Esquimalt sits on some of the most expensive real estate per square kilometer in Canada, yet it’s barely seven square kilometers total. That’s the kind of scarcity that makes mortgage professionals pay attention.
The numbers tell a compelling story: nearly half the housing stock consists of apartments under five stories, while single-detached homes make up just 23% of dwellings. This density creates interesting lending opportunities, especially when you consider that 70% LTV opens doors in a market where equity accumulates reliably.
What sets Esquimalt apart isn’t just its proximity to Victoria—it’s the naval base that’s anchored the community’s economy for over a century. CFB Esquimalt employs thousands directly and indirectly, creating a stable economic foundation that other bedroom communities lack. Public administration accounts for over 20% of local employment, providing the kind of steady income streams that make debt service predictable.
The demographic mix works in lenders’ favor. With a median age of 43 and seniors representing 21% of residents, you’re looking at established households with substantial equity positions. These aren’t first-time buyers stretching for maximum financing—they’re people who’ve built wealth and need flexible lending solutions.
Esquimalt’s housing market benefits from geographic constraints that limit supply growth. You can’t expand much when you’re surrounded by water on three sides and Victoria on the fourth. The mild Zone 9a climate means lower heating costs and year-round appeal, while amenities like the Galloping Goose Trail system add lifestyle value that translates to resale strength.
For brokers working with clients who don’t fit traditional lending boxes—whether due to income verification challenges, credit issues, or timing mismatches—Esquimalt represents the sweet spot where alternative financing meets solid fundamentals. The equity-based lending approach works particularly well here, where property values hold steady even when broader markets wobble.
Local Hospital
Our Mortgage Products Available in Esquimalt
| Mortgage Product Name | Max LTV | Key Notes for Esquimalt |
|---|---|---|
| Credit Repair and Debt Consolidation | 65.0% | Standard product terms |
| Variable Income | 70.0% | Standard product terms |
| Bare Land and Unique Properties | 65.0% | Standard product terms |
| Bridge Financing/Fully Open Term | 70.0% | Standard product terms |
| Equity Lending | 70.0% | Standard product terms |
| Purchases | 70.0% | Standard product terms |
Detailed Mortgage Product Information
Credit Repair and Debt Consolidation
Maximum Loan-to-Value (LTV) for Credit Repair and Debt Consolidation in Esquimalt:
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 Esquimalt:
70.0 %
“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...
Bare Land and Unique Properties
Maximum Loan-to-Value (LTV) for Bare Land and Unique Properties in Esquimalt:
65.0 %
“The appraisal came back as ‘property type: other’…”
Here’s a truth about real estate that nobody wants to admit: not everything fits in a box. Banks have boxes. Nice, tidy boxes labeled “single family home” and “condo” and “townhouse.” Their computer systems literally don’t have a dropdown menu option for “converted church with commercial kitchen” or “geodesic dome on 40 acres.”
We’ve funded...
Bridge Financing/Fully Open Term
Maximum Loan-to-Value (LTV) for Bridge Financing/Fully Open Term in Esquimalt:
70.0 %
“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 Esquimalt:
70.0 %
“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 Esquimalt:
70.0 %
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...