Ontario property 'presently underwater' lists for $99,000

A creative real estate agent has listed their client's property for $99,000 despite the property being "presently underwater." The property has no physical address, but is in a sleepy village about 105km east of Detroit.

"This property is presently under water but could have endless possibilities in the future. Be creative," the listing read. The listing is located in the village of Shrewsbury, Ontario on Brock Street. The listing also says the property resides in a quiet yet car friendly neighbourhood in the village of 649.

The property is in a small bay directly beside Rondeau Provincial Park and according to CTV News, underwater lots like this while uncommon in Canada do have some uses.

Underwater lots are home to fish farms, boat storage or even anchoring a houseboat for a permanent base.  Currently there are three properties listed in Canada that state that the property is completely underwater.

Part of the reason behind these properties going up for sale is Canada's booming housing market. So far in 2021, the average home price in Canada is $688,000. Just 3 years ago in 2018 the average home price was $488,000, which means Canada has seen a near 71 percent increase in home prices since then. House prices have increased nearly 40 percent from May 2020 to May 2021.

Another underwater lot in Ontario is a better deal at $26,000 but it actually encompasses a short Canal between two streets of houses which contain mostly cottages. A similar underwater lot near prime real estate in San Francisco was originally listed for $90,000 but has now seen a price drop to $75,000.