Lending in Lake Cowichan
Lake Cowichan is what a classic Vancouver Island recreational market looks like. Its identity is built around the lake and river, which pulls in a steady stream of retirees, vacation property owners, and lifestyle buyers from bigger hubs like Victoria and Duncan. The appeal is straightforward: it’s a warm-climate town for anyone into water sports, hiking, and rural life. The housing market reflects this, with single-detached homes making up the vast majority of the stock. For a lender, this consistent lifestyle demand creates a solid floor for property values. This isn’t a boom-and-bust town tied to a single project; people move here to stay.
The community also has deep roots with the Cowichan Tribes, the largest single First Nation in the province. This isn’t just history; it’s an active part of the local economy and gives the area an authenticity you won’t find in a purpose-built resort town. It feels like a real community, not just a place people visit for the summer.
But you have to look at the numbers with a clear head. The local, year-round economy isn’t as strong as the recreational demand suggests. The data shows a median household income of $68,000 and an unemployment rate sitting at 9.0%. The main industries are exactly what you’d expect: retail, construction, and tourism-related services. While these sectors support the lifestyle appeal, they’re also the first to feel it when the broader economy slows down. As an equity lender, our first job is to protect principal, and that economic profile means we have to plan for longer sale timelines if a property ends up in default.
This is the core tension in Lake Cowichan: strong, persistent lifestyle demand versus a softer local economy. It’s why we’re comfortable lending here, but why we’re also disciplined. The town’s desirability gives it a clear edge over smaller, more isolated BC communities, but it doesn’t have the deep, diversified economic engine of a Kelowna or Victoria.
For that reason, our maximum loan-to-value in Lake Cowichan is 65.0%.
This LTV gives us the buffer we need to respect the local income stats while still recognizing the value of real estate in a key Vancouver Island recreational spot. If you have a client with good equity in a marketable single-family home, it’s a deal that fits our model perfectly. We see the value, and our lending reflects that.
the Nearest Costco
Nearest Hospital
Our Mortgage Products Available in Lake Cowichan
| Mortgage Product Name | Max LTV | Key Notes for Lake Cowichan |
|---|---|---|
| Variable Income | 65.0% | Standard product terms |
| Bare Land and Unique Properties | 65.0% | Standard product terms |
| Bridge Financing/Fully Open Term | 65.0% | Standard product terms |
| Equity Lending | 65.0% | Standard product terms |
| Purchases | 65.0% | Standard product terms |
Detailed Mortgage Product Information
Variable Income
Maximum Loan-to-Value (LTV) for Variable Income in Lake Cowichan:
65.0 %
“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 Lake Cowichan:
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 Lake Cowichan:
65.0 %
“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 Lake Cowichan:
65.0 %
“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 Lake Cowichan:
65.0 %
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...