Colwood

Colwood isn’t Victoria, and that’s exactly why we like it. It’s the core of the West Shore’s growth, serving as a primary bedroom community for Greater Victoria. But it’s a mistake to think it’s just a market for young families chasing a backyard. While they are a major driver, Colwood also has a powerful secondary market of retirees drawn to the mild climate and coastal lifestyle. This creates two distinct streams of demand, which gives the market a stability you don’t see in communities dependent on a single demographic. This isn’t a market driven by trends; it’s driven by life stages—the need for a family home and the desire for a comfortable retirement.

The housing inventory tells the story. Nearly half of all dwellings are single-detached homes, with duplexes and row houses making up another 28%. This isn’t a condo-heavy market; it’s built for long-term residents. With population growth hitting 12.5% since 2016, the pressure for this kind of housing is constant. Colwood has deliberately embraced its role in absorbing the region’s growth, unlike some neighbouring municipalities that have fought development. This means a steady pipeline of new and recent-build inventory that fits our lending model perfectly. We see real, tangible assets here, not just speculative high-rise units.

From a risk perspective, the local economy is exactly what we look for. The unemployment rate is a low 5.1%, and the job market isn’t tied to a single, volatile sector. The top employers are public administration, healthcare, retail, and construction. Proximity to the provincial capital provides a huge base of stable government jobs, while the growing population supports the healthcare and retail sectors. This is a diversified employment base that reliably supports mortgage payments, insulating the market from the booms and busts we see in resource- or tourism-dependent towns.

What locks in the long-term asset value is the geography and lifestyle. Colwood has oceanfront access, abundant parks, and an unusually mild climate—it’s in Plant Hardiness Zone 9a, a rating that has improved over the last few decades due to warming trends. This natural appeal provides a strong floor for property values and makes it a magnet for retirees. An anonymous inland suburb can see values drop in a downturn, but a coastal community with easy access to Victoria’s amenities will always have buyers. For us, a clear and liquid resale market is non-negotiable, and Colwood’s fundamentals deliver that.

We see Colwood as a stable, predictable market with multiple layers of strength. The demand is consistent, coming from both growing families and relocating retirees. The economy is anchored by government and healthcare, and the physical location provides a lasting desirability that protects asset values. It’s a market built on primary residences, not speculation. For the right property, our maximum loan-to-value in Colwood is 70%.