Port Alberni

Port Alberni isn’t a town that puts on airs. It’s a working port city at the head of a long, deep inlet on Vancouver Island, shaped by the Somass River and its industrial roots in forestry and fishing. It doesn’t have the resort polish of Tofino, and that’s precisely the point. This is a practical, blue-collar community that serves as the service hub for the island’s west coast. Its history is right on the surface, from the Nuu-chah-nulth heritage that predates everything to the steam-powered McLean Mill that anchors its logging identity.

You can’t understand the real estate here without understanding its “twin city” layout. The 1967 amalgamation of Alberni and Port Alberni left a city with two distinct cores, North Port and South Port. North Port provides the main highway access and has seen more of the recent “up the hill” residential development. South Port is the maritime heart, home to Harbour Quay and the market. This isn’t a master-planned community; it’s a town that grew organically around its industries, constrained by the creeks and ravines that cut through the valley.

From a lending perspective, the numbers tell the real story. The economy is diversifying, with healthcare and retail now employing more people than manufacturing, but the legacy of a resource-dependent town persists. With a median household income of $62,800 and an unemployment rate of 9.9%, the economic fundamentals aren’t as robust as in the Okanagan or on the South Island. That fragility requires a pragmatic, cautious approach to underwriting. It’s the primary reason our maximum loan-to-value in Port Alberni is 60.0%. We’re looking for borrowers with significant equity and a clear exit strategy.

So why are we comfortable lending here? It comes down to solid collateral and real lifestyle appeal. The housing market is dominated by single-detached homes—over two-thirds of it, in fact. That’s good, straightforward security. And for all its industrial grit, the access to outdoor recreation is a huge draw. Being an hour from the west coast beaches and minutes from Sproat Lake brings in a steady stream of retirees and lifestyle buyers, which puts a stable floor under resale values.

We see Port Alberni as a stable, no-nonsense market. We’re not chasing high-ratio deals or speculating on rapid appreciation. We’re here to provide equity-based financing for borrowers who need a common-sense lender that understands the realities of a BC resource town. If your client has a good story and solid equity in a standard single-family home, we’re a good fit. We know this town, and we’re ready to look at deals that make sense within our framework.