First Nations property bill gets royal assent
Last Updated: Wednesday, June 30, 2010 | 3:21 PM CST
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A bill that allows First Nations communities to request the same property rights for commercial real estate projects on reserve lands as off-reserve projects has received royal assent.
Squamish Nation Chief Gibby Jacob carries the Olympic flame by traditional canoe to downtown Victoria, B.C., on Oct. 30, 2009. (Sean Kilpatrick/Canadian Press)The federal government and the Squamish Nation in British Columbia have said Bill C-24's amendments to the First Nations Commercial and Industrial Development Act gives reserves more flexibility in attracting investor interest for commercial real estate projects.
The bill passed through Parliament with unanimous support from all parties.
Indian Affairs Minister Chuck Strahl said these rights, which include a land title system and title assurance fund, close an "important regulatory gap that has so far hampered the development of large commercial real estate projects on reserve land."
Under previous legislation, there was no certainty of land title on First Nations land on reserve. First Nations officials had complained it hindered them from finding financial backing for on-reserve development opportunities.
The Squamish Nation, which already has plans to build condominium units on prime undeveloped reserve land in West Vancouver, hailed the bill's assent.
Squamish Nation Chief Gibby Jacob said the amendments will also support economic growth and job creation "to the benefit of our membership and the entire regional economy."
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