Lake Cowichan

Lake Cowichan sits at the foot of Cowichan Lake, Vancouver Island’s largest freshwater lake, where the Cowichan River begins its journey to the sea. This community of 3,325 has carved out a distinct identity as a four-season playground that attracts both permanent residents seeking affordable lakefront living and seasonal visitors drawn to world-class fishing and water sports.

The town’s 65% maximum LTV reflects a market shaped by recreational property demand and steady retirement migration. With 78% single-detached homes and a median age of 52, Lake Cowichan appeals to buyers seeking larger properties at prices that would buy a parking spot in Vancouver. The Cowichan River’s reputation for massive brown trout and steelhead brings serious anglers from across North America, creating a niche market for vacation properties and fishing lodges.

What sets Lake Cowichan apart is its microclimate — Plant Hardiness Zone 8a means residents can grow Mediterranean plants while living in a mountain setting. The extended growing season supports everything from vineyards to exotic fruit trees, unusual for a community at this elevation. This climate advantage, combined with proximity to Duncan and Victoria, creates appeal for retirees wanting rural tranquility without isolation.

The local economy balances retail trade (16.6% of employment) with construction and hospitality, driven by both residential growth and tourism infrastructure. While the 9% unemployment rate reflects seasonal fluctuations in tourism-dependent businesses, the housing market remains stable due to lifestyle migration from urban centers.

Tekamar’s equity-based lending products serve both permanent residents consolidating debt and recreational property buyers who don’t fit traditional lending boxes. The combination of lake access, river frontage, and mountain proximity creates lasting property value that supports our conservative lending approach in this unique Island community.