Thinking of Buying raw Salt Spring land?

The other day I had coffee with Erin Bettger-Phillips from Island Saving and ask her to write up a little note that would explain why someone would go there for a mortgage on Salt Spring Island especially if one is thinking of buying land on Salt Spring.

Here is her note;

The difference a local perspective makes in Salt Spring’s real estate market
Erin Bettger-Phillips

Like any unique Island community, buying or building your dream property on Salt Spring—especially if you don’t already live on the Island—can be challenging, particularly when it comes to financing your mortgage.

Many financial institutions that don’t have a branch on the Island simply won’t finance, for example, bare land purchases. They may lack the local knowledge and community connections to truly assess the risk of this type of purchase. With 40 years of experience on Salt Spring Island under our belts, Island Savings can fund up to 80% loan-to-value on serviced land (i.e. with potable water and both sewage and hydro connections) for qualified home buyers because we truly know our Island. Once you have purchase your land you can now start building your dream home with our construction mortgage financing. For that you would need to supply plans for the home, a budget and income supporting documents. Here is a tip: use a general contractor it is much easier and they are the experts! A contractor will help you stay within budget and give you the expert advice you need. Building or doing a renovation on your own can typically run over budget and we may end up having to requalify you for a larger amount. Our lenders have an in-depth understanding of what’s going on in our community, we visit construction projects and we personally know the people building them.

june 2004 058 Salt Spring home I built in June 2004

This first-hand knowledge also makes us flexible in our funding options, including competitive construction mortgages and access to industry-leading Purchase Plus Improvements options for older our out-of-date homes that require value-increasing renovations.

Curious about what Island Savings can put together for you? Please don’t hesitate to set up an appointment with one of our Senior Advisors, Personal Banking by phone (250-537-5587) or email (

Thanks Erin It’s nice to hear about the construction mortgage option.

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