Prince Rupert sits where the Skeena River meets the Pacific, serving as Canada’s closest mainland port to Asia. This strategic position has made it a transportation hub for over a century, with the Port of Prince Rupert handling everything from grain to containers bound for global markets.
The city’s economy revolves around its deep-water harbor, which doesn’t freeze and offers three days shorter shipping times to Asia compared to Vancouver. Transportation and warehousing employ nearly a quarter of the workforce, creating steady demand for housing among port workers, railway employees, and logistics professionals. While the unemployment rate runs higher than provincial averages, those who are employed often earn solid wages in these industrial sectors.
Prince Rupert receives about 240 centimeters of rain annually — making it one of Canada’s wettest cities. This creates a unique rainforest ecosystem right in town, with massive Sitka spruces and western red cedars growing within city limits. The climate also means year-round green landscapes and surprisingly mild winters for this northern latitude.
The housing market reflects the city’s working-class character, with over half the homes being single-detached houses. Many properties offer waterfront or near-waterfront locations at prices that would be unthinkable in Vancouver. The combination of industrial employment and scenic beauty attracts buyers looking for affordable coastal living.
Cultural attractions include the Museum of Northern British Columbia and a thriving First Nations art scene, with local Tsimshian artists creating internationally recognized works. The city serves as a gateway to Alaska, with ferry connections bringing tourists through regularly.
For mortgage professionals, Prince Rupert represents opportunities in a stable, resource-based economy where property values remain accessible. Our maximum loan-to-value ratio of 60% reflects the community’s remote location while recognizing its economic fundamentals and unique coastal appeal.
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Our Mortgage Products Available in Prince Rupert
| Mortgage Product Name | Max LTV | Key Notes for Prince Rupert |
|---|---|---|
| Construction Mortgages | 60.0% | Standard product terms |
| Credit Repair and Debt Consolidation | 60.0% | Standard product terms |
| Variable Income | 60.0% | Standard product terms |
| Bare Land and Unique Properties | 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
Construction Mortgages
Maximum Loan-to-Value (LTV) for Construction Mortgages in Prince Rupert:
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 ...
Credit Repair and Debt Consolidation
Maximum Loan-to-Value (LTV) for Credit Repair and Debt Consolidation in Prince Rupert:
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 Prince Rupert:
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...
Bare Land and Unique Properties
Maximum Loan-to-Value (LTV) for Bare Land and Unique Properties in Prince Rupert:
60.0 %
“The appraisal came back as ‘property type: other’…”
Here’s a truth about real estate that nobody wants to admit: not everything fits in a box. Banks have boxes. Nice, tidy boxes labeled “single family home” and “condo” and “townhouse.” Their computer systems literally don’t have a dropdown menu option for “converted church with commercial kitchen” or “geodesic dome on 40 acres.”
We’ve funded...
Bridge Financing/Fully Open Term
Maximum Loan-to-Value (LTV) for Bridge Financing/Fully Open Term in Prince Rupert:
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 Prince Rupert:
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 Prince Rupert:
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...