The Yukon government has initiated the second intake of the Home Ownership Loan Program to “support Yukoners with buying or building a home,” according to a July 5 release.
Launched in 2020, the program was originally entitled Rural Home Ownership Program and initially open for rural properties only. In April 2023, changes were made in the program to include applications from Whitehorse residents to help address the “growing need for safe, affordable and stable housing,” per the release.
The program can be “combined with Good Energy rebates on renovations and upgrades to make homes more energy efficient,” the statement reads.
The amortization period to pay back the loan is up to 30 years in five-year terms and the interest rate is one per cent below the average posted five-year mortgage rate at the major banks.
People who are eligible to apply have up to two years to complete the construction of their home, the release indicates.
In the release, Premier Ranj Pillai said the government is guided by the belief that every Yukoner should have a place to call home.
“The Yukon Home Ownership Loan Program is already helping eligible Yukoners build or buy a home, and our government is proud to support them in achieving this goal,” said Pillai, who is also the minister responsible for Yukon Housing Corporation.
“I’m pleased that we were able to expand this program to include applications from Whitehorse residents, and hope that Yukoners will continue to take advantage of these supports.”
Yukon NDP housing critic Lane Tredger, who is also quoted in the release, said, “We heard from Yukoners that they needed help accessing loans to build a house no matter where they lived. That’s why the Yukon NDP included the expansion of this program in our confidence and supply agreement with the Liberals. We’re proud that this change will increase access to home ownership for those who don’t qualify for a bank loan.”
To be eligible for the program, an applicant must be a Yukon resident for at least 90 days, be building or buying a home for their primary residence in the Yukon, fall within Yukon Housing Corporation’s debt-to-loan ratios, have had their build or buy application declined by a bank, have a 2.5 per cent down payment and closing costs, and be building or buying a new home on titled lots or First Nations land.
In the release, interested applicants are encouraged to contact the Yukon Housing Corporation to discuss their project prior to applying. They can also send an email to firstname.lastname@example.org or phone 867-667-5759 or call toll free in the Yukon at 1-800-661-0408, extension 5759.
Applications can be submitted until Sept. 5 at 4:30 p.m.
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