Kaslo

Kaslo isn’t about growth; it’s about preservation. The town sits on the west shore of Kootenay Lake, and its entire identity is built around a carefully maintained past as a 19th-century silver boom town. This is a conscious choice, reflected in everything from downtown development permits to the preservation of historic sites like the SS Moyie sternwheeler. Kaslo isn’t trying to attract new industry because it knows its value is in what’s already there. These heritage policies create a powerful sense of place that supports property values, but they also limit new construction, keeping inventory tight. The Langham Cultural Centre is a perfect example—it’s a restored building that drives tourism while holding the town’s complex history, including its role during the Japanese Canadian internment of WWII.

For lending purposes, this town has a very specific risk profile. The economy is all tourism and forestry, making it seasonal and vulnerable to market swings. The stats tell the story: unemployment is high at 9.7% and median household income is just $56,000. Brokers need to know that the job market here isn’t diverse. The top employers are exactly what you’d expect in a small service town—hospitality, healthcare, and retail. People move to Kaslo for the lifestyle, not for the job prospects. For a borrower, this means income can be less predictable, especially if they’re tied to the tourist season.

The demographics back this up. The median age is 58, and more than a third of the residents are over 65. This proves Kaslo is a popular spot for retirees, which gives the real estate market a stable foundation. Again, people move here for the scenery, not the career opportunities, and that supports resale values for a certain type of buyer. These buyers are often retirees who bring equity from larger markets, providing a cash-heavy buffer to the local market. The housing stock is just as stable, with detached homes making up almost 85% of the inventory. There’s no real pressure to build, which keeps values steady but also means the market can’t absorb a lot of new listings at once.

This all feeds directly into our underwriting. We get the appeal—we see why people love this place. But we have to price in the economic reality. A shallow job market and low incomes mean that if a file goes sideways, it can take a long time to recover. That’s why we’re comfortable lending in Kaslo, but we’re careful about it. Our max loan-to-value here is 55.0%. That number isn’t pulled out of a hat. It’s our way of balancing the town’s distinct charm against its real economic weaknesses. We’re here to protect principal, and in a market like Kaslo, this LTV lets us do that while still helping your clients buy into a unique community.