Langford

Lending in Langford

Langford isn’t a complicated market to understand. For decades, it’s been the pressure-release valve for the Capital Regional District’s housing market, and that’s only accelerated. While other municipalities on the South Island debate the merits of growth, Langford just gets on with it. It’s the fastest-growing community in BC for a reason: it’s where things get built. The numbers don’t lie: the population has jumped by nearly a third since 2016 to over 46,000 residents. This pro-development stance provides a level of predictability that’s hard to find elsewhere in the region.

The primary driver here is simple demographics. Langford is where young, working families go to find a home they can actually afford. With a median age of just 38.4, the community is significantly younger than its neighbours. This isn’t a market propped up by retirees or seasonal vacationers; it’s built on primary residences for a workforce in its prime—nearly 70% of the population is working age. These are people with jobs in public administration, healthcare, and construction, the bedrock industries of Greater Victoria, and a median household income of $93,000. All this creates a stable, consistent demand for housing that isn’t prone to the volatility we see in more tourism-dependent towns.

For us, that translates into a high degree of confidence. Langford’s housing stock is diverse, with nearly 20,000 private dwellings spread across a healthy mix of single-family homes, duplexes, and low-rise condos. This variety provides broad market appeal and multiple entry points for buyers. The constant influx of new residents means liquidity is strong. We aren’t worried about properties sitting on the market for a year if we have to take them back. The demand is baked in.

All this makes Langford one of our stronger, more straightforward lending areas on Vancouver Island. The economic fundamentals are solid, the political environment is predictable, and the demographic demand is undeniable. It also helps that it’s just a desirable place to live, with a mild climate and easy access to recreation that pulls in families and keeps them there. It’s a core urbanizing center, not a small town with a single-industry risk profile. Our exit strategy here is clear and reliable; in a foreclosure scenario, we project a sale within 3-4 months with minimal discounts required to move the property.

Because of this stability and market depth, we’re comfortable lending up to a 70.0% LTV in Langford for the right deal. It’s a workhorse market, and one we know well.