Winter 2025 Updates

Recently the BC Assessment figures have come out for 2025. Some properties in Lakeridge Park have seen an increase in land value from 2024 to 2025. The price of the extended lease modernization is calculated at 30% of the previous year’s land assessment. That means that the price of the lease modernization is based on the 2024 assessment.

If someone modernizes their sublease prior to March 31, 2025, the annual service fee would become the modernized amount. For this to occur, the documents must be fully executed with funds in trust with your legal counsel. If we aren’t at this stage by March 31, then that invoice would need to be paid for this year prior to paying the modernized annual fee in the following years.

The internal financing option is also still available for those wishing to finance the lease modernization through Lakeridge Park. The terms remain the same:

• 10% down payment
• 3% fixed interest rate
• Monthly payments for 15 years
• Loan needs to be paid out upon sale or assignment
• No penalty for early repayment.
• A credit check is required for approval

If you would like to discuss the options for modernizing your lease, please contact Jeff Leishman at 250-863-6416 or email jeff@vlsdevelopments.com. If you choose to stay on the current lease no action is required. If your information needs to be updated, please notify the front desk in office or call us at 250-768-5617 or email info@lakeridgepark.ca.

Thank you,

Lakeridge Park Residential Corp., the general partner of WFN Development Limited Partnership