Esquimalt

You can’t talk about Esquimalt without talking about the base. It’s not just a landmark; it’s the economic engine. With 20.5% of the local workforce in public administration, CFB Esquimalt provides a level of stability you just don’t see in a resource town. That’s a major factor in our underwriting. When the primary employer is the federal government, you have a solid economic floor that mitigates a lot of risk. That stability is bolstered by a strong healthcare sector, which accounts for another 13.5% of jobs. While there’s some exposure to retail and tourism, the economy isn’t reliant on them. It’s a government and services town, which we like to see, even with a local unemployment rate of 7.9%.

Esquimalt is fundamentally integrated with Victoria, but it has its own distinct character. The name itself comes from the Lekwungen word for “place of the shoaling waters,” a nod to its deep Indigenous roots and maritime geography. That geography still defines it. This is a peninsula community with a world-class natural harbour that has shaped everything from First Nations settlement to British naval strategy. It’s dense, with a population density over 2,470 people per square kilometre and a housing stock to match.

From a property perspective, don’t expect a sea of single-family homes. The data shows it’s dominated by multi-family dwellings. Looking closer at the mix, apartments under five storeys make up nearly half the market at 46.4%, while traditional single-family homes are just 23.2%. What’s left is a healthy component of duplexes at over 10% and row houses around 5%. For brokers, this means the deals you send us from Esquimalt will likely be condos, duplexes, or townhomes. We’re fine with that; it’s a mature market geared towards density with established comparables.

The demographic profile is also what we look for. It’s not a boomtown—population growth has been basically flat since 2016—but it’s stable. The median age is 43.2, and over 20% of residents are 65 or older, so it’s a place people stay. The proximity to Victoria, combined with a mild Zone 9a climate and amenities like the Galloping Goose Trail, makes it a desirable location for retirees. That provides a reliable resale backstop, even in a downturn.

All this adds up to a market we’re comfortable in. The economic floor is solid, its connection to Victoria ensures liquidity, and the housing market is predictable. The risks, like the flat population and higher unemployment, are known quantities that are outweighed by the fundamentals. For the right deal in Esquimalt, we’ll go to our maximum of 70.0% LTV. It’s a core Vancouver Island market where we understand the dynamics.