Sooke sits at the edge of civilization where Vancouver Island meets the wild Pacific, and that positioning tells you everything about its mortgage market. While other coastal communities chase tourism dollars or industrial development, Sooke has quietly become the retirement destination for equity-rich buyers who want ocean views without the crowds.
The numbers paint a clear picture: 20.3% of residents are seniors, the median household income hits $90,000, and 62.3% live in single-detached homes. This isn’t a starter-home market—it’s where people land when they’ve built wealth elsewhere and want to cash out for coastal living. Construction leads the local economy at 13.5% of employment, which makes sense when you consider the steady stream of custom homes being built for retirees with deep pockets.
What makes Sooke special isn’t just the proximity to Juan de Fuca Provincial Park or the fact that it’s the westernmost town on the Trans-Canada Highway. It’s the climate zone 8b rating that lets residents grow Mediterranean plants year-round, and the kind of rugged coastline that sells houses before buyers even see the interior. The warming climate trend over the past 30 years has only sweetened the deal for those fleeing harsher winters.
Our 50% maximum LTV reflects both opportunity and caution. Properties here hold value because of location scarcity—there’s only so much oceanfront land available. But the smaller local economy means recovery timelines matter more than in urban centers. Smart brokers understand that Sooke deals work best with clients who have substantial equity and realistic expectations about rural lending parameters.
The 16% population growth since 2016 isn’t driven by job creation—it’s driven by lifestyle migration. That’s exactly the kind of stable, equity-backed demand that makes mortgage sense in communities where the nearest traffic light is a 45-minute drive away.
Nearest Hospital
Our Mortgage Products Available in Sooke
| Mortgage Product Name | Max LTV | Key Notes for Sooke |
|---|---|---|
| Credit Repair and Debt Consolidation | 50.0% | Standard product terms |
| Variable Income | 50.0% | Standard product terms |
| Bare Land and Unique Properties | 50.0% | Standard product terms |
| Bridge Financing/Fully Open Term | 50.0% | Standard product terms |
| Equity Lending | 50.0% | Standard product terms |
| Purchases | 50.0% | Standard product terms |
Detailed Mortgage Product Information
Credit Repair and Debt Consolidation
Maximum Loan-to-Value (LTV) for Credit Repair and Debt Consolidation in Sooke:
50.0 %
“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 Sooke:
50.0 %
“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 Sooke:
50.0 %
“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 Sooke:
50.0 %
“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 Sooke:
50.0 %
“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 Sooke:
50.0 %
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...