Tofino

Ever driven to the edge of the world and found a gem worth staying for? That’s Tofino, British Columbia—a rugged coastal town on Vancouver Island that’s as much a lifestyle as it is a place. Nestled between ancient rainforests and the wild Pacific Ocean, it’s a spot that draws surfers, nature lovers, and folks dreaming of a quieter life. But let’s talk real estate and mortgages for a minute, because Tofino isn’t just about epic waves at Chesterman Beach or whale-watching tours—it’s a unique market with quirks and opportunities for borrowers and brokers alike.

What sets Tofino apart from other BC communities isn’t just its postcard-worthy views. It’s the vibe—a raw, untamed energy that pulls in retirees, vacation home buyers, and out-of-province investors looking for something different from the urban grind of Vancouver or Victoria. The housing mix here leans heavily on single-detached homes, making up over half the market, with a sprinkle of apartments and quirky movable dwellings. That diversity can be a goldmine if you’re a borrower with an unconventional property, or a broker trying to place a deal that doesn’t fit the cookie-cutter mold of bigger cities. For borrowers, this means a chance to snag something unique; for brokers, it’s about finding a lender like us at Tekamar Mortgage Fund who gets the appeal of these offbeat properties.

Now, let’s get practical. At Tekamar, we’re not like most BC Mortgage Investment Corporations that stick to the Vancouver-Fraser Valley bubble. Our tagline, “We’ll lend where other MICs won’t,” isn’t just a catchy phrase—it’s how we roll. We’re happy to consider deals in smaller towns like Tofino, with a maximum loan-to-value (LTV) of 55%. Why so conservative? It’s simple: we’re protecting our investors (friends and family, mind you) by ensuring a safe exit strategy. Tofino’s market has strong lifestyle appeal—properties in foreclosure often move within 3-4 months with minimal discounts. But, with heavy reliance on tourism and a higher-than-average unemployment rate, there’s risk if travel slows. We factor in how long it might take to recover funds if things go south, interest piling up included. So, borrowers, know we’re looking for solid equity; brokers, bring us deals with a clear refinance path down the road.

A quick heads-up on the local scene: Tofino’s economy leans hard on tourism, with nearly a third of jobs tied to accommodation and food services. That’s great for vacation rental potential but can be a double-edged sword during downturns. I’ve seen markets like this before—high demand from outsiders keeps values up, but local purchasing power isn’t always there to back it up. If you’re a borrower eyeing a property here, think about income potential beyond just living in it. Brokers, let’s chat about how a deal fits into that bigger picture before submitting.

What else makes Tofino tick? Beyond the surf, it’s a tight-knit spot where everyone knows everyone—think of it as a town where your barista might also be your neighbor. That community feel, paired with natural wonders like the Pacific Rim National Park Reserve, keeps demand steady. So, whether you’re a borrower dreaming of a coastal escape or a broker hunting for a lender who’ll say yes to a Tofino deal, Tekamar’s got your back. We’re all about equity lending, especially for those who don’t quite check the income or credit boxes at traditional banks. Let’s make it work—give us a call.