Summerland

Lending in Summerland

Summerland has a specific gravity that sets it apart from its Okanagan neighbours. It’s not a bedroom community for Penticton, and it lacks the high-growth pressure of Kelowna. Instead, it’s a self-contained market built on a stable foundation of agriculture, lifestyle, and a demographic that values predictability. For brokers, that’s exactly what you want to see. This isn’t a market that booms and busts; it’s one that grows slowly and steadily, with a population increase of just 3.7% since 2016.

The postcard image of wineries and orchards is accurate, but it doesn’t pay the bills on its own. The underlying economy is more diverse than many assume. A look at the numbers shows the top employers aren’t in tourism but in essential services: health care leads the pack, followed by retail and construction. This creates a resilient local job market that isn’t entirely dependent on the seasonal swing of tourists. The median household income of $82,000 is solid, and the 8.2% unemployment rate is manageable for a lifestyle-focused community. It’s a picture of a steady-state economy—the kind of environment that supports stable property values.

Demographically, Summerland is a classic Okanagan retirement and lifestyle destination. The median age is 54.4, with nearly a third of the population over 65. This tells you everything you need to know about the typical buyer. This isn’t a market driven by young, first-time buyers stretching their finances. It’s populated by established households, many of whom have significant equity and are drawn by the quality of life. The appeal is obvious. The climate is a huge draw, offering warm, dry summers and a long growing season that’s excellent for agriculture and gardening. This demographic ensures a consistent demand for well-maintained, single-family homes, which make up over 71% of the housing stock. In a downturn, this is the kind of property that still moves because the buyer isn’t just acquiring a house; they’re buying into a specific, desirable lifestyle that’s hard to find elsewhere.

All this makes Summerland a core market for us. The combination of a diversified local economy and a mature, equity-rich demographic mitigates a lot of risk. Properties here are highly marketable, foreclosure timelines are standard for the Okanagan, and we see a clear path to recovery on any file that goes sideways. It’s a strong secondary market that lacks the volatility of larger centres but possesses an undeniable, lasting appeal. For deals in Summerland backed by good-quality residential property, our maximum loan-to-value is 65.0%. This reflects our confidence in the town’s stability and the enduring value of its real estate. We see it as a reliable place to lend, perfect for the kind of equity-based deals that brokers bring our way.