Vermilion Hill

Leasehold, not freehold

This is the part that matters most, and the part most listings gloss over. At Taza you buy the home, not the land underneath it. The Tsuut’ina Nation keeps title to the land and grants a long-term prepaid lease — currently running to 2114 — which is subleased down to the homeowner.

In practice a leasehold home can be bought, sold and renovated much like a freehold one, and because the lease is prepaid there is no ongoing land payment. But it is a different legal interest from the freehold title you get in Calgary.

The Nation may extend the lease after it runs, or purchase the buildings at replacement cost less depreciation. That is a long way off, but it is the kind of term you should read before you sign, not after.

Before you buy here

Make sure you have a lawyer who has done Tsuut’ina transactions read the sublease. I will tell you plainly whether it suits what you are trying to do — for some buyers it is good value close to the city, and for others a leasehold is not the right fit.

Call 403-464-6672 or email contact@kellybaker.realtor.

Lease terms as published by the Taza development. Confirm the current terms of any specific sublease with your lawyer before writing an offer — they govern, not this page.