Cumberland

Lending in Cumberland, BC

Cumberland is one of those towns brokers call us about when they have a good client but a deal that’s just outside the bank box. The story here is a transition from an old-school resource town to a modern recreation hub, and that shift has created a unique real estate market. It’s no longer the gritty coal mining village it was a century ago, though the historic main street and over 400 heritage homes are a constant reminder of that past.

What you need to know is that Cumberland’s identity is now firmly rooted in mountain biking, hiking, and a specific lifestyle that attracts a committed, year-round population. This isn’t a seasonal resort town where the lights go out in October. The demographics back this up: the median age is a relatively young 39.2, with a solid working-age population of nearly 65%. People move here for the trails and the tight-knit community feel, driving strong, consistent demand for a limited supply of homes. The 18.5% population jump since 2016 isn’t a fluke; it’s a trend. That kind of growth in a village with a constrained footprint provides a solid floor for property values.

From an underwriting perspective, the local economy has diversified well beyond its origins. The top sectors are now healthcare, construction, and professional services, which is exactly the kind of stability we look for. This diverse base reduces reliance on volatile resource industries that historically defined the area. It’s not just tourism and retail holding things up. That said, we’re clear-eyed about the local metrics. A median household income of $86,000 is reasonable, but an 8.2% unemployment rate and a notable reliance on government transfers signal some economic vulnerability. It’s a working town, not a bedroom community for a major economic engine.

The housing stock is another key factor. Single-detached houses make up almost 65% of all private dwellings, which fits our lending model well. By contrast, apartments are a tiny fraction of the market, at less than 3%. This scarcity of multi-family options funnels most of the demand, especially from new families moving to the area, directly into the single-family home market. We see a lot of self-employed individuals and people with solid assets who are drawn to the lifestyle but don’t always fit the banks’ narrow income tests. These are often strong borrowers who just need a more flexible lender.

Our position on Cumberland is straightforward. We see the exceptional demand and the strong lifestyle appeal as significant strengths that offset the moderate local economic indicators. It’s a desirable, stable community with a proven ability to attract and retain residents. For the right property and borrower, we’re comfortable lending here. Our maximum LTV in Cumberland is 65.0%. It’s a solid market for our fund and a good place for brokers to place deals that make sense on the ground.