To add a bit to the accreditation process conversation.....I'm currently attending a newish school (I will be in the 6th graduating class), so I know the accreditation process from doing research on it when this school was being established.
The Letter of Reasonable Assurance from the COE is awarded based on a thorough review of its proposed program and a site visit (Which LMU has). The school is then eligible to become accredited on admission of its first class. Essentially, the COE can officially confer provisional accreditation following the admission of its first class and review of its semi-annual progress reports.
With provisional accreditation, all students in the program are ensured of graduating from an accredited college on completion of the degree.
The COE still will conduct periodic site visits and the college will have to submit regular progress reports. Once the first class graduates, the school will be eligible for full accreditation, following a program review and site visit.
Now I did know a few people in the c/o 2012 (UCVM's first graduating class) and they were not without a lot of challenges. The facilities weren't completely finished (so some classes were in trailers outside), many changes have since been implemented with student feedback and they were figuring out what worked and didn't work (being the guinea pigs simply cannot be avoided, no matter how much planning there is ahead of time). However, none of them regret it and feel as though they were taught well in the program. So while each school will have its challenges, make sure you go in with an open mind that it won't be perfect, but it's completely do-able.
I'm not facing the same stigma here in regards to a new school because it has been viewed as meeting the province's needs (and we aren't as bad off as the U.S. is currently with the number of vet grads or debt load), however I think that will be another challenge for you as well. The school will be opening and accepting people, so if you're confident in their program and feel as though its the right fit for you, go for it. I don't agree with adding more seats/schools, but the fact is that it's happening, so just make sure you're doing what is best for you.
Cliffs: If LMU gains provisional accreditation with the admittance of its first class, students will be graduating from an accredited college even if full accreditation isn't officially awarded until graduation. New schools have challenges. Be aware of them and make sure it's still the right fit for you.