100 Mile House

The name tells you most of what you need to know. 100 Mile House isn’t a bedroom community or a seasonal tourist trap; it’s a historic marker from the Cariboo Gold Rush that grew into a service hub for the surrounding ranchlands. Its identity is tied to the cattle operations and timber that have been the economic drivers here for a century, a legacy that started when British nobility turned a roadhouse into a sprawling ranching empire.

That heritage isn’t just for the tourism brochures; it’s still the economic backbone. While the town’s identity is tied to ranching and forestry, the employment data shows a heavy reliance on lower-wage sectors. Retail, food services, and health care employ nearly 40% of the workforce. It’s a stable service economy, but it lacks the high-paying jobs that drive property appreciation. The statistics bear this out: a median household income of $52,000 and an unemployment rate over 15% point to a fragile local economy. For us, that signals a need for caution. When a town’s fortunes are tied so tightly to a few resource-based and service industries, you have to price in the risk of cyclical downturns.

The lifestyle here attracts a specific demographic. With a median age of 55 and a third of the population over 65, it’s a clear draw for retirees. This is compounded by a small working-age cohort, making up just over half the population. This demographic skew puts a natural cap on the buyer pool. The harsh Cariboo winters can be another significant deterrent, narrowing the market and potentially extending the time it takes to sell a property. In a foreclosure scenario, a long listing period means accumulating interest and costs—a key factor in our risk assessment.

The housing stock reflects the town’s character. Nearly half of the dwellings are single-detached homes, but there is a significant amount of other housing types. Movable homes account for over 13% of the stock, and low-rise apartments make up another 18%. This isn’t a market driven by new, high-density development. It’s a place for established homes, acreages, and a working-class population.

Given the economic indicators and the limited resale market, our approach in 100 Mile House is conservative. We will look at deals here, but our exposure is strictly limited. It’s a classic example of a community where asset quality is paramount and a clear exit strategy is non-negotiable. For solid properties with strong borrower equity, we can provide a solution. But the underlying risks mean we cap our lending at a maximum LTV of 55.0%. It’s a market for well-secured deals, not speculative ventures.