Lending in Prince Rupert
Let’s be clear: Prince Rupert is a port city, not a postcard. Its identity comes from its deep, ice-free harbour and the generations of people who have worked it. This isn’t a resort town seeing a boom from southern capital; it’s a working community in Northern BC with a very specific economic engine. Our lending approach has to be grounded in that reality.
The local economy is completely tied to the Port of Prince Rupert. Transportation and warehousing employ 22.9% of the workforce, meaning nearly a quarter of the city’s paycheques depend on pan-Pacific shipping. That concentration creates stability when trade is good, but it’s also the market’s biggest vulnerability. A slowdown in global trade or a shift in shipping routes isn’t an abstract risk here—it directly threatens a huge slice of the local economy. We see the 9.5% unemployment rate not as a statistic, but as a clear indicator of this fragility. In a market this specialized, with little economic diversification, we have to price in the risk of a single-industry downturn.
The housing market reflects this local focus. The population has been flat, growing only 0.7% since 2016. This isn’t a high-growth area. It’s a stable community of people with roots and jobs here. The housing stock is built for them, with single-detached houses making up over half the market, which makes sense for a town where two-thirds of the population is working-age. We don’t see the speculative pressures or seasonal demand that drives markets in the Okanagan or on Vancouver Island. While that consistency is a plus, the remote location and smaller buyer pool are risks we can’t ignore. If a property goes into foreclosure, finding a new buyer takes longer. The process is more deliberate than in Vernon or Nanaimo, where the market is deeper and more liquid.
Our lending strategy is designed to manage that specific risk profile. We are active in the market, but our approach is disciplined. This is a solid community for well-underwritten deals with borrowers who have stable, local employment. It is not the place for high-leverage investment properties or speculative builds. Our analysis assumes a longer hold time and a slower sales process in a default scenario. That’s why our maximum loan-to-value in Prince Rupert is 60.0%. This limit protects our investors’ capital while allowing us to provide financing for brokers serving this northern community.
the Nearest Costco
Our Mortgage Products Available in Prince Rupert
| Mortgage Product Name | Max LTV | Key Notes for Prince Rupert |
|---|---|---|
| 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
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...