Comox

Lending in Comox, BC

We’re always comfortable looking at deals in Comox. It occupies that perfect middle ground on Vancouver Island—a real community with its own amenities, like well-known parks and golf courses, but without the traffic and chaos you find further south. It’s the kind of place people move to for the lifestyle, not just for a job. The mild climate is a huge part of the appeal; the region’s plant hardiness has actually improved in recent decades, making for an extended growing season that attracts retirees. This lifestyle draw brings in a steady stream of buyers, particularly those from the mainland looking to cash in their big-city equity for a coastal life. That consistent demand from equity-rich buyers creates a stable, predictable real estate market, which is exactly where we like to be.

The demographics tell the whole story. The median age here is over 52, and seniors make up nearly a third of the entire population. This is a mature, established community. You won’t find a lot of high-income professionals driving up prices; the median household income is a modest $83,000. For some lenders, low local wages might be a concern, but for us, it’s a green light. It confirms the market isn’t fueled by local paychecks, which can be volatile. Instead, it’s driven by solid, portable equity from more expensive markets. The local economy reinforces this stability. The biggest employers are in healthcare, retail, and public administration. There are no sawmills or mines that could shut down and gut the town overnight. It’s a boring-in-a-good-way economic base that provides a solid floor for property values.

When you look at the housing stock, it’s exactly what you’d expect. Single-family homes make up about two-thirds of all dwellings, which is our preferred asset class because they are always in demand and easy to value. While there is a mix of townhouses and low-rise apartments, the market is overwhelmingly dominated by traditional detached homes. The town is also growing at a healthy clip—over 5% since 2016—but it isn’t sprawling uncontrollably. Natural geography and local planning create real land constraints, which means the value of existing properties is well-protected. We’re not worried about a sudden flood of new inventory cratering prices here. The fundamentals are solid.

All of this adds up to a market we understand and trust. It isn’t a place for speculators or house-flippers; it’s a destination for people with capital who want to put down roots. That’s why we’re confident lending in Comox. For the right borrower with a solid property, our maximum loan-to-value is 65.0%. When you send us a file from Comox, we see a mature market with defensible values and a clear, stable source of demand. If your client fits that profile and needs an equity-based loan, we want to see the deal.