Armstrong

Lending in Armstrong, BC

Armstrong is one of those North Okanagan towns that knows exactly what it is. It’s a community of just over 5,000 people, growing slowly and deliberately. Situated in the Spallumcheen Valley between Vernon and Enderby, it’s a genuine agricultural hub, not a tourist town putting on a show. Its identity is tied to the land and the railway tracks that cut right through the middle of town. This is the place once famous for celery and Armstrong Cheese, and that heritage is still the core of the community. The annual Interior Provincial Exhibition isn’t just an event; it’s the defining rhythm of the year, a throwback to a time when community life revolved around harvests and livestock.

From a lending perspective, this stability is Armstrong’s main asset. The market isn’t driven by speculation or vacation home sales. It’s supported by a mature population—the median age is 50, and seniors over 65 make up nearly 30% of residents. The housing stock reflects this: nearly 70% are single-detached homes, with very few apartments. It’s a predictable environment. People move here for the rural lifestyle and the mild climate, creating steady demand from families and retirees that keeps the market moving, albeit at a slower pace than in the central Okanagan. While the agricultural roots are strong, the economy has diversified, with healthcare, retail, and construction now the top three employers.

However, we’re not looking at this market through rose-coloured glasses. The closure of the cheese plant in 2004 is a standing reminder of the vulnerabilities in a small-town economy that can lose a major employer overnight. While the median household income is a respectable $77,500, the large senior population contributes to a high reliance on government transfers. This tells us there isn’t a deep well of high-income employment to absorb economic shocks. It’s a solid community, but it lacks the economic depth of a larger centre. A property here simply takes longer to sell in a down market, and that’s a core factor in our risk assessment.

For these reasons, our approach in Armstrong is straightforward and conservative. We see it as a reliable, B-list market where good deals can be found, provided the equity is strong. We’re active here and will look at deals for purchases, refinances, and debt consolidations. But our exposure is managed carefully. In Armstrong, our maximum loan-to-value is 65.0%. This gives us and our investors the buffer needed to account for the longer liquidation times and potential market softness inherent in a smaller, agriculture-based community. If your client has a solid property and a clear exit strategy, we’re ready to look at the file.