Greenwood

Let’s talk about Greenwood, British Columbia—a small town with a big story, tucked away in the Kootenay Boundary region. This isn’t your typical bustling BC hub, and that’s exactly what makes it intriguing for folks in the mortgage game. With a population hovering around 700, Greenwood offers a glimpse into a slower, more grounded way of life, steeped in history and surrounded by rugged mountain beauty. But what does that mean for mortgage brokers and borrowers looking to make deals happen here? Stick with me, and let’s break it down.

First off, Greenwood’s got character. It’s one of Canada’s smallest cities by status, a title it earned back in 1897 during its mining boom days. Walk down Copper Street, and you’ll see heritage buildings that whisper tales of a gold rush past—think old brick facades and stories of boomtown grit. That history gives the town a unique vibe, appealing to a niche crowd, often retirees or those craving quiet. For borrowers, this could mean a chance to snag a single-detached home—about 73% of the housing stock here—for a lifestyle shift. And brokers? You’ve got a story to pitch to lenders like us at Tekamar Mortgage Fund, who see the value in these off-the-beaten-path spots.

Now, let’s get practical. At Tekamar, we’re all about lending where other MICs hesitate, with our tagline “We’ll lend where other MICs won’t” ringing especially true in places like Greenwood. Our maximum loan-to-value (LTV) here is 55%, which reflects the town’s remote location and economic quirks. We’re not just tossing out numbers—we assess risk by looking at how long it might take to recover funds if things go south. Smaller markets like this can take longer to sell in a pinch, so we keep our LTV conservative to protect our investors (all friends and family, by the way). For borrowers, that means you’ve got to bring solid equity to the table, but we’re open to creative deals—think equity lending or credit repair—where traditional banks might say no. Brokers, this is where you shine by finding clients with a clear exit strategy we can get behind.

Economically, Greenwood’s a bit of a mixed bag. High unemployment and a median household income under $50,000 signal some fragility, with roots in declining mining and reliance on construction and manufacturing. Yet, there’s a tight-knit feel that draws a specific buyer—often older, with 41% of the population over 65. For a borrower eyeing a fixer-upper near the historic Phoenix Mine site, there’s potential to build value in a low-cost market. Brokers, when you bring us these deals, let’s chat about the property’s story—how’s the exit look for a refinance down the line?

Here’s the bottom line: Greenwood isn’t for everyone, but it’s got a quiet charm and untapped potential for the right deal. At Tekamar, we’re game to explore mortgage options in towns like this, far from the Vancouver glare, as long as the numbers make sense. Whether you’re a borrower dreaming of a mountain escape or a broker hunting for a lender who gets small-town dynamics, give us a shout. We’re here to make things work where others might just pass by.