Nanaimo breaks the mold for Vancouver Island cities. While most coastal communities lean heavily on tourism or resource extraction, this harbor city of nearly 100,000 has quietly built something more resilient. Healthcare employs 16% of the workforce, retail another 14%, and the construction sector stays busy enough to rank third among local industries.
The numbers tell a story of steady growth without the volatility that plagues resource towns. Population jumped 10.3% since 2016, unemployment sits at a manageable 8.4%, and the median household income of $75,500 reflects a working-class city that’s not quite blue-collar anymore. Half the housing stock consists of single-detached homes, with a healthy mix of apartments and duplexes filling out the market.
What sets Nanaimo apart isn’t just the stunning harbor views or the fact it’s home to Western Canada’s largest wave pool. It’s the city’s position as Vancouver Island’s unofficial second capital—close enough to Victoria for government spillover, far enough from Vancouver to maintain reasonable housing costs, yet connected by multiple daily ferries to the mainland. This geographic sweet spot creates demand from retirees seeking island life without isolation, young families priced out of Victoria, and mainlanders wanting weekend retreats that could become permanent homes.
The climate keeps getting better too. Nanaimo’s plant hardiness zone improved from 8a to 9a over the past 30 years, meaning longer growing seasons and milder winters. For a city where 45% of residents commute less than 15 minutes to work, that extra outdoor time matters.
For mortgage brokers, Nanaimo represents the kind of stable market that makes lending decisions straightforward. Strong resale potential, diversified employment, and steady population growth create the foundation for secure deals. Tekamar offers our full range of products here with a maximum 70% LTV, recognizing that Nanaimo’s market depth and liquidity support higher ratios than smaller island communities.
Our Mortgage Products Available in Nanaimo
| Mortgage Product Name | Max LTV | Key Notes for Nanaimo |
|---|---|---|
| Construction Mortgages | 65.0% | Standard product terms |
| Credit Repair and Debt Consolidation | 65.0% | Standard product terms |
| Variable Income | 70.0% | Standard product terms |
| Bare Land and Unique Properties | 65.0% | Standard product terms |
| Bridge Financing/Fully Open Term | 70.0% | Standard product terms |
| Equity Lending | 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:
65.0 %
“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:
65.0 %
“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/Fully Open Term
Maximum Loan-to-Value (LTV) for Bridge Financing/Fully Open Term 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
Maximum Loan-to-Value (LTV) for Equity Lending 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...