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The territory says the Yukoner First Home Program will give eligible homebuyers loans that would cover up to half of their down payments on a purchase, and repaying the loan can be deferred until the buyers\u2019 mortgage has been refinanced or paid off.<\/p>\n
Premier Ranj Pillai says in a statement that the program is meant to cover a gap between a first-time homebuyer\u2019s savings and the barrier created by a high down-payment amount, especially when buyers may also be paying rent on their current home.<\/p>\n
In order for an applicant to be eligible for the loan, they must be a first-time buyer with a mortgage pre-approval from a lender and have enough money to cover at least half of the down payment as well as closing costs.<\/p>\n
There are also limitations for the type of properties eligible for the loan, including having a purchase price no higher than the maximum average sale price in Whitehorse for that property\u2019s residential type.<\/p>\n
The loan can also be no higher than five per cent of the home\u2019s purchase price, and the property must remain their principal residence for the duration of the mortgage.<\/p>\n
\u201cWe know it can be tough to save for a down payment while paying rent,\u201d Pillai says in a statement. \u201cThat\u2019s why our government is proud to offer this new support for first-time homebuyers.\u00a0<\/p>\n
\u201cThis program will help more Yukoners take the important step into home ownership, building stronger communities and a more resilient economy for people who want to live, work and build a future here in the Yukon.\u201d<\/p>\n
The Yukon government says the loan\u2019s interest rate is fixed at 2.5% and compounds annually.\u00a0<\/p>\n
The territory has budgeted $1 million for the loan program, and it says a review will be conducted after one year to determine if Yukon\u2019s first-time homebuyers had their needs met by the new initiative.<\/p>\n
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down payment assistance down payments Editor’s pick first-time home buyer incentive first-time homebuyers government programs Ranj Pillai The Canadian Press yukon Yukoner First Home Program<\/p>\n
Last modified: April 24, 2025<\/p>\n<\/p><\/div>\n