Queen Charlotte

Lending in Daajing Giids (Queen Charlotte)

Let’s be clear: lending on Haida Gwaii is a different world. This isn’t the mainland. The main service hub for the islands is Daajing Giids, which you might know by its former name, Queen Charlotte. The town officially reverted to its ancestral Haida name in 2022. Its economy has shifted over the years. Logging and fishing are still around, but the real drivers now are stable employers like government services, healthcare, and a growing ecotourism scene. This stability is a key part of its appeal, attracting retirees and lifestyle buyers who want out of the rat race. The climate helps, too; it’s a warm plant hardiness zone 8a, meaning a long growing season that adds to the self-sufficient vibe. This isn’t some boomtown; it’s a community for people who have deliberately chosen to be there.

The stats back this up. The population is small at just 964 residents, but it’s growing steadily. The 3.7% unemployment rate is great on paper, and the top industries—healthcare, retail, and education—are the stable pillars you’d expect. Demographically, it skews a bit older, with a median age of 44.8 and over 22% of the population aged 65 or older, which fits the retiree-and-lifestyle-buyer profile. That stability is an asset, but our job is to look at what happens when things go wrong. A small, isolated economy means any local downturn hits harder. There just aren’t many other jobs for a borrower to pivot to if they get into trouble.

From a risk perspective, remoteness is the number one factor. Getting there means a flight or a long ferry ride from Prince Rupert. That simple fact completely changes the foreclosure process. Everything takes longer and costs more. Your potential buyer pool shrinks to a very specific group of people actively looking for the Haida Gwaii life. The housing market itself is simple and predictable. It’s dominated by single-detached homes, which make up over 76% of the stock. You won’t find many apartments or much new development here. This lack of velocity means there are no signs of a speculative bubble, but it also means resale can be slow. People buy here for the lifestyle—world-class fishing and hiking, the rich Haida culture—not for a quick flip or rapid appreciation.

This is not a market for pushing leverage. We see Daajing Giids as a solid place to lend, but only to well-qualified borrowers who already have significant equity and stable local employment. A strong connection to the community is non-negotiable. The deal has to stand on its own two feet, with a borrower who is financially grounded in the Haida Gwaii economy, not dependent on outside income. The logistics and small-market dynamics mean we have to be extremely conservative with our exposure. For any deal in Daajing Giids, our maximum loan-to-value is 55.0%. This isn’t an arbitrary number; it’s a direct reflection of the unique risks and realities of lending in one of BC’s most distinct and remote communities.