Sicamous

Anyone who’s driven the Trans-Canada through the Shuswap knows Sicamous as the “Houseboat Capital of Canada”. That identity isn’t just for tourists; it’s the engine of the local economy and shapes the entire real estate market. The town is physically and culturally wedged between Shuswap and Mara Lakes, a geography that defines it. For a small community of just over 2,600 people, this location gives it an outsized reputation as a four-season playground.

The lifestyle is the primary driver of property value. This is a resort town, plain and simple. Demand comes from vacation home buyers, retirees cashing out of more expensive markets, and locals working in the tourism and construction sectors. During the summer, the population swells and the place is buzzing. In the winter, a different crowd arrives for the snowmobiling. This seasonal rhythm creates consistent demand for housing. The stock is dominated by single-detached homes, which make up over 63% of all dwellings, but movable dwellings also account for a significant 10% slice of the market. That desirability puts a solid floor under property values.

However, we look past the lifestyle appeal to the underlying economic fundamentals. The data shows what locals already know: this is not a high-income, diversified economy. The median household income is $65,000, and the unemployment rate sits at a concerning 11.4%. The demographics tell a similar story. With a median age of 57.6, and nearly a third of residents aged 65 or older, the workforce is smaller and older than in a more typical urban center. This profile fits the resort town model, but it also points to a less dynamic labor pool. The economy’s reliance on seasonal tourism and construction means that in a downturn, the recovery horizon is longer than in a larger market like Salmon Arm or Vernon.

From a lender’s perspective, that extended timeline is a critical risk factor. When we model a foreclosure, we have to account for higher carrying costs and a potentially slow sales process during an off-season or an economic slump. A property listed in October might not get serious traction with buyers until May. That’s a reality of a resort-based market, and for that reason, our exposure in Sicamous is managed carefully.

We are comfortable lending here and see good opportunities, particularly for borrowers with strong equity and clear exit strategies. But our risk tolerance has to reflect the local economy. We’ll lend up to a maximum LTV of 65.0% in Sicamous. This isn’t a market for high-ratio deals; it’s a place for well-capitalized buyers or owners looking to leverage existing equity. Files for second homes, bridge financing, and debt consolidation for established property owners are the ones that make the most sense here.