Lending in Clearwater
Clearwater is the quintessential BC interior town. It’s the last significant stop before you hit the vast wilderness of Wells Gray Provincial Park, and that proximity defines its character. This is a small, spread-out community of just under 2,400 people on a large land base, meaning the population density is low. It’s not a high-growth market—the population has only nudged up 2.8% since 2016. Instead, it serves as a crucial hub for the North Thompson Valley, with an economy fundamentally tied to forestry, tourism, and local retail.
From a lender’s perspective, the economic indicators demand a cautious approach. The headline unemployment rate is high at 14.6%, and the median household income is a modest $68,000. Digging deeper, the employment rate is only 44.4%, which tells us a large portion of the adult population isn’t working. This aligns with the fact that government transfers make up a significant part of the local economy. When a local mill slows down or a tourist season is weak, the impact is felt immediately. The economic base is narrow, relying on a handful of sectors like retail, accommodation, forestry, and healthcare. This creates volatility that our underwriting has to account for.
The housing market reflects the town’s demographics. The stock is overwhelmingly single-detached homes—over 72% of all dwellings—with a very small number of apartments or row houses. This isn’t a market for multi-family developers; it’s for families and retirees. The numbers back this up: the median age is 48.4, and nearly a quarter of the population is over 65. While the lifestyle is a major draw, attracting people with its recreational opportunities and strong community feel, it doesn’t create the sales velocity or price appreciation seen in larger centres. An exit strategy here, should we ever need one, will simply take more time than it would in a more liquid market like Kamloops.
These factors combine to shape our risk appetite in Clearwater. The modest economic drivers, high unemployment, low local buying power, and a slower, less diverse resale market require us to be conservative to protect our investors’ capital. We see good opportunities here, but they are with borrowers who have substantial equity in their properties. We aren’t positioned for high-ratio lending in this environment. For any deal in Clearwater, our maximum loan-to-value is 55.0%. We are open for business, but the deal structure has to be grounded in the economic realities of the community.
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Our Mortgage Products Available in Clearwater
| Mortgage Product Name | Max LTV | Key Notes for Clearwater |
|---|---|---|
| Credit Repair and Debt Consolidation | 55.0% | Standard product terms |
| Variable Income | 55.0% | Standard product terms |
| Bare Land and Unique Properties | 55.0% | Standard product terms |
| Bridge Financing/Fully Open Term | 55.0% | Standard product terms |
| Equity Lending | 55.0% | Standard product terms |
| Purchases | 55.0% | Standard product terms |
Detailed Mortgage Product Information
Credit Repair and Debt Consolidation
Maximum Loan-to-Value (LTV) for Credit Repair and Debt Consolidation in Clearwater:
55.0 %
“Their credit report reads like a horror novel, but the house was just renovated and is worth a lot…”
Here’s what happens when life takes a wrong turn. A bad business venture. Workplace Injury. That divorce that dragged on for two years. Suddenly your credit score looks like a batting average and the banks won’t even return your calls.
But here’s the thing – none of that changes what your ho...
Variable Income
Maximum Loan-to-Value (LTV) for Variable Income in Clearwater:
55.0 %
“Their income is all over the map, but there’s definitely income…”
Here’s a funny thing about lending based on Line 15000 of your Notice of Assessment: It’s a neat little box to underwrite against. Works great if you’re a salaried employee. Not so great if you’re running a fishing charter in Campbell River where thres fishing season, and the rest of the year.
We get it. Income isn’t always ti...
Bare Land and Unique Properties
Maximum Loan-to-Value (LTV) for Bare Land and Unique Properties in Clearwater:
55.0 %
“The appraisal came back as ‘property type: other’…”
Here’s a truth about real estate that nobody wants to admit: not everything fits in a box. Banks have boxes. Nice, tidy boxes labeled “single family home” and “condo” and “townhouse.” Their computer systems literally don’t have a dropdown menu option for “converted church with commercial kitchen” or “geodesic dome on 40 acres.”
We’ve funded...
Bridge Financing/Fully Open Term
Maximum Loan-to-Value (LTV) for Bridge Financing/Fully Open Term in Clearwater:
55.0 %
“Subjects came off their current home last week but their new place closes Friday…”
Here’s a funny thing about bridge financing: everyone thinks it’s complicated. It’s not. Someone needs to close on their new house before their old house sells. Or their sale fell through after they removed subjects on their dream home. Or they found the perfect downsizer condo but haven’t listed the family hom...
Equity Lending
Maximum Loan-to-Value (LTV) for Equity Lending in Clearwater:
55.0 %
“They have tons of equity but don’t qualify under B20…”
Here’s the thing about equity lending: it exists because banks literally can’t do it. B20 guidelines require income verification. Full stop. No wiggle room. No common sense exceptions.
We’re provincially regulated. The funds we lend on come from individual investors, not the Bank of Canada. So when your client has 50% equity but their in...
Purchases
Maximum Loan-to-Value (LTV) for Purchases in Clearwater:
55.0 %
Moving is supposed to be exciting. New town, new job, new chapter. So why do banks act like you’re asking for their firstborn when you need a mortgage?
“You haven’t been at your new job for thre months”
“Your self-employment income doesn’t count in a new market.”
“We need to see established a year if you are part time contract - even if you’re working 40 hours under your new role”
Meanwhile...