Cumberland sits on Vancouver Island where coal mining history meets modern mountain biking culture, creating something genuinely unique in BC’s mortgage landscape. This isn’t your typical Island retirement community—it’s where young families chase trails while retirees enjoy the slower pace, all within striking distance of the Comox Valley’s amenities.
The numbers tell a compelling story for mortgage professionals. With 18.5% population growth since 2016 and a median household income of $86,000, Cumberland’s pulling people who can afford their mortgage payments. The housing stock is refreshingly straightforward: nearly 65% single-detached homes with a healthy mix of duplexes and row houses. That’s the kind of diversity that keeps a mortgage portfolio interesting without getting exotic.
Here’s what makes Cumberland different from other Island communities: it successfully shed its resource-dependent past. Healthcare and social assistance now lead employment at 17.6%, followed by construction at 10.2%. The old coal mining days are gone, replaced by an economy that serves both locals and the steady stream of mountain bikers who’ve discovered some of North America’s best trails literally in town.
The recreational infrastructure is serious business here. Cumberland’s trail network draws riders from across the continent, creating a tourism base that supports local businesses year-round. That’s the kind of economic foundation that keeps property values stable—people don’t just visit Cumberland, they decide to stay.
For mortgage brokers, Cumberland represents that sweet spot of Island living without Island isolation. Your clients get the mountain biking, hiking, and outdoor lifestyle they want, plus reasonable access to Courtenay’s services and Comox’s airport. The community’s transformation from resource town to recreation destination shows in the demographics: educated residents (68.8% with post-secondary education) who chose to be here.
Tekamar offers 65% maximum LTV in Cumberland, reflecting our confidence in this community’s stability and growth trajectory. The combination of lifestyle appeal, economic diversification, and steady population growth makes Cumberland mortgages a solid fit for our portfolio.
Nearest Hospital
Our Mortgage Products Available in Cumberland
| Mortgage Product Name | Max LTV | Key Notes for Cumberland |
|---|---|---|
| Construction Mortgages | 65.0% | Standard product terms |
| Credit Repair and Debt Consolidation | 65.0% | Standard product terms |
| Variable Income | 65.0% | Standard product terms |
| Bridge Financing/Fully Open Term | 65.0% | Standard product terms |
| Equity Lending | 65.0% | Standard product terms |
| Purchases | 65.0% | Standard product terms |
Detailed Mortgage Product Information
Construction Mortgages
Maximum Loan-to-Value (LTV) for Construction Mortgages in Cumberland:
65.0 %
“Wait, you’re a MIC that actually does construction?”
Here’s something that makes brokers do a double-take. Yes, we do construction mortgages. No, that’s not a typo.
But before you start sending us your client with the 580 credit score who wants to build their dream home, let’s be clear: these aren’t your typical MIC deals. We only do construction for bankable clients. People the banks would ...
Credit Repair and Debt Consolidation
Maximum Loan-to-Value (LTV) for Credit Repair and Debt Consolidation in Cumberland:
65.0 %
“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 Cumberland:
65.0 %
“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...
Bridge Financing/Fully Open Term
Maximum Loan-to-Value (LTV) for Bridge Financing/Fully Open Term in Cumberland:
65.0 %
“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 Cumberland:
65.0 %
“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 Cumberland:
65.0 %
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...