Prince Rupert

So, let’s talk about Prince Rupert, British Columbia—a coastal gem that’s got a lot more going for it than just postcard-worthy views of the Pacific. Nestled at the edge of the Skeena River, this small city of about 12,300 people is a hub of grit and charm, with a port-driven economy and a lifestyle that draws folks who crave the raw beauty of the West Coast. For mortgage brokers and borrowers alike, Prince Rupert offers some unique opportunities—and yes, a few challenges—that make it worth a closer look.

What sets Prince Rupert apart from other BC communities? For starters, it’s the gateway to the North Coast, with a deep-water port that’s a linchpin for transportation and warehousing, making up nearly 23% of local jobs. This isn’t just trivia—it’s a key factor when assessing property values and economic stability here. That port means steady activity, even if global trade hiccups can send ripples through town. For brokers, this translates to a market with a solid backbone but some inherent risks to consider when structuring deals. And for borrowers, it means you’re in a place with a unique economic identity—something lenders like us at Tekamar Mortgage Fund pay attention to when evaluating equity and exit strategies.

Speaking of lending, let’s get practical. At Tekamar, we’re not like most MICs who stick to the Vancouver bubble or Fraser Valley comfort zone. Our tagline, “We’ll lend where other MICs won’t,” isn’t just a catchy phrase—it’s our mission. Prince Rupert fits right into our sweet spot as a smaller community with potential. Our maximum loan-to-value (LTV) here is 60%, which reflects our cautious but open approach. We’re looking at how fast we could recover funds if things go sideways—think foreclosure timelines or property sale delays in a remote market like this. For brokers, that means we’re game to consider your deals, especially equity-based lending or non-income-qualifying files, as long as there’s a clear exit plan. Borrowers, if you’ve got equity in your property but don’t quite check the boxes for traditional lenders, we’re here to talk.

Now, let’s zoom in on the local scene. Prince Rupert’s housing market leans heavily on single-detached homes—over 56% of dwellings—which tells you this is a place for families and folks who value space over urban density. That’s a plus for marketability, especially with retirees drawn to the stunning coastal scenery and laid-back vibe. Ever been to the Sunken Gardens near the courthouse? It’s a hidden little spot that captures the town’s quiet charm. But here’s the flip side: the remote location can slow down property sales, and with unemployment at 9.5%, economic fragility is real. As a broker, you’ll want to factor this into risk assessments. Borrowers, it’s a reminder to lean on lenders like us who understand these nuances and focus on equity over income alone.

Why else should Prince Rupert be on your radar? The climate’s a subtle win. With a warming trend over the decades, it’s now in Plant Hardiness Zone 8a, meaning an extended growing season that adds to the lifestyle appeal. Whether you’re a broker pitching a deal or a borrower dreaming of a seaside escape, that’s a selling point. At Tekamar, we see the bigger picture—Prince Rupert’s not just another small town; it’s a place with character and potential. Got a deal in mind? Let’s chat and see if we can make it work.