A bill allowing First Nations communities to generate greater investor interest for real estate projects on reserve land has received royal assent, the federal government announced Wednesday morning.
Bill C-24 changes the First Nations Commercial and Industrial Development Act to allow for greater certainty of land title for on-reserve developments.
“These new amendments close an important regulatory gap that has so far hampered the development of large commercial real estate projects on reserve land,” said Indian and Northern Affairs minister Chuck Strahl.
The amendments mean that First Nations will be able to request that their on-reserve real estate projects have the same property rights, including land titles and title assurances, as projects located off reserve land.
Both the government and the Squamish First Nation believe more certainty around land titles on aboriginal land will increase investor interest.
Squamish 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.”
In February, Jacob told BIV the Squamish have big plans to increase density on their North Shore land with residential tower developments (See “Prime real estate driving aboriginal development” – issue 1060, Feb. 16-22, 2010).
In an interview earlier this week, Jacob reiterated that statement and said his community’s population is set to double in the next 15 to 20 years.
Jacob said.: “If we don’t start doing something now in regard to creating new revenue sources we’re never going to achieve what our people have been talking about as our number one priority, and that is housing our people.”