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20 Feb

Leaseholds, Part 4, Recreational Properties with an occasional Sasquatch.

General

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For most of us, the idea of owning recreational property in BC’s Interior is both alluring and hard to imagine. Leasehold opportunities exist more often than you would imagine.

If you are thinking about it, there can be some affordable options if you considering owning leasehold property, either on Crown Land or held by a private association or corporation, such as the parcel of leases around Horne Lake, on Vancouver Island.

The advantages with Crown Land leaseholds are that they are are always renewable ( the government has never as yet, refused to renew a Crown land lease ) where the land is used for residential purposes.

As well, the payments are calculated based on an annual payment of 3% of the assessed value and the leases written over a 30 year period. For more information on Crown Land visit Front Counter

As with all recreational properties, the challenge is finding a lender. Its best to be prepared with a fairly hefty equity stake, 35% or better puts you in a position to find a reasonable rate and flexible terms.

The Horne Lake Sasquatch

The first resident of the Horne Lake area was reputedly a local sasquatch. The Victoria Colonist reported on December 14, 1904 that four hunters saw a ‘hairy wild man with long matted hair and a beard’ racing at ‘tremendous speed’ through ‘unimpentrable undergrowth’.

As with much of our recreational land, the lake itself was opened up when logging began in the late 19th century. Ownership of the land itself changed many times over the last century, with some took to squatting on its shores during the 1930s.

Early in the 1960s, a German Prince acquired ownership of the lands and after initially attempting to have the cabins removed, agreed to lease back the land to the cabin holders.

In 1999, the families flagging fortunes forced the sale of the land to a local development corporation.

Subsequently, the land was sold to the cabin owners association, who have worked hard to make the community a success and to ensure that it meets local planning, environmental and fisheries requirements.