Belcarra

Belcarra: a market on the edge

Belcarra is one of those places that defies easy categorization. Its motto, “Between Forest and Sea,” is a literal description of a village wedged between the steep, forested slopes of Indian Arm and the Pacific. With a population under 700 and a housing stock that’s almost entirely single-family homes, it has the quiet, secluded feel of a rural outpost. The reality, of course, is that it’s a high-income enclave within the Metro Vancouver Regional District, just a 30-minute drive from the city.

For brokers, the key is understanding this market’s unique character. This isn’t a suburb; it’s a collection of high-value properties on land-constrained lots, with almost no room for new development. The demographics tell the story: the median age is over 55, and nearly a third of residents are seniors. These aren’t first-time buyers. They are highly educated—over 73% have post-secondary education—and established professionals, with a median household income of $168,000. Many work in construction or technical fields and commute into the city. The local economy is basically non-existent; Belcarra is a classic bedroom community whose wealth is imported from the broader Metro Vancouver engine.

This profile presents a specific challenge from a lending perspective. While the setting is undeniably desirable and the property values are high, the market itself is incredibly thin. With fewer than 300 private dwellings in total, sales volume is low. This lack of liquidity is a significant risk factor. In a downturn, or in a foreclosure scenario, an asset here could sit on the market for an extended period. Our lending model is built on safety-first principles, which means we have to factor in worst-case recovery timelines. The carrying costs on a high-value, slow-moving property can quickly erode any equity.

This brings us to our position on Belcarra. Tekamar’s mandate is to serve communities outside of Greater Vancouver and the Fraser Valley. We’re the MIC for the rest of BC. Because Belcarra is part of the Metro Vancouver Regional District, it’s outside our designated lending area. This isn’t a judgment on the market’s quality, but a hard-and-fast rule that aligns with our fund’s operational focus.

For this reason, our maximum loan-to-value here is 0.0%. The combination of its location and the illiquid nature of its real estate market puts it firmly outside our scope.