What is not Settled
We would rather say this plainly than you discover it later, and we would rather you heard it from us.
Whether a covenant of this kind can be registered on title by a private organisation in British Columbia is genuinely unresolved — the Land Title Act restricts who may hold one. British Columbia’s Perpetuity Act voids rights of first refusal eighty years after creation, which puts a statutory ceiling on “permanent.” And if a lender treats fee simple title carrying a dated covenant as leasehold rather than freehold, the financing rules change substntially.
None of these are known to be fatal. All of them need answering before anyone builds. The work to discover answers has begun.