Port Hardy, Vancouver Island
Port Hardy is where Highway 19 ends, and for many, that’s the point. This isn’t a resort town; it’s a working coastal community at the northern tip of Vancouver Island and the main ferry terminal for the Central Coast and Prince Rupert. You can’t evaluate deals in Port Hardy without understanding the active influence of the Kwakiutl, Gwa’sala-’Nakwaxda’xw, and other First Nations. Their heritage is a core part of the town’s governance, economy, and identity.
When we look at a deal here, we see a town built on fishing and port services, with a growing tourism sector led by First Nations. The economy is functional, but it isn’t booming. Median household income is $69,000, and the 10.3% unemployment rate is a significant risk factor, especially when paired with a high reliance on government transfers. The biggest employers are in healthcare and retail, but resource industries like forestry and fishing remain important. This is a concentrated economy, and any lender here has to remember the long shadow cast by the closure of the Island Copper Mine.
The real estate market reflects this reality. The town’s population is 3,902, a drop of over 5% since 2016, and the housing stock is built for year-round residents, not speculators. Single-detached houses make up over 56% of the dwellings, with apartments representing only 17% of the market. This isn’t a market driven by Lower Mainland equity or a seasonal vacation rush. The appeal is for a specific buyer: someone who wants outdoor access and a small-town lifestyle. This is reflected in a median age of 42.8 and a senior population of nearly 20%. While this creates a stable base of retirees and adventure seekers, it also means a shallow buyer pool. If we have to take a property back, we’re not selling into a liquid market with competing offers. We’re selling to a limited audience that wants to be in Port Hardy, and that can take time.
Our risk assessment must be conservative. We are active in Port Hardy and comfortable with the right deals, but our lending is disciplined by the town’s economic fragility and geographic isolation. Protecting our investors’ capital means stress-testing every file against a potential foreclosure and a prolonged sales timeline. This risk of a slow disposition is why our maximum loan-to-value in Port Hardy is 60.0%. This buffer is necessary to absorb the carrying costs and potential price reductions required for a sale in a thin market. We’re open for business here on the right deals, but our exposure will always be disciplined by the facts on the ground.
the Nearest Tim Hortons
the Nearest Costco
Our Mortgage Products Available in Port Hardy
| Mortgage Product Name | Max LTV | Key Notes for Port Hardy |
|---|---|---|
| Credit Repair and Debt Consolidation | 60.0% | Standard product terms |
| Variable Income | 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 |
Detailed Mortgage Product Information
Credit Repair and Debt Consolidation
Maximum Loan-to-Value (LTV) for Credit Repair and Debt Consolidation in Port Hardy:
60.0 %
“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 Port Hardy:
60.0 %
“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...
Bridge Financing/Fully Open Term
Maximum Loan-to-Value (LTV) for Bridge Financing/Fully Open Term in Port Hardy:
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...
Equity Lending
Maximum Loan-to-Value (LTV) for Equity Lending in Port Hardy:
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...
Purchases
Maximum Loan-to-Value (LTV) for Purchases in Port Hardy:
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...