The Yukoner First Home Program helps eligible Yukoners with the down payment on their first home. Through this program, you can apply for a low-interest loan that covers up to 5 per cent of the home’s purchase price.
You may qualify for a low-interest loan if you:
- have a pre-approved mortgage;
- have at least 50 per cent of the required minimum down payment and all closing costs; and
- are buying a home in the Yukon.
How does it work?
- Interest is fixed at 2.5 per cent, compounded yearly.
- No payment needs to be made during the amortization period of the mortgage (25 years, for example)
- You can pay off the loan early at any time with no penalty.
- You must repay the loan when:
- you refinance the mortgage;
- the mortgage is paid off;
- you sell the home; or
- the home is no longer your primary residence.
Applications are accepted year-round or until the funding is fully subscribed. Preference may be given to applications from recent graduates of an accredited post-secondary program (university, college, trade school, or other).
Eligible properties
The program can help you buy a new or existing home in the Yukon if it:
- is priced at or below the average sale price for that type of dwelling in Whitehorse, based on the 4 most recent quarterly Real Estate Reports from the Yukon Bureau of Statistics;
- is your principal residence for the life of the mortgage; if it’s not, you must repay the full loan amount with accrued interest right away;
- is fully insured for its replacement value;
- is for residential use only; commercial or mixed-use properties are not eligible, although we may approve 1 residential rental suite if you live there full-time;
- meets local bylaws and building standards, including Area Development Regulations and the Building Standards Act; and
- is intended for full-time living; seasonal cottages and travel trailers are not eligible.
If the building is on leased land and has a land lease agreement, the lease must last at least 10 years past the loan’s amortization period.
Who can apply
You must:
- be a Canadian citizen or permanent resident;
- be a Yukon resident for at least 90 days;
- apply as an individual or family. Businesses, corporations, societies, associations and co-operatives are not eligible;
- be a first-time home buyer:
- as someone who has never acquired ownership of a dwelling by way of purchase, inheritance or gift; or
- as someone who has once previously co-owned a home with a former spouse or partner. This includes someone who has only owned a home with a former spouse or partner and no longer owns any property;
- not own property anywhere else in the world;
- have a mortgage pre-approval from a recognized financial institution and able to provide proof to the satisfaction of Yukon Housing Corporation;
- be the person(s) named on the title or lease of the property being purchased;
- have enough money for all closing costs and at least half of the required minimum down payment;
- submit to asset verification and meet financial eligibility requirements;
- be in good standing with the Government of Yukon; and
- show a financial need for assistance. Applicants with sufficient funds to cover the minimum required down payment without assistance from the program are not eligible.
How to apply
- Fill out the application form. Ensure your financial institution has completed the “Mortgage pre-approval” section.
- Attach the required documents, which may include:
- mortgage pre-approval;
- a bank request of minimum down payment amount;
- bank or investment statements;
- a gift letter;
- proof of down payment; and
- a bank application.
- Submit your completed application form to Yukon Housing Corporation:
- In person: Drop your application off at your local Yukon Housing Corporation office
- Email: [email protected]
- Mail:
Government of Yukon
Yukon Housing Corporation
Box 2703 (Y-1)
Whitehorse, Yukon
Y1A 2C6
For questions about the Yukoner First Home Program, email [email protected] or phone 867-667-5759, toll free in the Yukon 1-800-661-0408, extension 5759.