Based on an innovative home ownership model, Aria offers you the opportunity to purchase a spectacular home for less than you ever thought possible.

Situated on leased land, the benefits of Aria are numerous: including no GST (7%), no property transfer tax (approx. 2%). As an owner at Aria you will have the security of knowing resale values in the area are on par with comparable freehold developments and that the lease is registered with the federal government and will not be due for generations to come - full 99 year term. With payment options designed to offer you maximum flexibility, Aria is truly a community in tune with you.

The benefits of leasing
Aria is located on the Westbank First Nation’s (WFN) Land.

Aria Apartments Limited Partnership, the developer, has entered into a 99-year head lease with Ronald Derrickson. Aria Apartments Limited Partnership has prepaid the lease payments for the head lease for the full 99-year term. The developer is not required to make any further payments to Derrickson. The lease is for a 99-year term, commencing in 2006 and ending in 2105.

Leasing Frequently Asked Questions
What other communities are under a lease arrangement?
What about re-sale value?
What are the benefits of leasing?
Is Aria accessed from a public road?
Who provides services to Aria?
Will financial institutions provide financing for Aria homes?
Can I get legal advice before committing to the purchase of a home at Aria? 

What other communities are under a lease arrangement?
Land leases are common in many parts of Canada, Florida, Europe , and southwest U.S.A. Many of the new homes being built at the University of British Columbia are on land leased from the University. The Burrard Indian Band in North Vancouver, and the Westbank First Nation have successfully developed many housing projects on band land.

There are many successful leased land projects in the Okanagan. These include Sonoma Pines, located on the same golf course as Aria; Huntsfield Green in Westbank and The Balmoral in Kelowna . Sun Rivers in Kamloops is also on leased land. It is most interesting to note that house values in Sonoma Pines are as high as, or even higher, than comparable homes on free-hold land. A prominent local lawyer, who specializes in land leases, has just purchased one of the most expensive homes at Sonoma Pines, reflecting his confidence in the lease.

In the Fraser Valley , Promontory Lake Estates, a 10-year old project, located in Chilliwack on the Tzeachten Reserve, is one of Chilliwack 's most popular retirement housing communities. The Van Maren Group is currently developing Halcyon Meadows, a community of 224 custom homes on the Tzeachten reserve n Chilliwack . Halcyon Meadows is the top selling gated community in Chilliwack , selling 116 homes in a 12-month period. For information on visit the Halcyon Meadows website.

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What about re-sale value?
The resale of homes on leased land typically reflect the local real estate market conditions, going up in price at a rate comparable to similar homes in the area.

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What are the benefits of leasing?
Leasing is an alternative to putting all your money (equity) into your home. Because you are not paying for the land, you’ll have this money available for investment or to spend on other things you might enjoy. If you choose to invest the money you would otherwise spend on acquiring the land, even a very low 5.6% return on this investment will generate enough income to make your monthly lease payment.

If you were to pre-pay the land and add the cost of this to your mortgage, your monthly payments to finance this would be higher than the lease payments; in other words, leasing can reduce your monthly payments.

You may decide to purchase a motor home with the money you save by leasing. The choices are endless, and they are yours to make.

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Is Aria accessed from a public road?
Aria is accessed from Carrington Road, which is owned and maintained by the Regional District of Central Okanagan.

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Who provides services to Aria?
Through contract, the Regional District of Central Okanagan supplies some 18 services such as rescue, 911, crime stoppers, Westside transit, Handi-Dart, sanitary landfill, regional hospital, recreation, Mount Boucherie Complex, Johnson Bentley Pool, regional parks, Westside community parks, senior citizens centre, dog control and building inspection. Westbank First Nation services include: water, sanitary and storm sewers, public works, recreation areas, bylaw enforcement and administration services. The RCMP provides enforcements of provincial and federal laws. Westside Fire Protection provides contracted fire services to WFN lands. Further information on services provided can be found on the WFN Website.

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Will financial institutions provide financing for Aria homes?
Yes, several financial institutions have agreed to provide financing to home buyers.

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Will I be able to get legal advice before committing to the purchase of a home at Aria?
Yes, any offer to purchase a home at Aria will be subject to your lawyer reviewing and being satisfied with all the legal agreements. Bassett & Company, a prominent Westbank law firm, has reviewed all the legal agreements and their legal opinion will be made available to Aria purchasers.

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In the event of any conflict between this information and the head lease or sublease, the head lease or sublease shall govern.