The Government of Yukon is helping first-time home buyers overcome financial barriers and achieve homeownership sooner by launching the Yukoner First Home Program, a new low-interest loan initiative designed to support first-time home buyers with down payment assistance.
Approved applicants will receive a low-interest loan of up to 50 per cent of the down payment that can be deferred until their mortgage has been paid off or is refinanced.
Among other eligibility requirements, applicants must:
- be first-time home buyers;
- have mortgage pre-approval from a lender; and
- have enough funds to cover at least 50 per cent of the down payment and closing costs.
Eligible properties must:
- be a new or existing residential dwelling in the Yukon;
- have a purchase price not exceeding the maximum average sale price in Whitehorse for residence type among the four most recent quarterly Real Estate Reports published by the Yukon Bureau of Statistics; and
- remain the applicant’s principal residence for the life of the mortgage.
The Yukoner First Home Program will cover the gap between the applicant’s savings and the required down payment, up to a maximum of five per cent of the home’s purchase price.
Subject to legislative approval, this program is one way the Government of Yukon is helping more Yukoners find a place to call home.
For information on how to apply and a full list of eligibility requirements, visit Yukon.ca or contact Yukon Housing Corporation.
Having a safe and affordable place to live is key to healthy, stable communities. We know it can be tough to save for a down payment while paying rent – that’s why our government is proud to offer this new support for first-time home buyers. This program will help more Yukoners take the important step into homeownership, 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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Funding included as part of Budget 2025–26 is subject to legislative approval.
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The interest rate is fixed at 2.5 per cent and compounded annually.
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Loan repayment is flexible: while the loan can be settled at any time, repayment is due when the mortgage is paid off (after 25 years, for example), refinanced or the home ceases to be the principal residence (upon resale or rental).
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There is no penalty for early payout.
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The Yukoner First Home Program has a budget of $1 million and will be reviewed after one year to ensure it is meeting the needs of prospective first-time home buyers.
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This program replaces the Home Ownership Loan Program.
Laura Seeley
Cabinet Communications
867-332-7627
[email protected]
Jason Seaton
Communications, Yukon Housing Corporation
867-333-9571
[email protected]