Nakusp is the classic Kootenay lifestyle town. Situated on the shore of Upper Arrow Lake, it’s a remote community that draws people looking for peace and natural beauty, not a career move. The village has an old-world charm, and the population, while small, is stable. There’s no resort pretension here. In fact, residents famously rejected adding “Hot Springs” to the town’s name, which tells you everything about their priority: keeping the town’s identity over chasing a marketing angle.
For us, Nakusp is a mixed bag. The lifestyle appeal is real. Access to the lake, mountains, and hot springs puts a solid floor under property values. If we ever have to foreclose, we know there’s a dedicated market of buyers—usually retirees or people wanting a slower pace—who are looking for exactly what this town offers. A property here isn’t going to sit on the market for years with zero interest.
But the town’s economics demand caution. The economy is propped up by just two sectors, forestry and healthcare, and the numbers are worrying. An unemployment rate over 15% and a median household income of only $64,500 means there’s not much of a cushion for residents to handle a downturn. There’s no big employer, no university, and no major government centre to act as a buffer. These are red flags we can’t ignore, signaling a much longer recovery time and the need for a steep discount if we’re forced to sell.
The housing market is what you’d expect given these facts. It’s dominated by single-detached homes in a town with almost no population growth. The demographics are also skewed older, with a median age over 53 and nearly a third of all residents being 65 or older. This isn’t a high-speed market; it’s predictable but slow. An orderly sale is one thing, but a distressed sale in a remote town with weak local employment could easily take 8-12 months and require a deep price cut to attract a buyer from out of town.
This all brings us to our firm position on Nakusp. We see the appeal and we’re happy to lend here, but the economic weakness is undeniable. To protect our investors, we need a significant equity cushion against the risk of a slow, heavily discounted sale in a downturn. For any deal in Nakusp, our maximum loan-to-value is 55.0%.
the Nearest Tim Hortons
the Nearest Costco
Our Mortgage Products Available in Nakusp
| Mortgage Product Name | Max LTV | Key Notes for Nakusp |
|---|---|---|
| Credit Repair and Debt Consolidation | 55.0% | Standard product terms |
| Variable Income | 55.0% | Standard product terms |
| Bare Land and Unique Properties | 55.0% | Standard product terms |
| Bridge Financing/Fully Open Term | 55.0% | Standard product terms |
| Equity Lending | 55.0% | Standard product terms |
| Purchases | 55.0% | Standard product terms |
Detailed Mortgage Product Information
Credit Repair and Debt Consolidation
Maximum Loan-to-Value (LTV) for Credit Repair and Debt Consolidation in Nakusp:
55.0 %
“Their credit report reads like a horror novel, but the house was just renovated and is worth a lot…”
Here’s what happens when life takes a wrong turn. A bad business venture. Workplace Injury. That divorce that dragged on for two years. Suddenly your credit score looks like a batting average and the banks won’t even return your calls.
But here’s the thing – none of that changes what your ho...
Variable Income
Maximum Loan-to-Value (LTV) for Variable Income in Nakusp:
55.0 %
“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 Nakusp:
55.0 %
“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 Nakusp:
55.0 %
“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 Nakusp:
55.0 %
“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 Nakusp:
55.0 %
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...