Lot in Ontario village for sale with small catch: It's under water

A 7.7-hectare lot for sale in a protected bay on the Canadian side of Lake Erie may look like a steal at $99,000, especially with the average home in Canada now worth $688,000, but there is a catch. It is entirely under water. (Realtor.com)

A 7.7-hectare lot for sale in a protected bay on the Canadian side of Lake Erie may look like a steal at $99,000, especially with the average home in Canada now worth $688,000, but there is a catch. It is entirely under water.

The vacant lot on Brock Street in the village of Shrewsbury, Ontario, about 105 kilometres east of Detroit, has no actual address, though the neighborhood gets high marks for being quiet and car-friendly.

"This property is presently under water but could have endless possibilities in the future. Be creative," the listing reads. The real estate agent representing the property declined to comment on what those future possibilities might be.

Canada's housing market has been on a tear through the COVID-19 pandemic, with the average selling price of a home up 38.4% in May from a year earlier. Prices for vacant land have also climbed, depending on location and other factors.

Water lots, or submerged lands, are not very common in Canada. They are typically used for the storage of boats and other water vessels, or even for logs, and in some areas they are home to fish farms.

A water lot could potentially be used for mooring a houseboat or floating home, but it would need to include some type of land access. The Brock Street property does not have any land access.

There are currently at least three entirely "underwater" properties listed on Canada's multiple listing services.

Another water lot offered up at the bargain basement price of $26,000 is actually a short canal running between two streets of houses in a region north of Toronto known for its many cottages.

(Reporting by Julie Gordon in Ottawa Editing by Paul Simao)