Let’s talk about Courtenay, British Columbia—a gem on Vancouver Island that’s got a lot more going for it than just pretty views. Nestled in the Comox Valley, this town of about 28,000 people has a unique charm that sets it apart from other BC communities, and for mortgage brokers and borrowers alike, it’s a spot worth paying attention to. At Tekamar Mortgage Fund, we’re excited to lend here, and with our tagline “We’ll lend where other MICs won’t,” Courtenay fits our niche perfectly.
What makes Courtenay stand out? For starters, it’s got a vibe that screams retirement haven. With a mild climate—think Zone 8a, warm enough for an extended growing season—and access to kayaking, golfing, and even skiing at nearby Mount Washington, it’s no surprise that nearly 28% of the population is over 65. That natural beauty and recreational draw translate into solid resale potential for properties, even if the market takes a dip. For brokers, this means deals in Courtenay often have a safety net of demand; for borrowers, it’s a place where your investment in a home can hold value over the long haul.
But let’s get practical. The housing mix here leans heavily toward single-detached homes—about half of all dwellings—which is great for equity lending, one of our specialties at Tekamar. We’re talking about folks who might not qualify under strict bank rules for income or credit but have solid equity in their property. With a maximum loan-to-value (LTV) of 70% in Courtenay, we’ve got room to work on first and second mortgages, bridge loans, or even oddball properties like bare land. Just remember, we’re picky about risk—60% LTV is often our sweet spot unless the deal is rock-solid. Brokers, if you’ve got a client with a quirky property or a credit hiccup, give us a call to see if we can make it work. Borrowers, if you’ve been turned down elsewhere, we might be your lifeline—just know we’ll need a clear exit strategy to refinance down the road.
Economically, Courtenay’s shifted from old-school resource industries to a service-based setup, with retail and healthcare leading the charge. The presence of CFB Comox as a stable employer adds a layer of security, though an 8.5% unemployment rate hints at some fragility. From a lending perspective, this means we’re extra cautious about over-leveraging—our friends-and-family investors trust us not to lose their principal. We stick to residential deals (no commercial or multi-family) and always keep an eye on how long it’d take to recover funds if things go south. That’s why low LTVs are non-negotiable for us.
And let’s not forget the local flavor. Head down to the Courtenay Riverwalk for a stroll, and you’ll see why people fall in love with this place—it’s got heart. Community events like the Comox Valley Farmers’ Market add to the appeal, making it a draw for families and retirees alike. For mortgage brokers, that community spirit means buyers who stick around; for borrowers, it’s a reminder that you’re investing in more than just a house—you’re buying into a lifestyle.
So, whether you’re a broker with a deal that doesn’t fit the big-city MIC mold or a borrower looking for an alternative lender who gets small-town BC, Courtenay is on our radar. At Tekamar, we’re ready to dive into the right opportunities here. Got a deal? Let’s chat.