Despite concerns raised by property owners, Premier David Eby assures that major lenders are still offering mortgages and renewals in areas of Richmond impacted by a recent Aboriginal title ruling. Eby confirmed that after discussions with major banks and credit unions, lending policies have remained consistent and unchanged in light of the Cowichan Tribes decision.
The Cowichan Tribes ruling, which granted Aboriginal title to specific areas on Lulu Island and along the Fraser River, has led to worries about the potential effects on land titles, property values, and financing accessibility. To address these concerns, the provincial government has introduced a $150 million loan guarantee program to support homeowners and businesses in the affected region during the appeal process.
While acknowledging challenges faced by some businesses due to financing issues, Eby emphasized that the loan guarantee program is intended as a safety net in case lenders alter their policies. The premier highlighted that the initiative aims to offer reassurance to landowners and businesses during the legal proceedings.
The province’s appeal of the Cowichan Tribes decision is ongoing, with efforts to secure a stay pending further court actions. Eby expressed the possibility of the Supreme Court of Canada ultimately resolving the matter, especially in light of a similar case in New Brunswick with differing outcomes.
As the government navigates the legal process, Eby reiterated the focus on ensuring continued access to financing for affected individuals and businesses, emphasizing the importance of upholding Indigenous rights within the legal framework.