New Hazelton

New Hazelton is one of those places that defines northwest BC. It’s part of the “Three Hazeltons” at the confluence of the Skeena and Bulkley Rivers, an area with a history that runs deeper than just about anywhere else in the province. This isn’t a resort town or a bedroom community; it’s a place built on an 8,000-year-old Gitxsan and Wet’suwet’en foundation, layered with 19th-century pioneer grit. The landscape is dominated by totem poles and the ‘Ksan Historical Village, which isn’t just a tourist stop—it’s the living cultural and economic heart of the community.

The lifestyle here is for people who genuinely want to be remote. It’s quiet, immersed in the wilderness of the river valley, and a long way from the frantic pace of larger centers. The local economy reflects this reality. While there’s a stable base of public sector jobs in education and healthcare, and some cultural tourism from ‘Ksan, there’s also significant exposure to volatile resource industries like mining. The numbers demand a sober look. The population is only about 600 people, and with an unemployment rate topping 15.3%, the pool of local buyers is shallow. Add in a heavy reliance on government transfers, and the picture of economic fragility becomes clear. This isn’t a market driven by job growth or a retiree boom; it’s sustained by people with deep local roots.

This has direct implications for the real estate market. The housing stock is almost entirely single-detached homes—over 74% of all dwellings—on a stable but slow-moving market. There are virtually no new apartment buildings or duplexes, so there’s little development pressure pushing up values. That also means there’s no speculative cushion. A property listed for sale will find a buyer, but the timeline is completely unpredictable. This isn’t Kelowna or Victoria where you can count on multiple offers in a week. Resale could take months, even a year or more, depending on the specific property and the broader economic climate. The median age is a relatively young 41.2, but the lack of amenities and jobs means it doesn’t attract the wave of retirees that drives markets elsewhere in BC.

That’s why our lending approach in New Hazelton is conservative. We see opportunity here for the right borrower, but the risks tied to market liquidity and economic fragility can’t be ignored. Foreclosure and resale costs in a remote community add up quickly. To mitigate that risk and protect our investors, we require a significant equity buffer from the borrower. For any deal in New Hazelton, our maximum loan-to-value is 50%. This isn’t an arbitrary line; it’s a calculated position based on the time and costs required to recover our capital in a worst-case scenario. If you have a client with substantial equity who understands the unique character of the Hazeltons, we’re ready to look at the file.