When a homebuyer’s mortgage debt exceeds his equity, he is said to be underwater. But one property listed in Canada starts out that way, literally.
On Brock Street in the small Ontario hamlet of Shrewsbury, 19 acres of submerged property are on the market asking $99,000, according to Reuters.
“This property is presently under water but could have endless possibilities in the future,” the listing reads. “Be creative.”
It doesn’t have an address, but appears to sit near the village’s boat ramp on Rondeau Bay, which leads out to Lake Erie.
Water lots are fairly rare in Canada. There are three listed at the moment, according to the news service.
Often they are used for storing boats or fish farms. The Brock Street property is zoned for residential — fish need homes, after all.
The first thought may be to bring in a houseboat, but that could be a challenge because the property does not have any land access.
Shrewsbury is about 65 miles east of Detroit. The town has a population of about 345, according to its government’s website.
As in the U.S., the Canadian market has seen prices steadily increase since the depths of the coronavirus pandemic on the back of strong demand and short supply. Canada is on pace for a record year for home sales.[Reuters] — Dennis Lynch