Quote:
Originally Posted by Metro-One
Looks like a great development!
My only question is, since it is on native land, can you actually “own” a unit in the same way one “owns” a unit in a tower in any other community, or all they all leases?
And yes, the second phase of the UBC Skytrain extension should commence ASAP, before the completion of phase one if possible.
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It's not 'native land' in the way that the Musqueam or Squamish Indian Reserves are native land. 52 acres is jointly owned by the Canada Lands Company and MST, which is a corporation equally owned by the three local first nations (who bought their share in 2014 for $237m), and the other 38 acres is owned solely by the MST, who bought it from the Provincial Governmment for $480m in 2016.
The purchase of the two Jericho parcels stems in large part from an Olympic legacy in which four area First Nations agreed to set aside their competing and overlapping claims in the Metro Vancouver area, and to work together.
They don't intend to sell the land, or property freehold. They say the Nations will own the land forever, so homeownership opportunities would be limited to leasehold tenure (owning the home but not the land).