Yukon Housing updates its loan programs

Yukon Housing has updated its various financing and loan programs. The biggest changes are to the department's home repair and rental repair programs.

Yukon Housing has updated its various financing and loan programs.

The biggest changes are to the department’s home repair and rental repair programs.

The maximum homeowners can borrow from Yukon Housing to improve safety, address accessibility or improve a home’s energy efficiency has increased to $50,000 from $35,000.

The maximum landlords can borrow to repair rental units has jumped to $35,000 from $25,000.

“Essentially I think it allows more freedom to do the repairs that you need to do. I think people were wanting to and have more significant repairs to do,” said Chris Milne, acting vice president of operations.

“This is something we heard a lot in rural Yukon when we did the community tours.”

If a household qualifies as low income, they can now apply to have some of their home repair loan forgiven. In Whitehorse that means having a household income below $49,500.

The portion of the loan that might be forgivable depends on the household’s income level, Milne said.

Yukon Housing has $600,000 budgeted to use for the new forgivable loans.

Other changes include updates to the first-time mortgage program, which offers mortgages to people who wouldn’t normally be qualified by a bank. That includes those who are self-employed or people who work seasonally, Milne said.

Yukon Housing meets with potential homebuyers to take a close look at their situation before deciding whether to give them a mortgage, he said.

Yukon Housing mortgages used to be fixed rate mortgages. Now they will be variable rate.

The amount you could borrow for a mortgage used to be fixed at a maximum of $365,000. Now it will be adjusted based on average real estate values. Right now the new max sits at $408,000.

“I think it’s important to highlight that the clients still (have to) qualify on debt servicing similar to other financial institutions, so they’re not put in a situation they can’t manage,” Milne said. “There’s perimeters in place to make sure they’re able to service the debt.”

Just Posted

YG releases ‘ambitious’ plan to combat climate change

It calls for lowering greenhouse gas emissions by 30 per cent by 2030

CPAWS Yukon ‘disappointed’ controversial writer to give keynote at Yukon Geoscience Forum

Vivian Krause is scheduled to deliver a keynote address at the forum on Nov. 16.

PSAC president speaks out about Queen’s Printer, Central Stores situation

‘It’s not good for the Yukon. It’s not good for the taxpayers of the Yukon.’


Wyatt’s World

Poor Creature, Yukonstruct case to be heard in court next month

Yukonstruct is seeking to have The Poor Creature evicted, while café owner arguing to stay

Whitehorse biathlete Nadia Moser earns IBU World Cup spot on Canadian team

Whitehorse’s Nadia Moser will begin the biathlon season at the IBU World… Continue reading

Whitehorse Glacier Bears host swimmers from Inuvik and B.C. at Ryan Downing Memorial Invitational Swim Meet

“Everyone had a good time – it was amazing. It was a really great meet.”

City news, briefly

Some of the decisions made at the Nov. 12 Whitehorse council meeting

Driving with Jens: Yielding is at the heart of defensive driving

If you’re like most people, you probably think about whether you have right-of-way, not yielding

Today’s mailbox: Remembrance Day, highway work

Letters to the editor published Nov. 13

F.H. Collins Warriors beat Vanier Crusaders in Super Volley boys volleyball final

“As long as we can control their big plays to a minimum, we’ll be successful”

Yukonomist: The squirrel, the husky and the rope

The squirrel is political popularity.

Most Read