Thank you, Mr. Speaker, and thank you, colleagues. Much to my surprise, the equity lease does not transfer the land fees simple, or the land in simple fees upon the payment of the total rental. To make things even more interesting, the constituent has to sign the new lease, and there isn't any more equity leases. Now so you need to apply for a new lease, which gives this person no equity. This newer lease will be ten per cent of the assessed value each year of the newer lease. In other words, the constituent has to pay the total assessed value of the property every ten years, which has gone up in price because of the home on this property. This constituent never gets any equity and keeps paying for the land over and over. Basically, it is rent, what is called, from what I understand. Unfortunately, if it was only one constituency or one constituent, it wouldn't as bad of an issue, but it's numerous ones in my riding. Mr. Speaker, this does not make any sense to me unless this government is looking at this way to keep revenue coming in our coffers. If this is the case, well done. Unfortunately, to me, it is mistreating our people, and why would anybody in their right mind wish to lease land and build a home here in the Northwest Territories? Mr. Speaker, later on, I will have questions for the Minister of Lands on this issue. Mahsi cho.
Shane Thompson on Issues Relating to Leased Land in Nahendeh
In the Legislative Assembly on May 31st, 2016. See this statement in context.
Issues Relating to Leased Land in Nahendeh
Members' Statements
May 31st, 2016
Page 275
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