Port Edward

Port Edward is a community defined by what it used to be. Situated just south of Prince Rupert at the mouth of the Skeena River, its identity is welded to the North Pacific Cannery. This isn’t just a local museum; it’s the oldest surviving salmon cannery in BC and the literal reason the town was built. Everything from the town’s layout to its self-reliant culture stems from its history as an isolated, single-industry outpost accessible only by rail or water. That DNA persists, even after the fishing industry’s regional decline.

The economic drivers have shifted, but the scale hasn’t. The cannery is now a National Historic Site, making heritage tourism a key pillar. The Port Edward Harbour Authority, which services over 2,000 vessels a year, is another. Beyond that, the economy is small and lacks diversity—public administration, accommodation, and retail make up the bulk of local employment for a population that hovers below 500. With a median household income of $97,000, it’s a working community, but one without significant growth on the horizon. The landscape itself, a narrow strip of land hemmed in by mountains and the Inverness Passage, puts a hard cap on any future expansion.

This is a place for a specific type of person. The lifestyle is remote, surrounded by a raw coastal environment complete with bears, eagles, and rich marine life. It appeals to those who value maritime history and natural isolation over convenience and amenities. The real estate market reflects this niche appeal. It’s almost entirely single-detached homes, and turnover is low. The buyer pool is thin, localized, and not particularly deep. It’s not a place where you can expect a quick sale.

From a lending standpoint, Port Edward is a calculated risk. We see the unique appeal, but we can’t ignore the market realities. If we have to foreclose, selling a property here would take longer than usual. The small buyer pool and lack of recent, comparable sales mean a property could sit on the market for a long time, racking up interest and other costs. We have to underwrite for that worst-case scenario. Our entire model is built on protecting our investors’ principal, which means being disciplined in markets with low liquidity.

Given these factors—the specialized economy, limited growth prospects, and thin buyer pool—our exposure here must be conservative. We’re open for business in Port Edward, but the deals need to be structured with substantial equity. Our maximum loan-to-value is 50.0%. It’s a number that directly reflects the significant time and risk involved in recovering capital in a remote, specialized market like this.