Esquimalt

Esquimalt sits right next to Victoria, but it’s carved out its own identity as the community where Canada’s Pacific fleet calls home. The naval base has anchored this town’s economy for over a century, creating a stability that most coastal communities would envy. While tourists flock to Victoria’s Inner Harbour, locals know Esquimalt’s waterfront offers the real deal — working harbours, maritime history, and none of the cruise ship crowds.

The numbers tell a story of steady demand. With nearly half the housing stock being apartments under five stories, Esquimalt attracts renters and first-time buyers who want island living without Victoria’s price premium. The 20.7% senior population isn’t just a statistic — it reflects retirees choosing to stay put in a community that works. Plant hardiness zone 9a means gardens thrive year-round, and the Galloping Goose Trail connects residents to dozens of kilometers of car-free recreation.

Public administration employs one in five residents, creating the kind of job security that mortgage brokers appreciate when structuring deals. Healthcare and retail round out the employment base, but Esquimalt’s real economic advantage is location. Workers can bike to downtown Victoria in 15 minutes or walk to Saxe Point Park for lunch breaks overlooking the Strait of Juan de Fuca.

The housing mix favors density over sprawl, with single-family homes representing just 23% of dwellings. This creates opportunities for investors and borrowers looking at multi-family properties or unique conversions. Median household income of $76,000 reflects the government employment base, while the slight population decline suggests selective in-migration rather than speculative growth.

Tekamar offers up to 70% LTV in Esquimalt, recognizing the community’s proximity to Victoria and stable employment base. For brokers working with clients who need equity-based lending, Esquimalt properties provide the security of island real estate with the liquidity of Greater Victoria’s market reach.