Cochrane launching $10 lots soon

Cochrane is getting ready to offer a "lot" for a little, with parcels of land soon being available for as low as $10.

Nearly a year after the idea was first proposed, the town plans to launch the program next month. 

Mayor Peter Politis said the program will offer incentives to potential homeowners and developers.

“You can't have favouritism and you can't provide special benefits to people over others,” he said.

Homebuyers will have to demonstrate their ability to build an approved home within a set timeframe, said Politis. For developers, there may be a bidding process for them to show they can efficiently finish projects and contribute to the community.

Another aspect of the initiative involves collaboration with Habitat for Humanity, which aims to redefine its approach to building homes in Cochrane, Politis said. 

Rather than relying on sporadic home builds funded by volunteers, the organization is exploring pilot projects, including high-density apartments and innovative housing designs. 

SEE: Cochrane looking at other ways of creating affordable housing

Politis said this partnership aligns with Cochrane's goal to offer diverse housing options, especially for those who may struggle to qualify for traditional mortgages.

The municipality announced the initiative last October.

SEE: Cochrane planning to sell residential lots as low as $10
RELATED: Cochrane developing in-depth planning process for lots as low as $10

Jason Ferrigan of JL Richards and Associate Ltd., was hired to help the town create a community improvement plan (CIP).

A CIP is a tool that allows a municipality to direct money and implement policy initiatives toward a specifically defined project area. 

Ferrigan initially said the CIP should be finished by April 2024.

Once a CIP comes into effect, Cochrane can construct, rehabilitate or improve buildings on land acquired in the CIP area, said Ferrigan. It also gives them the ability to sell, lease, or dispose of any such buildings and land as well as sell, lease or dispose of any land acquired or held by it in the CIP area to any person or governmental authority.

Community response

Politis said the concept has generated significant interest, with the town reportedly receiving inquiries from over 4,000 people and developers, including some internationally.

“It's really exciting that there's that much interest to address a critical item in the Canadian economy, which is the provision of homes. And we're providing solutions to that,” he said.

However, some community members have expressed concerns about the potential for rapid growth and the preservation of Cochrane’s small-town charm, Politis said.

“They have natural fears around what does it mean? Are we going to become Toronto or a large city? How are we going to provide services? The natural concerns that exist,” he said.

Politis said he wants to reassure residents that even if the population doubles, Cochrane will remain a small town and that growth can enhance service availability, such as health care and education. 

“This will actually put us in a better position to acquire services, like physicians and education, and it will also create more commercial services as well, because more mass is there to help pay for that,” he said.

— TimminsToday