Eby plans $150 million in loan guarantees for Cowichan land owners

VICTORIA — British Columbia Premier David Eby says his government plans to offer private owners of land in the Cowichan Aboriginal title area more than $150 million in loan guarantees, amid fears about the impact of the landmark ruling on their financing.

He says the fund could include $100 million in guaranteed financing for Montrose Properties, the biggest private owner in the Aboriginal title area, and a further $54 million for smaller owners.

Eby says the final amount could be significantly larger because current plans do not yet account for significant “additional commercial activity” in the area.

Montrose, which owns about 120 hectares of the 300-hectare title area in Richmond, B.C., says in legal documents that a previous lender denied it $35 million in financing because of concerns about the ruling, while discussions about a separate project have ceased.

But Eby says Montrose has “identified about $100 million in financing challenges,” while “rough math” on private residential mortgages in the area add up to $54 million.

In August, the B.C. Supreme Court ruled the Cowichan Tribes have Aboriginal title over the land, that Crown and city titles on it are defective and invalid, and the granting of private titles by the government unjustifiably infringed on the Cowichan title, setting off concerns about the impact on private ownership.

This report by The Canadian Press was first published Dec. 12, 2025.

Wolfgang Depner, The Canadian Press