It’s a desirable part of Vancouver, but False Creek residents are a little nervous for the future.
Built on reclaimed industrial land in the 1970s, False Creek South’s future is in the hands of the council, as it’s mostly on leased land owned by the city. The concern for residents, some of whom only have seven years left on their leases, is that the council may decide not to renew the land leases.
Why would it do that? Because it would have the option to buy the properties on the land at current market prices and redevelop the land for high rises.
The issue for even those with longer to run on leases (most have 22 years left) is that mortgages on leased land would only cover the length of the lease minus five years, meaning a purchaser wouldn’t be able to get the typical 25 year amortization.
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