Lending in North Cowichan
North Cowichan is a core market for us on Vancouver Island. It’s exactly the kind of community we’re built for: stable, desirable for a specific demographic, and often overlooked by the big banks focused on major urban centres. We’re comfortable here and actively looking for deals.
What we like is the area’s straightforward appeal, especially for retirees. The mild climate and outdoor lifestyle draw in people with significant equity from more expensive markets. The data backs this up. The median age is 51.2, and nearly a third of the population is over 65. We see a steady stream of buyers cashing out of the Lower Mainland or Greater Victoria, and that creates a reliable floor for property values that isn’t tied to the local job market.
The housing stock is a perfect fit for our equity-based model. Single-detached homes make up over 62% of the dwellings, which is exactly what this incoming demographic is looking for. These properties hold their value well, and we see consistent demand that insulates the market from the boom-and-bust cycles you get in single-industry towns. While there is some housing diversity with apartments and row houses, the market is fundamentally driven by standard single-family residences.
The local economy is practical and diversified, built on essentials like healthcare, retail, and construction. These sectors provide a steady employment base, especially given the aging population. That said, we’re realistic about the numbers. The median household income is $78,500, which doesn’t go as far as it used to. This means local purchasing power can get stretched thin, presenting a risk for lenders who rely heavily on income qualification. It’s a key factor in our underwriting; we’re looking for deals where the exit strategy isn’t solely dependent on a local buyer with a maxed-out mortgage.
When you put it all together—the lifestyle appeal, the steady but modest local economy, and the retiree-driven demand—we’re confident in the North Cowichan market. The 7.7% population growth since 2016 confirms that people are actively choosing to move here. It’s a solid, predictable environment for equity lending where asset value is the key metric. Our approach is balanced, reflecting both the market’s inherent stability and the reality of local income growth. For North Cowichan, our maximum LTV is 65.0%.
the Nearest Costco
Local Hospital
Our Mortgage Products Available in North Cowichan
| Mortgage Product Name | Max LTV | Key Notes for North Cowichan |
|---|---|---|
| Credit Repair and Debt Consolidation | 65.0% | Standard product terms |
| Variable Income | 65.0% | Standard product terms |
| Bare Land and Unique Properties | 65.0% | Standard product terms |
| Bridge Financing/Fully Open Term | 65.0% | Standard product terms |
| Equity Lending | 65.0% | Standard product terms |
| Purchases | 65.0% | Standard product terms |
Detailed Mortgage Product Information
Credit Repair and Debt Consolidation
Maximum Loan-to-Value (LTV) for Credit Repair and Debt Consolidation in North Cowichan:
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 North Cowichan:
65.0 %
“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 North Cowichan:
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 North Cowichan:
65.0 %
“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 North Cowichan:
65.0 %
“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 North Cowichan:
65.0 %
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...