Port Alice sits at the end of the road on northern Vancouver Island, where Neroutsos Inlet meets Quatsino Sound. This former company town built around pulp and paper operations has transformed into something unexpected—a retirement haven where the median age of 58.8 years tells the story of people who’ve discovered what happens when you trade city stress for waterfront serenity.
The numbers paint an interesting picture. With 739 residents spread across just 7 square kilometers, Port Alice maintains that small-town intimacy where everyone knows their neighbors. The housing market reflects this community’s character: 53% single-detached homes dominate, but nearly 29% row houses suggest a practical approach to coastal living that maximizes both affordability and the stunning water views.
Manufacturing still employs 16.4% of the workforce, a reminder of the town’s industrial roots, but the real draw here isn’t about making a living—it’s about making a life. The climate has warmed significantly over recent decades, now sitting in plant hardiness zone 8a, which means gardens thrive and outdoor activities extend well into what used to be shoulder seasons.
Here’s what makes Port Alice different: it’s genuinely the end of the line. Highway 30 stops here, which means every resident chose this place deliberately. You don’t accidentally end up in Port Alice. The Quatsino Sound offers world-class fishing, kayaking, and wildlife viewing, while the surrounding forests provide hiking trails that see more deer than people.
The economics reflect a community in transition. A 14.5% unemployment rate and $59,200 median household income suggest this isn’t about career advancement—it’s about lifestyle choice. The 33.3% senior population has figured out that waterfront retirement doesn’t require a million-dollar price tag.
For mortgage brokers, Port Alice represents opportunities in a market where traditional lenders often hesitate. Our 60% maximum LTV reflects the reality of a specialized market where the right buyer will pay for the privilege of living where the road ends and the real world begins.
Mortgage Product Name | Max LTV | Key Notes for Port Alice |
---|---|---|
Construction Mortgages | 60.0% | Standard product terms |
Bridge Financing/Fully Open Term | 60.0% | Standard product terms |
Equity Lending | 60.0% | Standard product terms |
Purchases | 60.0% | Standard product terms |
Maximum Loan-to-Value (LTV) for Construction Mortgages in Port Alice:
60.0 %
“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 ...
Maximum Loan-to-Value (LTV) for Bridge Financing/Fully Open Term in Port Alice:
60.0 %
“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...
Maximum Loan-to-Value (LTV) for Equity Lending in Port Alice:
60.0 %
“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...
Maximum Loan-to-Value (LTV) for Purchases in Port Alice:
60.0 %
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...