North Cowichan
Lending guidelines for North Cowichan, British Columbia
Last reviewed by Tekamar Mortgage Fund on
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North Cowichan is a super stable Vancouver Island retirement market where we readily lend up to 65.0% LTV. It's a solid regional hub driven by retirees cashing out of the Lower Mainland, keeping property values steady. Since local incomes are tight, we look past local paycheques and focus on the strong equity play.
Inside North Cowichan
If you look at a map of Vancouver Island, North Cowichan completely wraps around the smaller municipality of Duncan. It is not a single town, but a massive 195-square-kilometer district spanning distinct neighborhoods like Chemainus, Crofton, and Maple Bay. Nearly 32,000 people live here, representing a 7.7% population growth since 2016. Located right in the middle of the island’s southern half, it sits an hour north of Victoria and 40 minutes south of Nanaimo, making it a highly accessible and practical hub for island residents.
The Market Landscape
The buyer pool here is dominated by retirees, local families looking to size up, and remote workers bringing equity out of the Lower Mainland. The median age is 51, and seniors account for 28% of the population. Buyers are drawn to the mild climate of the Cowichan Valley—often called the “warm lands”—and the lifestyle advantages of having oceanfront access and trail networks right in their backyard.
Single-detached homes make up 62.5% of the local housing stock. The remaining market consists of low-rise apartments, row houses, duplexes, and quiet rural acreages. Because the municipality owns a massive forest reserve and much of the flat land is protected by the Agricultural Land Reserve, suburban sprawl is heavily restricted. This tight land supply keeps residential property values highly resilient, making it a very stable market for alternative mortgage underwriting.
Economy and Jobs
The local economy is practical and diversified. While forestry and the Crofton paper mill remain historic economic pillars, healthcare, retail, and construction employ the bulk of the workforce today. Commute times average a quick 22.5 minutes, with many residents choosing to live on quieter acreage outside the municipal core while driving into Duncan or Nanaimo for work.
Where We Lend
As a MIC focused strictly on BC real estate outside the Lower Mainland, North Cowichan fits our lending guidelines perfectly. It has steady employment, consistent demand, and a highly active real estate market. Our maximum loan-to-value (LTV) in this community is 65.0%.
Because the area attracts equity-rich older buyers and self-employed business owners, we see plenty of strong deals that struggle to meet traditional bank guidelines. We regularly fund bridge loans for buyers who need to secure their next home before their current property sells, as well as second mortgages for debt consolidation on acreages in Maple Bay. We underwrite the real estate first. We look closely at the exit strategy and asset quality, and in a market this desirable, properties sell quickly if we ever have to step in.
Send us your next North Cowichan file, outline the exit, and we will give you a straight answer without the institutional runaround.
the Nearest Costco
Local Hospital
Frequently Asked Questions
Our max LTV is capped at 65.0% to balance the market's highly stable, retiree-driven property values against its modest local household incomes.
The economy is stable but local incomes are modest at $78,500, meaning local purchasing power is stretched. Because of this, we underwrite based on equity and look for deals that don't rely on local income qualification.
A deal will fall through if your exit strategy is entirely dependent on a local buyer qualifying for a maxed-out mortgage. We need to see a solid equity-based exit plan that doesn't rely heavily on local income limits.
Our Mortgage Products Available in North Cowichan
| Mortgage Product Name | Max LTV | Key Notes for North Cowichan |
|---|---|---|
| Construction Mortgages | 57.0% | Standard product terms |
| 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 | 65.0% | Standard product terms |
| Equity Lending / Refinance | 65.0% | Standard product terms |
| Purchases | 65.0% | Standard product terms |
Detailed Mortgage Product Information
Construction Mortgages
Maximum Loan-to-Value (LTV) for Construction Mortgages in North Cowichan:
57.0 %
“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 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
Maximum Loan-to-Value (LTV) for Bridge Financing 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 / Refinance
Maximum Loan-to-Value (LTV) for Equity Lending / Refinance 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...