It's the same with living in Banff national park. Also, I think West District at UofC has a 99 year leasehold too.
The only difference is that federal and provincial governments usually renew their 99 year leases free of charge while the reserves do not. IIRC, Redwood Meadows is in the process of negotiating a new leasehold. I think the 75 year leasehold started in 1975.
Fun fact! The NBC (National Building Code) and provincial variances of the code are not legally enforceable on first nations land. Although, bands usually follow the code as it's next to impossible to get insurance on a new building that does not comply with the code.