Ashcroft

Lending in Ashcroft

You can’t understand Ashcroft without looking at the map. It’s where the Thompson River, the CPR line, and the old Cariboo Wagon Road all converge. This isn’t a resort town or a bedroom community for Kamloops; it’s a historic service hub that’s been chugging along since the Gold Rush. Its identity is tied to ranching, railways, and its role as a key supply point for the Interior. That history is still visible everywhere, from the pioneer cabins in Heritage Park to the preserved buildings along Brink Street.

The climate data tells an interesting story here. Ashcroft has warmed enough in the last 30 years to shift up a full plant hardiness zone. For retirees leaving the wet coast or the cold prairies, that’s a huge selling point—a long growing season and genuinely mild winters. It reinforces the town’s identity as a place people choose for lifestyle, not just for a job. It’s a quiet place, built for a different pace of life.

The town’s demographic profile tells the rest of the story. With a median age of 58.4 and seniors making up 37% of the population, the town’s rhythm is set by an older demographic. Contrast that with the working-age population, which is under 50%. People aren’t moving here for a career; they move here to settle down. This stability underpins the housing market. The housing stock reflects this, with single-detached houses making up nearly two-thirds of all dwellings. In a foreclosure, the buyer isn’t likely to be a speculator; it’s someone from the consistent pool of retirees and downsizers looking for exactly what Ashcroft offers. That predictability is a huge asset.

From a lender’s perspective, the economic numbers need careful reading. At first glance, the 40.6% employment rate looks low. But pair that with a tiny 3.4% unemployment rate, and the picture becomes clear: this isn’t a town with a jobs problem, it’s a town with a large, stable retired population that isn’t in the labour force. The local economy, driven by retail, tourism, healthcare, and mining, primarily serves this population and the surrounding area. The median household income of $63,600 is modest, confirming that this isn’t a high-wage centre. That reliance on the local service economy and resource extraction means we have to factor in the risk of disruption, but the proximity to Kamloops provides a helpful economic backstop.

This mix of predictable retiree demand and a modest local economy is exactly where we see a niche. It’s why we’re comfortable lending here, but also why we manage our exposure carefully. Our focus is on the 65% of the market that is single-family homes. We see solid opportunities for deals with retirees looking to unlock home equity, bridge loans for people downsizing, and debt consolidations for long-time locals with significant equity in their homes. For us, it’s not about speculative growth; it’s about stable assets and clear exit strategies. For the right borrower with a solid plan and plenty of equity, Ashcroft is a market we understand. That’s why we’ve set our maximum loan-to-value at 60%. It gives us the confidence to lend while ensuring our investors’ capital is well-protected against local economic shifts.