Councillor says Cowichan title ruling saw bank deny financing for $100M B.C. project

A Richmond, B.C., councillor says a company based in the city has been refused financing for what she says is a $100 million project because of the Cowichan Tribes case.

Coun. Alexa Loo said the company, which she isn’t naming, is currently working with the provincial government to get the certainty it needs to go ahead with what she describes as a manufacturing facility.

“This company, they had a deal already in place with one of the major banks to finance their project,” Loo said in an interview on Wednesday.

Loo earlier spoke of the company’s situation with residents before a meeting with landowners on Tuesday about the impact of the landmark case that confirmed the tribes’ Aboriginal title over about 750 acres of private and government-owned land in Richmond.

Loo said in the interview that the company already owns land for the planned facility in the Cowichan area but was told by its bank that it “doesn’t want to deal with new projects at this time” because of the uncertainty over land title stemming from the case.

“So it’s not an existing mortgage that is being pulled…but they are cancelling this project for now, because of the uncertainty over the land title and because the appeal process could take anywhere from three to five years to 10 years,” Loo said.

When asked about the situation, The City of Richmond provided a statement from Loo saying the firm “is loathe to discuss” its financial situation publicly.

In August, a B.C Supreme Court judge ruled the Cowichan Tribes have Aboriginal title over the land on the Fraser River, that Crown and city titles on the land are defective and invalid, and the granting of private titles on it by the government unjustifiably infringed on the Cowichan title.

The province, Richmond and other defendants have said they plan to appeal the ruling that has triggered concern about the implications for private land ownership both in the Cowichan area and beyond.

The provincial government said it’s collecting information from property owners, including whether they have been able to get mortgages or financing since the decision, and Premier David Eby has encouraged affected parties to come forward.

Attorney General Niki Sharma said she has heard of the case described by Loo, and has asked her staff to find out more.

“That’s part of the work that we are doing,” Sharma said. “We are looking into all the potential impacts here.”

On Wednesday, Eby said the province would seek a stay on the August ruling, which was already suspended for 18 months by the judge in the case, in order to give the Cowichan, Canada, and Richmond time to make “necessary arrangements.”

This report by The Canadian Press was first published Oct. 30, 2025.