Parksville

Parksville isn’t a place you land for a high-powered job. It’s a destination. For brokers looking at deals here, the key is to understand the town’s core identity: a retirement and lifestyle hub on Vancouver Island’s east coast. It’s a 30-minute drive to Nanaimo, which anchors it to essential services, but Parksville runs on its own clock. The town is known for its stunning beaches and a relaxed pace that has an almost magnetic pull for retirees and vacationers. This isn’t just a vibe; it’s a demographic reality. The median age is 62, and over 44% of the population is 65 or older. And they keep coming. The town has grown by nearly 10% since 2016, a clear sign of its enduring appeal.

This demographic isn’t a footnote; it’s the entire economic engine. Don’t look for a major industrial employer here—there isn’t one. The economy is a stable mix of services built to support its residents and the steady stream of tourists. The top sectors are exactly what you’d expect: healthcare, retail, construction, and accommodation, all catering to the needs of an affluent, aging population. While the median household income of $66,500 seems modest, that number is misleading. It completely misses the real story, which is about equity. Residents aren’t qualifying based on local wages; they are cashing out of places like Vancouver and bringing significant capital with them. This is an equity-driven town, not an income-driven one, and that distinction is critical for structuring any deal here. The low 39.3% employment rate isn’t a warning sign; it’s confirmation of the town’s post-career identity.

The real estate market reflects this perfectly. Single-family homes make up over 60% of the housing stock, with low-rise condos and row houses accounting for another 25% for those looking to downsize. Demand is constant, fueled by a reliable influx of buyers seeking coastal living. Property values here have a high floor, supported by the town’s reputation and attractions like the annual sand castle competition. Being a coastal community also creates natural constraints on new development, which limits supply and protects long-term values for existing properties.

From a lending perspective, Parksville is exactly what we like to see: a strong, predictable market. The lack of a single volatile industry is a massive plus, replacing boom-and-bust cycles with steady, demographically-driven demand. Resale is reliable because the buyer pool is national, not local. In a worst-case scenario, we aren’t selling a defaulted property to someone who just lost their job at the local mill. We’re selling it to a retiree from Alberta with cash in hand. The town’s high desirability means an asset isn’t likely to sit on the market for more than three months. That’s a solid exit strategy.

For these reasons, we’re very comfortable lending in Parksville. It’s a stable environment for equity-based mortgages where the borrower profile is strong and the underlying asset is secure. The exit is always clear. We consider it a prime market. Our maximum loan-to-value in Parksville is 70%.