OTTAWA, July 5 – A 19-acre lot on the market in a protected bay on the Canadian facet of Lake Erie might seem like a steal at C$99,000 ($80,292), particularly with the common dwelling in Canada now value C$688,000 ($55,0142), however there’s a catch. It’s solely underwater.
The vacant lot on Brock Avenue within the village of Shrewsbury, Ontario, about 65 miles east of Detroit, has no precise deal with, although the neighborhood will get excessive marks for being quiet and car-friendly.
“This property is presently underwater however might have infinite prospects sooner or later. Be artistic,” the itemizing reads. The true property agent representing the property declined to touch upon what these future prospects is likely to be.
Canada’s housing market has been on a tear by way of the COVID-19 pandemic, with the common promoting value of a house up 38.4 p.c in Might from a yr earlier. Costs for vacant land have additionally climbed, relying on location and different elements.
Water tons, or submerged lands, should not quite common in Canada. They’re usually used for the storage of boats and different water vessels, and even for logs and in some areas they’re dwelling to fish farms.
A water lot might doubtlessly be used for mooring a houseboat or floating dwelling, however it will want to incorporate some kind of land entry. The Brock Avenue property doesn’t have any land entry.
There are at the moment at the least three solely “underwater” properties listed on Canada’s a number of itemizing companies.
One other water lot supplied up on the bargain-basement value of C$26,000 is definitely a brief canal operating between two streets of homes in a area north of Toronto recognized for its many cottages.
