Sooke

Sooke isn’t just a suburb of Victoria. Anyone who’s spent time there knows it has a fiercely independent identity, born from its history as a more rugged, working-class town on the edge of the wilderness. It’s a place with a strong sense of self, something you see in the V0S 1N0 bumper stickers or the local pride in the old 642 telephone prefix. It’s a community that, out of necessity, learned to be resilient and take care of its own.

From a lending perspective, this unique character presents a specific risk profile. The population has exploded, growing 16% since 2016, and it remains an attractive spot for a certain kind of buyer. The lifestyle is the main draw—the rugged coastline, the Juan de Fuca trail, and a general escape from the city. This makes it a prime landing spot for equity-rich retirees cashing out of more expensive markets, a fact reflected in the demographics: over 20% of the population is over 65. With a housing stock that’s over 62% single-detached homes, Sooke has the inventory this demographic is looking for. This influx of outside capital is a positive for resale liquidity, and properties don’t tend to sit vacant for long. The long history of the T’Sou-ke Nation and an active arts scene also contribute to the town’s stability.

However, the economic fundamentals demand a clear-eyed approach. Sooke lacks a major economic anchor. There’s no university, military base, or single powerhouse industry driving high-wage employment. The top sectors are construction, public administration, and retail. While this creates some diversity, the median household income of $90,000 tells the story of modest local purchasing power. The unemployment rate sits at a reasonable 6.7%, but this doesn’t change the core reality. In a market downturn, the pool of local buyers with the capacity to purchase at peak prices is much thinner here than in a major employment hub.

We see Sooke as a solid, predictable community for equity-based lending, but it’s absolutely not a market for high-leverage bets. The entire risk assessment comes down to a simple conflict: strong lifestyle appeal that pulls in outside money versus a modest local economy that can’t sustain high valuations on its own. This dynamic informs our conservative stance. We’re comfortable lending here, but our priority is always capital preservation. That’s why our maximum loan-to-value in Sooke is a firm 50.0%. This position provides a sufficient buffer against the local economic realities and protects our investors’ principal in a worst-case recovery scenario. It’s a straightforward assessment of a town we know well: a great place to live, and a market that demands a prudent, safety-first lending strategy.