Nanaimo
Lending guidelines for Nanaimo, British Columbia
Last reviewed by Tekamar Mortgage Fund on
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Nanaimo is a rock-solid regional hub on Vancouver Island with a growing population and a diversified economy that isn't reliant on a single industry. Because it's a stable, working city with steady housing demand, Tekamar actively lends here up to 70.0% LTV. It's a low-risk, highly predictable market for single-family deals.
Island deals outside of Victoria usually run through Nanaimo. With a population of 99,863 and 10.3% growth since 2016, this is the commercial engine for everything north of the Malahat. It is a blue-collar, working port city with two ferry terminals, a major deep-sea port, and an economy built on moving people, goods, and services. It is a highly stable, liquid market where real estate values hold up under pressure.
The local job base does not rely on fickle tourist seasons. Health care and social assistance is the largest sector, employing 16.1% of the workforce, anchored by the regional hospital. Vancouver Island University brings in a steady stream of public funding, faculty, and students, while the retail sector accounts for 14.0% of local employment. This diversified base means the local economy remains active year-round, insulating property values from seasonal downturns.
Demographics support long-term real estate stability. The median age is 45, and the working-age population makes up 61% of the community. People are moving here from the Lower Mainland to escape runaway prices, retirees want the mild coastal climate, and local workers appreciate short commutes, with 45.9% of residents traveling under 15 minutes to work. Single-detached homes make up 51.5% of the housing stock, but the city is actively encouraging higher-density infill, duplexes, and townhomes to support the growing population.
At Tekamar, we rate Nanaimo a 10 out of 10 for community desirability and a 7 out of 10 for economic strength. Our underwriting always focuses on the exit strategy. If a deal goes sideways, we need to know we can liquidate the asset quickly. Nanaimo’s consistent demand and deep buyer pool provide that security. That liquidity is why we comfortably lend up to our maximum 70% LTV in this market.
Whether your client needs a second mortgage, a rapid debt consolidation, or a clean bridge loan while waiting for a mainland property to close, Nanaimo is an ideal lending environment. We avoid speculative markets prone to boom-and-bust cycles. Instead, we target resilient hubs where steady demand protects investor capital. Nanaimo fits that profile perfectly, and we are ready to look at sensible deals across the city.
Frequently Asked Questions
We lend up to 70.0% LTV because Nanaimo is a mature, low-risk market with consistent population growth and highly predictable property values.
It's a diversified economy driven by stable healthcare and retail sectors, meaning borrowers aren't tied to resource-town boom-and-bust cycles. Just keep an eye on the 8.4% unemployment rate when verifying income.
We look for simple, straightforward collateral, so highly speculative projects or unique builds that stray from Nanaimo's dominant single-detached housing stock are going to be a tough sell.
Our Mortgage Products Available in Nanaimo
| Mortgage Product Name | Max LTV | Key Notes for Nanaimo |
|---|---|---|
| Construction Mortgages | 62.0% | Standard product terms |
| Credit Repair and Debt Consolidation | 70.0% | Standard product terms |
| Variable Income | 70.0% | Standard product terms |
| Bare Land and Unique Properties | 65.0% | Standard product terms |
| Bridge Financing | 70.0% | Standard product terms |
| Equity Lending / Refinance | 70.0% | Standard product terms |
| Purchases | 70.0% | Standard product terms |
Detailed Mortgage Product Information
Construction Mortgages
Maximum Loan-to-Value (LTV) for Construction Mortgages in Nanaimo:
62.0 %
“Wait, you’re a MIC that actually does construction?”
Here’s something that makes brokers do a double-take. Yes, we do construction mortgages. No, that’s not a typo.
But before you start sending us your client with the 580 credit score who wants to build their dream home, let’s be clear: these aren’t your typical MIC deals. We only do construction for bankable clients. People the banks would ...
Credit Repair and Debt Consolidation
Maximum Loan-to-Value (LTV) for Credit Repair and Debt Consolidation in Nanaimo:
70.0 %
“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 Nanaimo:
70.0 %
“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 Nanaimo:
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
Maximum Loan-to-Value (LTV) for Bridge Financing in Nanaimo:
70.0 %
“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 / Refinance
Maximum Loan-to-Value (LTV) for Equity Lending / Refinance in Nanaimo:
70.0 %
“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 Nanaimo:
70.0 %
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...