Metchosin

Lending in Metchosin

Metchosin isn’t a suburb of Victoria. It’s a deliberate, rural holdout. Brokers who try to understand it by looking at Langford or Colwood are missing the point entirely. This is a community that has actively and successfully resisted the kind of densification that has redefined the Western Communities. Its identity is rooted in its agricultural heritage and its history as one of the earliest settled areas on the Island, long before it was a bedroom community.

From a lending perspective, this managed-growth approach creates a stable, predictable market. With a population of just over 5,000 spread over nearly 70 square kilometers, there’s virtually no speculative pressure. The housing stock is overwhelmingly single-detached homes on larger lots or acreages, making up almost 78% of the market. This isn’t where you’ll find cookie-cutter subdivisions or new condo towers. That low-density character means we’re underwriting tangible assets with proven, sustained demand. The proximity to Victoria’s economic hub provides a permanent backstop for property values, giving us confidence in our exit strategy should we ever need it.

Don’t mistake rural for unsophisticated. The local economy is solid. While farming is the cultural backbone, the data shows a diversified employment base in construction, public administration, and healthcare. With a median household income of $104,000 and over 64% of the population holding a post-secondary education, there’s real financial stability here. It’s not a boom-and-bust town tied to a single resource sector. This economic resilience directly supports property values and a borrower’s ability to pay.

The deals we see from Metchosin reflect its demographic. The median age is high at 50.8, and seniors make up over a quarter of the population. It’s not a market for first-time homebuyers looking for a starter home. Instead, think bridge financing for a couple downsizing from a large farm, an equity take-out to build a workshop on an existing acreage, or a purchase for an established family cashing out of a more hectic urban market. The buyers are here for a specific, enduring lifestyle, not a quick flip.

Metchosin is a straightforward, low-volatility market. The fundamentals are strong, the demand is lifestyle-driven, and the barriers to oversupply are baked into the community plan. It’s a textbook example of a stable market where we are comfortable placing funds. For the right property and borrower, Tekamar will finance deals in Metchosin up to 70.0% LTV.