Continued Success with Elliot Lake Retirement Living
Since the early 1990s, the community of Elliot Lake has been successfully marketing itself as a destination for retirees. With a heads start over the rest of the country's aging population and offering affordable housing, Elliot Lake has been wildly successful at attracting retirees to relocate to Elliot Lake. The thousands of retired residents attracted over the years brought with them their spending power and supporting countless services and amenities that have stabilized the local economy and tax base. Younger families and workers offer services to the retiree population and Elliot Lake enjoys a healthy housing market as a result.
The graph below shows that the community is enjoying a virtually full capacity (2 or 3 % vacancy rate) on homes and rental units.
(click to download the graph if desired)
In addition to low vacancy total reported income of Elliot Lake families has been rising steadily since 1999. This demonstrates the success and stability of the Elliot Lake economy following the collapse of the mining industry in 1990-92. This stunning success has garnered Elliot Lake a well earned reputation, even internationally, for unprecedented economic diversification.
The graph below shows Statistics Canada reported earning since 1999 (2006 is the most recent data available for reported earnings). The tables is updated annualy each August.
(click to download the graph if desired)
Real Estate Invesments
Elliot Lake Retirement Living is investing in a new hotel and sales office building on highway 108 adjacent to the new Horne Lake shoreline park.
Elliot Lake's new Hampton Inn is scheduled for construction in the fall of 2008 with an opening in the early summer of 2009.
Another similar development is under consideration. A private consortium of investors is planning estate sized lots along Spine Road, near the shores of Elliot Lake.
These types of residential development interest, taken in context with the overall high occupancy rates and brisk housing and cottage lot markets, is proof that Elliot Lake's future is bright. It is clear that the quality of life in Elliot Lake is garnering attention not only from individuals looking to relocate but from private and public developers looking at Elliot Lake as a safe and secure place for long term investment.
Ontario's new Cottage Country
In 2001, the City of Elliot Lake was approved for a pilot project with the Ministry of Natural Resources (MNR). In fact, a private Member's bill was passed in the Ontario legislature in 2001 known as the City of Elliot Lake Act. The Act provides the City with the special authority to purchase and develop a minimum of 400 lots on 10 area lakes for cottage / waterfront housing and establishes a non-profit corporation to manage the marketing and development process. That corporation, known as Lakeshore Properties, Elliot Lake has been managing the sales process to date and has been responsible for 244 lot sales since 2003.
Each buyer agrees to build a minimum size home or cottage within 3 years of the closing date (for road and hydro serviced lots) or 5 years (for lots with only water access).
As expected, this project has created a mini-building boom in Elliot Lake, keeping local contractors and trades people busy, but also building supply stores and other retailers. This project represents the second wave of development to diversify the economy along with the retirement component.
A significant proportion of the lot buyers are building year-round homes rather than seasonal cottages and roughly 66% of buyers come from outside of Northern Ontario.
Current sales represent over 58 million dollars of economic activity and investment into the economy of the community and region. As sales and construction continues, the economic stimulus will only grow.
The City is planning to develop other areas lakes, environmental and site planning is underway for additional lakes and cottage sites.
To find out how your business can take advantage of the booming cottage construction industry in Elliot Lake contact the Economic Development Department at (705) 461-7240 or email email@example.com
Or for more information on buying a cottage lot contact Lakeshore Properties at: