Residents in the city of Richmond, British Columbia, received a letter from Mayor Malcom Brodie warning that more private land could be at risk following a recent Supreme Court ruling.

Earlier this year, Justice Barbara Young granted the Cowichan Nation title claim to about 7.5 square kilometers of land, including federal and municipal properties, including fishing rights on that land.

Building on the 1997 Delgamuukw precedent, the ruling states that aboriginal title predates and can coexist with Crown and private ownership.

Mayor Brodie called it one of the most significant rulings in provincial and potentially national history, believing it could dismantle the land title system in the province with national ramifications.

On Monday's Rebel Roundup livestream, hosts Sheila Gunn Reid and David Menzies blasted the ruling and warned it wouldn't be long before the same legal concept spread outside of B.C.

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“This is why people should be wary of land acknowledgements,” cautioned Sheila, “because this is where it leads.”

The decision has financial implications for those living in the area, she pointed out, wondering “what bank is going to finance” the purchase of homes in Richmond — or anywhere that follows suit.

“Pending a Supreme Court overturn of this judgement, you're absolutely right: you have a stranded asset now,” replied David. “You can't sell it, and like you said, what bank is going to get into the business of financing homes in this area? This is crazy.”

With many Canadians relying on selling their home for retirement, “this just nukes that,” added Sheila.