The British Columbia government, led by Premier David Eby, is taking steps to address concerns of private landowners in the Cowichan Aboriginal title area by offering over $150 million in loan guarantees. This move comes in response to worries about the financial implications of a recent landmark ruling affecting the area.
Eby announced plans to establish a fund that could provide $100 million in guaranteed financing for Montrose Properties, the largest private landowner in the Aboriginal title area, along with an additional $54 million for smaller landowners in the region. However, Eby hinted that the final amount could surpass these figures due to potential “additional commercial activity” in the area.
Montrose Properties, which possesses approximately 120 hectares of the 300-hectare title area in Richmond, B.C., has encountered financing challenges following the court ruling. The company disclosed that a previous lender refused $35 million in financing due to concerns related to the ruling, leading to stalled discussions on another project.
Despite these hurdles, Eby emphasized that Montrose’s financing obstacles amount to roughly $100 million, while the collective amount tied to private residential mortgages in the area stands at $54 million. In August, the B.C. Supreme Court’s decision granted the Cowichan Tribes Aboriginal title over the land, invalidating Crown and city titles and raising questions about the legitimacy of private titles granted by the government.