Despite growing anxiety among private property owners, Premier David Eby says major lenders have not pulled back from issuing mortgages or renewals in parts of Richmond affected by a landmark Aboriginal title ruling.

On Wednesday, Eby said the province has met with all major banks and credit unions following the B.C. Supreme Court’s Cowichan Tribes decision and has been told lending policies remain unchanged.

“They advised us that none of them have changed their lending policies in the region,” Eby said.

“They continue to provide mortgages in the area. They continue to provide renewals.”

The ruling, handed down in August, granted the Cowichan Tribes Aboriginal title to sections of southeastern Lulu Island and along the Fraser River, raising concerns about whether land titles, property values, and access to financing could be impacted.

Last week, the province announced up to $150 million in loan guarantees aimed at ensuring homeowners and businesses in the affected area can continue to access financing while the ruling is appealed.

The premier says the goal of the program is not for government to purchase properties or prop up land values, but to provide a backstop if lenders change course.

“If there was an issue that came up — and [the banks] decided to change their policy — we would have a policy in place,” Eby said, adding it would be “one last thing for landowners to worry about” as the court process continues.

The premier acknowledged that at least one large business in the area has reported a significant financing impact, estimating roughly $100 million in challenges.

About two-thirds of the province’s proposed loan guarantees are expected to be set aside for Montrose Properties, a real estate developer that owns a large share of land within the title area.

Some critics and property tax experts have questioned whether the $150 million figure is sufficient, noting the total value of land in the affected area is estimated to be well over $1 billion.

However, Eby believes the amount required could ultimately be lower — or potentially zero — if lenders continue operating “business as usual.”

But he would not say whether the province has received any written commitments from lenders guaranteeing continued access to financing.

The province has appealed the Cowichan Tribes decision and is seeking a stay while the case moves through the courts.

If the appeal fails, Eby says the issue may ultimately need to be resolved by the Supreme Court of Canada, particularly given a similar case unfolding in New Brunswick that reached an opposite conclusion.

“Getting final resolution from the Supreme Court of Canada would be very crucial.”

He also ruled out using the notwithstanding clause, saying it does not apply to Section 35 of Canada’s Constitution Act, which protects Indigenous rights.

For now, the premier says his government remains focused on maintaining access to financing for affected homeowners and businesses.