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WHITEHORSE — Yukon’s government is launching a first-time homebuyer program in the territory that will see eligible residents receive low-interest loans to help with down payments.
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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’ mortgage has been refinanced or paid off.
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Premier Ranj Pillai says in a statement that the program is meant to cover a gap between a first-time homebuyer’s savings and the barrier created by a high down-payment amount, especially when buyers may also be paying rent on their current home.
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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.
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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’s residential type.
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The loan can also be no higher than five per cent of the home’s purchase price, and the property must remain their principal residence for the duration of the mortgage.
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“We know it can be tough to save for a down payment while paying rent,” Pillai says in a statement. “That’s why our government is proud to offer this new support for first-time homebuyers.
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“This 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.”
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The Yukon government says the loan’s interest rate is fixed at 2.5 per cent and compounds annually.
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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’s first-time homebuyers had their needs met by the new initiative.
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This report by The Canadian Press was first published April 23, 2025.
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English (US)