Thank you, Mr. Chair.
Thanks to the witnesses for being here today. My questions are directed toward Mr. Le Dressay and we'll go from there.
In the 2000 ruling of the Musqueam Indian Band v. Glass, the Supreme Court of Canada decided that, for the purposes of calculating residential rental rates, the fair market value of properties on reserve lands should be determined by applying a discount of 50% to the market value of comparable fee simple, non-reserve properties, to account for the costs of reserve-related factors.
Since then the decision has been used as evidence of a difference in the market value between reserve lands and non-reserve lands.
It was also noted in the financial impact of affected real estate market and first nations lands that first nations such as Westbank and Kamloops have implemented market-friendly tenure systems and governance structures for residential development that resulted in elevating the value of reserve land similar to non-reserve land.
In your opinion, which reserve characteristics affect land value—for example, land codes, residential bylaws, etc.?