Richmond

So, let’s talk about Richmond, British Columbia—a city that’s got a lot going for it, even if it’s not exactly where you’d picture a quaint, small-town vibe. Nestled right next to Vancouver, Richmond is a bustling urban-suburban hub with a unique cultural flair and a housing market that’s always got something to say. But here’s the thing: while it’s a fascinating place to live or invest, it’s not in Tekamar Mortgage Fund’s lending sweet spot. Stick with me, though—I’ll break down what makes Richmond stand out for mortgage brokers and borrowers alike, and why we’re looking elsewhere for our deals.

First off, Richmond is a cultural powerhouse. With a huge Asian influence—think vibrant night markets like the one on River Road during summer—you’ve got a community that’s alive with diversity. It’s not just food stalls and lanterns; it’s a draw for families and investors who want a slice of something different so close to Vancouver. For borrowers, this means properties here often hold strong appeal, especially if you’re eyeing a home near these cultural hotspots. And brokers? You’ve likely got clients who see Richmond as a solid bet for long-term value, given its proximity to YVR airport and easy access to the big city.

Housing here is another story worth unpacking. You’ve got a mix of everything—single-detached homes make up about a third of the market, but there’s also a hefty chunk of low-rise apartments and row houses. It’s a setup that screams “options,” whether you’re a first-time buyer or someone flipping a condo. But here’s a heads-up for brokers: with a median household income around $79,000 and an unemployment rate hovering at 10.8%, qualifying clients for traditional mortgages can be a hurdle. That’s where alternative lenders often step in—though, spoiler alert, Tekamar isn’t one of them in this neck of the woods. For borrowers, it’s a reminder to dig into your financials before diving into Richmond’s competitive market.

Now, let’s get real about the climate—because, yes, it matters for real estate. Richmond’s in a sweet spot with a warm, extended growing season (hardiness zone 9a, if you’re curious). That’s not just trivia; it’s a selling point for properties with gardens or outdoor appeal, especially for lifestyle buyers. I’ve seen deals where a well-kept yard near somewhere like Steveston Village tipped the scales for a buyer. Borrowers, if you’re house-hunting here, play up those outdoor spaces. Brokers, note that detail when pitching to lenders—it can make a difference in perceived value.

So why isn’t Tekamar lending in Richmond? Simple: it’s not our turf. Our tagline, “We’ll lend where other MICs won’t,” means we focus on smaller BC towns or larger centers like Kelowna and Vernon—places outside Metro Vancouver where we can keep loan-to-value ratios low (max 70% in select spots, often targeting 60%). Richmond, with its urban energy and Vancouver adjacency, just doesn’t fit our niche. We’re all about safe exits and low-risk equity lending, often for folks who don’t qualify under strict bank rules but have a clear refinance path. For brokers, that means sending us deals from quieter corners of BC. And borrowers? If you’re outside the Greater Vancouver Area, give us a shout—we might be your ticket.

Richmond’s got charm and opportunity, no doubt. But for Tekamar, we’re sticking to the roads less traveled. Got a deal in a smaller BC community? Let’s talk.