The territory says the Yukoner First Dwelling Program will give eligible homebuyers loans that will cowl as much as half of their down funds on a purchase order, and repaying the mortgage could be deferred till the consumers’ mortgage has been refinanced or paid off.

Premier Ranj Pillai says in an announcement that this system is supposed to cowl a spot between a first-time homebuyer’s financial savings and the barrier created by a excessive down-payment quantity, particularly when consumers may be paying lease on their present residence.

To ensure that an applicant to be eligible for the mortgage, they should be a first-time purchaser with a mortgage pre-approval from a lender and manage to pay for to cowl not less than half of the down cost in addition to closing prices.

There are additionally limitations for the kind of properties eligible for the mortgage, together with having a purchase order worth no greater than the utmost common sale worth in Whitehorse for that property’s residential kind.

The mortgage can be no greater than 5 per cent of the house’s buy worth, and the property should stay their principal residence at some stage in the mortgage.

“We all know it may be powerful to save lots of for a down cost whereas paying lease,” Pillai says in an announcement. “That’s why our authorities is proud to supply this new help for first-time homebuyers. 

“This program will assist extra Yukoners take the vital step into residence possession, constructing stronger communities and a extra resilient financial system for individuals who need to dwell, work and construct a future right here within the Yukon.”

The Yukon authorities says the mortgage’s rate of interest is fastened at 2.5% and compounds yearly. 

The territory has budgeted $1 million for the mortgage program, and it says a evaluation will likely be performed after one yr to find out if Yukon’s first-time homebuyers had their wants met by the brand new initiative.

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Final modified: April 24, 2025