First and foremost, this would have to take place with a vote of the entire community in favour of opting out of the Indian Act. Right now the title is vested in Her Majesty, and therefore the federal government owns Indian reserves. So the land would actually be transferred to the first nation.
My vision is that there would be a subsequent vote allowing individual certificate of possession holders. Right now individuals who own land on reserves would be entitled to have indefeasible title. There would also be subsequent votes or, at the same time, votes as to who would be allowed to own property.
But the market ultimately would bring this to bear. In order for a property to be mortgaged anywhere else in the country, you have to be able to go to the bank and you have to be able to put forward a market case to have value in that land. So if you have a restricted market, as it is right now on Indian reserves, you realize less than one-tenth of its value.