$1 lots up for grabs in Prince Albert, Sask.

If you are looking for a sweet deal on some property you might look to Prince Albert, Sask., where 11 lots are up for grabs at the impossible price of $1.

City looking to get rid of old inventory, spur development with cheap real estate

The city of Prince Albert wants to rid itself of some old land inventory and so it is offering developers and builders and chance to buy 11 lots in the city for $1.

If you are looking for a sweet deal on some property you might look to Prince Albert, Sask., where 11 vacant city-owned lots are up for grabs at the impossibly low price of $1 each.

Interested buyers will have to fill out an application in advance and then turn it in at city hall before a July 25 deadline. A couple of days later, a draw will take place in the boardroom at city hall to determine who the lucky buyers are.

"We have had some of these lots for as many as 20 years in some cases. The lots do not serve anyone when they sit vacant," said Prince Albert Mayor Greg Dionne in a news release.

"Through this approach we want to attract development that will expand our tax base and see the space used productively."

You'll need more than a loonie 

The 11 lots are in the West Flat and West View neighbourhoods of the city, about 140 kilometres northeast of Saskatoon.

So while the $1 lots may not be in Prince Albert's most prestigious neighbourhoods, the price certainly is right for developers.

Of course, the true investment required is much higher than $1. Buyers will have to pony up a $10,000 retainer that will be refunded only if the lot is developed with a year. Plus, when handing over that dollar, buyers will also have to pay a prorated land tax bill for 2017.

Prince Albert isn't the first community to try to spur development with cheap real estate.

Last year, the Rural Municipality of Pipestone in southwestern Manitoba offered up $10 lots.

Towns in Alberta and Quebec have also offered up discount real estate to potential developers in recent years.