On October 21, 2024, the Yukon Legislative Assembly unanimously passed Bill No. 42, the 2024 Act to Amend the Land Titles Act, 2015. The amendments passed in this legislation will help ensure that purpose-built affordable housing developments remain affordable over the long term through the use of statutory covenants.
A statutory covenant is an agreement attached to a land title that outlines obligations or restrictions that must be followed by the landowner. The covenants are “statutory” because they are set out in and can be enforced by law.
These amendments were proclaimed in force immediately upon assent of Bill No. 42 by the Commissioner of the Yukon, which she did October 21.
The 2024 Act to Amend the Land Titles Act, 2015 will now:
- allow statutory covenants to be used to support affordable housing by setting specific rules on how the property can be used, sold or rented to make sure it stays affordable long-term;
- ensure that once the covenant is registered, the rules become tied to the land title, so anyone who buys the land in the future must follow those rules, not just the person or company who made the original agreement; and
- enable a process to cancel or remove the covenant, if necessary.
Passing this legislation supports the Government of Yukon’s mandate letter commitments to support the Northern Community Land Trust Society to advance its project in Whitehorse and to support new approaches to addressing the ongoing need for affordable housing options in the territory. Passing this legislation also advances commitments made in the Yukon’s MMIWG2S+ Strategy and the Downtown Whitehorse Safety Response Action Plan.
Every Yukoner deserves a safe, affordable place to call home and these important amendments will help Yukoners access affordable living options. By establishing a legal framework that will allow us to meaningfully enter into agreements with developers, we will see projects move forward that support new, innovative and affordable housing initiatives.
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These new measures will support keeping housing units affordable.
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For example, a resale price restriction can help ensure homes remain affordable by limiting the resale price increase.
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A statutory covenant can require that a housing unit be sold at or below the calculated price to maintain affordability for future buyers or establish a limit on rent that can be charged and the extent that rent can increase over time.
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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]
Francis Lefebvre
Communications, Justice
867-667-8144
[email protected]