Thank you, Mr. Speaker. Mr. Speaker, in previous sessions, I have asked the Minister of Lands some questions about equity leases, and I guess it is time to do it again. It is that time of year. Can the Minister please advise us of what you are doing to address the concerns of the residents regarding their equity leases? Thank you, Mr. Speaker.
Masi. Minister of Lands.
Mr. Speaker, when I initially took over this portfolio, I was almost immediately advised of this issue, initially by Members opposite, but also by members of the legal profession and individuals as I travelled around the community. I had thought that this was not a particularly large issue, thinking that there might not be very many of these equity leases; however, after some investigation, we found that there were, in fact, a great number. We have heard the concerns from Members opposite and members of the legal profession, and I have directed the Department of Lands to take a comprehensive review of all equity leases and report back to me by the end of August with the findings. As I mentioned initially, I had thought that there were perhaps very few. It turns out that there are hundreds.
I thank the Minister for that answer. It is good to hear that we are actually starting to work towards resolving this issue. Can the Minister please provide us, about the leases that are expiring or will expire during this review, what will be happening to those leases?
Mr. Speaker, I have directed Lands to place any lease that expires during this review in over-hold status for one year at the last-paid lease amount. This ensures residents will not be compelled to sign a new long-term lease before the review is complete. Hopefully, within the next year, we can resolve this issue.
I thank the Minister for that answer. It actually makes some of these equity leaseholders happier to see we are working towards it and we are doing this agreement. Mr. Speaker, can the Minister please provide if this is part of the review, looking at leaseholders to purchase this title land?
Mr. Speaker, once the review is complete, I would want to assure all Members of this House that they will be briefed on all the options to meet the needs and desires of constituents before we move forward with any changes. I think we can all agree that, ultimately, the best solution may be actual ownership, but there are many issues surrounding these leases. The leases are not all the same. Some of them are very different. Some have an indication that might be that the leaseholder would get ownership at the end of the lease. Some are less clear on that issue. There are also issues of Aboriginal claims because many of the leases are in areas of unsettled land claims. Thank you, Mr. Speaker.
Masi. Oral questions. Member for Nahendeh.
Thank you, Mr. Speaker, and I thank the Minister for that answer. I totally agree that equity leases are all over the board, and I am glad the Minister is looking at that and trying to resolve that. Mr. Speaker, can the Minister advise us, if somebody has an equity lease, do they have to purchase their land if private ownership is allowed? Thank you, Mr. Speaker.
Masi. Minister of Lands.
The information is that people could renew their lease when the current lease expires, although I am expecting, if they had the options, that many would seek actual ownership. Thank you, Mr. Speaker.
Masi. Oral questions. Member for Yellowknife North.
