Liberals Cut Support for First Time Home Buyers

WHITEHORSE – This week it was reported that the average cost of a home in Whitehorse has risen significantly. This comes at a time when the Liberal government has made cuts to several loan programs meant to help Yukoners, which will make homeownership more unattainable.

According to the Yukon Bureau of Statistics, the average cost for a single-detached home in Whitehorse was $529,500 in the second quarter of 2019. This is a cost increase of $106,200 compared to the same time period in 2016.

A number of programs exist under the Yukon Housing Corporation that assist first time homeowners with loans to offset the costs of the purchase, down payment or construction of their own home. 

In this year’s budget, the Liberals have made cuts to these programs, including:

  • Cutting the Down Payment Assistance Loan Program by $400,000
  • Cutting the First Time Mortgage Loan Program by $1.5 million
  • Cutting the Owner Build Loan Program by $500,000

The Liberals have been asked to explain these cuts several times during Question Period in the Fall Sitting and have so far been unable to provide any rationale.

“Many Yukoners are now finding it unrealistic to purchase a home and the help that these assistance programs offer have been invaluable to those who need it,” stated Geraldine Van Bibber, Official Opposition Housing Critic. “It is unfortunate that the Liberals are making significant cuts to these important programs instead of looking for ways to enhance support for Yukoners as we experience rising housing costs. This decision will only make it harder for those Yukoners looking to achieve their dream of homeownership.”

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Contact:
Madison Pearson
Communications
(867) 393-7026


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