Yukon launches first-time homebuyer loan program to pay up to half of down payments
The Yukon government has introduced the Yukon First Home Program, a new initiative designed to help first-time homebuyers overcome the financial barriers of homeownership. This program offers low-interest loans to eligible residents, covering up to 50% of their required down payment.
Program Overview
Announced on April 23, 2025, by Premier Ranj Pillai, the Yukoner First Home Program is designed to bridge the gap between a first-time homebuyer’s savings and the down payment required for purchasing a home. Recognizing the challenges faced by many, especially those balancing rent payments while trying to save, the program provides:
Loan Coverage: Up to 50% of the required down payment, capped at 5% of the home’s purchase price.
Interest Rate: Fixed at 2.5%, compounded annually.
Repayment Terms: Deferred until the mortgage is paid off, refinanced, or the home is no longer the primary residence.
Eligibility Criteria
To qualify for the program, applicants must:
Be First-Time Homebuyers: Individuals who have not previously owned a home.
Mortgage Pre-Approval: Obtain pre-approval from a recognized lender.
Financial Readiness: Possess sufficient funds to cover at least half of the down payment and associated closing costs.
Property Requirements: The home must be located in Yukon, serve as the primary residence, and have a purchase price that does not exceed the average sale price for its category in Whitehorse.
Budget and Implementation
The Yukon government has allocated $1 million for the program in the 2025–26 fiscal year. This funding is expected to assist between 40 to 80 residents in purchasing their first homes. A review will be conducted after one year to assess the program’s effectiveness and determine future funding needs.
Application Process
Interested individuals can apply through the Yukon Housing Corporation. Applications are accepted via:
Email
Mail
In-Person: At the Yukon Housing Corporation’s offices at 410 Jarvis Street.
For more information on eligibility and application procedures, visit the Yukon Housing Corporation’s official website.
This initiative represents a significant step toward making homeownership more accessible for Yukoners, addressing the challenges faced by first-time homebuyers in today’s housing market.