Lakeridge Park Subdivision
The Lakeridge Park Subdivision, a 208-lot single-family residential home subdivision, features mature landscaping, paved streets, street lighting, and walking trails in the common area.
Location: On Tsinstikeptum Indian Reserve No. 10, overlooking Lake Okanagan in the Province of British Columbia.
The Lakeridge Park Residential Corporation - WFN Development Limited Partnership (previously WFN Development Company Ltd.) was originally incorporated in 1974 as Westbank Indian Band Development Company to develop, manage and hold the lease of the Lakeridge Park Subdivision. Each residential lot was subleased to homeowners for a term that expires on June 12, 2073.
Announced in June of 2011, a Lease Modernization Project was initiated by the development company in order to provide a modern sublease option to existing sub-lessees. In December 2021, a referendum was passed by WFN members to create a modernized lease that would extend the term by 73 years to expire in 2146. Sublease extension sales successfully started in 2022.
Modernization Project Objectives
Enhanced contract language accepted by CMHC for mortgage insurance products
Eliminate the redundancy of dual registration in the BC Land Title Office in favour of registering solely in the WFN Self-Governing Land Act Registry, administered in Ottawa
Optimize the annual fee for maintaining the common use areas and infrastructure.
