Today, the Government of Yukon introduced the Act of 2024 to Amend the Land Titles Act, 2015 in the Yukon Legislative Assembly.
The proposed amendments to the Land Titles Act, 2015, will provide a legal framework for registration and enforcement of statutory covenants by the Government of Yukon to ensure that affordable housing developments remain affordable over the long term.
A statutory covenant is a legal agreement between the government and a developer or land purchaser to ensure that housing units remain affordable. Under the proposed amendments, a statutory covenant could include restrictions with respect to the use of land, forms of tenure, resale price, rental amount, buyers’ and tenants’ qualifications and other requirements aimed at keeping affordable housing units affordable over time.
Statutory covenants can help maintain the long-term affordability of housing units, supporting community stability by protecting vulnerable populations from rising housing costs.
This is one way that the Government of Yukon is addressing housing availability and the supply of affordable housing, as defined in the objectives of Creating Home, Yukon Housing Corporation Strategic Plan for 2023–24 to 2027–28.
The goal of these amendments is to provide a legal framework for registration and enforcement of statutory covenants. This will create tools to help ensure that when we invest public resources, like land or money, in developing affordable housing units, that those units continue to serve their intended purpose over time. I hope all parties support these amendments in the legislature, so we can continue to support Yukoners’ access affordable housing. With the cost of housing at record highs, increasing efforts to provide affordable housing for Yukoners is a key focus of this work and for our government.
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These new measures will support keeping housing units affordable.
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This bill would create the legal framework to allow for agreements to be developed that would be specific to a property and would attach to title and run with the land.
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For example, a resale price restriction can help ensure homes remain affordable by capping the resale price increase. A statutory covenant can require that the housing unit be sold at or below the calculated price to maintain affordability for future buyers.
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Agreements could also set requirements to cap rental amounts or ensure that availability of the units is restricted to people who need them most.
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These measures can be used to support vulnerable populations, such as low-income residents and single-parent families, through access to affordable housing options.
Laura Seeley
Cabinet Communications
867-332-7627
[email protected]
Jasmine Doll
Justice
867-667-8114
[email protected]