Alert Bay

If you’ve ever wondered where you can find a slice of British Columbia that’s rich in culture, surrounded by raw natural beauty, and just a bit off the beaten path, let me introduce you to Alert Bay. Nestled on Cormorant Island, just off the northern tip of Vancouver Island, this small community of about 450 souls is a hidden gem with a story to tell. And for those of us at Tekamar Mortgage Fund, it’s exactly the kind of place we’re excited to support with our unique lending approach.

What sets Alert Bay apart isn’t just its stunning ocean views or the chance to spot orcas from the shore—it’s the deep cultural roots tied to the Namgis First Nation. This is a place where history lives in the towering totem poles at the U’mista Cultural Centre, a must-visit spot that showcases the art and stories of the Kwakwaka’wakw people. It’s not your typical small-town vibe; there’s a sense of resilience here, shaped by a remote location and a harsh, cold climate that only the hardiest can call home. For borrowers looking to invest in a unique property with character, this could be your spot. And for brokers, if you’ve got a client eyeing something unconventional in Alert Bay, give us a call—we’re all ears.

From a real estate and mortgage perspective, Alert Bay offers a quirky mix. Most homes here are single-detached, making up over 75% of the housing stock, which means you’re often dealing with standalone properties that have their own charm—and sometimes their own challenges. The remote location and tough climate (we’re talking Zone 0a, folks) mean properties can take longer to sell, sometimes 9 to 12 months in a foreclosure scenario, often at a discount. That’s why at Tekamar, we cap our loan-to-value ratio at 50% here. We’re cautious, but we’re not scared off. Our tagline, “We’ll lend where other MICs won’t,” isn’t just talk—we mean it, especially in smaller communities like this. We focus on equity lending, perfect for those who might not tick all the boxes for traditional banks but have solid property value and a clear exit strategy. Borrowers, if that’s you, we’re here to help. Brokers, if you’ve got a deal that fits, let’s chat about making it work.

Economically, Alert Bay faces some headwinds with high unemployment and a reliance on industries like fishing and forestry that aren’t what they used to be. That said, there’s a niche appeal for retirees or tourists drawn to the cultural heritage and natural wonders. Think whale-watching or hiking trails that feel like stepping into a postcard. For mortgage brokers, this means deals here might cater to a specific buyer—someone looking for a lifestyle shift rather than a quick flip. And for borrowers, it’s worth noting that while local buying power is limited, the uniqueness of Alert Bay could be your selling point down the road.

Here at Tekamar, we’ve been doing this for over 20 years, and we’re not afraid to dive into markets other lenders shy away from. We won’t touch Greater Vancouver or the Fraser Valley, but places like Alert Bay? That’s our sweet spot. We stick to low LTVs for safety—our max elsewhere might hit 70% in bigger centers like Kelowna, but we adjust based on risk. If the numbers make sense and there’s a safe exit, we’re in. So, whether you’re a broker with a client dreaming of island life or a borrower ready to stake a claim in a place as unique as Alert Bay, let’s talk. We’re the MIC for towns without stoplights, and we’re ready to roll up our sleeves.