Fraserlands is a 99-year fully prepaid lease from the City of Vancouver, which has been granting long term leases for develpment since 1976; first in False Creek and then in Champlain Heights.
There are more than 1,200 properties on leased land in the Champlain Heights and Fraser Lands areas, as well as more than 650 in False Creek, with tenures ranging from 60 to 99 years. The University of British Columbia has granted 99-year prepaid leases for housing development as well, basing their leases on those used by the City of Vancouver. The leases have been accepted by all major lenders and the Land Title Office for mortgage purposes.
The Condominium Act deals with options available to strata corporations for renegotiating their leases at termination. The lease states that the City of Vancouver will provide market compensation for the improvements situated on lease land at the expiry of the lease term or, alternatively, grant an extension of the lease at a mutually agreeable rate. The first leases to expire will be in False Creek in 2036, at which time details for compensation and releasing will be negotiated, setting a precedent for the settlement of other leases scheduled to expire at later dates.
Initial resales on leased land in the False Creek, UBC and Champlain Heights developments have shown appreciation levels very similar to those of freehold properties in the same areas. Purchasers of these leasehold properties have included lawyers, doctors and prominent business people, all of whom have recognized that leasehold tenure is safe, secure and equal in virtually all aspects to that of freehold land.