website here!