The premier of British Columbia says his government is developing a plan to provide loan guarantees to property and business owners in the Cowichan First Nation area.

In an interview with CBC News at the end of the year, David Ebbe said the province is trying to ease the burden and anxiety on homeowners and businesses in the Richmond region of British Columbia, with the goal of enabling them to “access loans, renew or repay their mortgages, use a mortgage if they buy a new property or get financing as a business.”

“This guarantee will help them continue to live their lives as close to normal as possible,” he added.

CBC News asked Ebbe if the British Columbia government would back their mortgages.

“Yes,” he replied. “We are supporting financial institutions that would otherwise be hesitant to issue mortgages so they can confidently issue loans to people.”

Abe told The Canadian Press that his government plans to provide $150 million in loan guarantees. He said the fund could include $100 million in guaranteed financing for Montrose Properties, which owns about 120 hectares of the 325 hectares of land claimed, and another $54 million for smaller landowners.

Abe said the final figure could be significantly higher because current plans do not yet take into account “significant additional commercial activity” in the area.

Earlier this year, a controversial and legally unprecedented decision was made by British Columbia Supreme Court Justice Barbara Young, recognizing Indigenous ownership alongside private ownership of land that was once the site of a traditional Quetzalcoatl (Cowichan) Nation village and is now part of the City of Richmond.

While Young emphasized in her ruling that “private property rights are not being undermined,” she said the government (Crown) must work with the Quetzalcoatl to negotiate and organize “coexistence and reconciliation” between Indigenous and private property rights.

The federal government, the province, and the City of Richmond have all appealed the decision. Justice Young has stayed part of the ruling for 18 months to allow the parties to consider its implications.

Mayor: ‘A step forward’
Abby said her team has been going door-to-door in the area, asking homeowners if they’ve had trouble renewing their mortgages or getting a loan because of the court ruling.
He said there haven’t been any specific examples of problems for homeowners, but many have expressed concern that they won’t be able to sell their homes or repay their loans.

“It’s understandable that people might be reluctant to put their names to a sworn affidavit in court,” he said.
Abby said he hopes the loan guarantee can alleviate some of that anxiety.

Montrose Properties said in legal documents that a previous lender turned down $35 million in financing due to concerns about the ruling, and talks on a separate project have also stalled.

Richmond Mayor Malcolm Brodie said if Abby follows through on his promise, it could ease some residents’ concerns:
“We don’t have the details yet, but it’s a positive step. Given that the review process could take a number of years, it’s a potentially significant commitment.”

Peter Milobar, the finance critic for the opposition Conservative Party of British Columbia, said his party had asked the premier months ago whether the government would play a role in providing financial support.

“We raised this issue immediately after the Richmond public meeting, but the government essentially ignored it at the time,” he added.

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