WHITEHORSE - The cost of a home in Whitehorse has risen significantly and cuts to several loan programs meant to help Yukoners will make homeownership more unattainable.
According to the Yukon Bureau of Statistics, the average cost for a single-detached home in Whitehorse was $506,200 in the last quarter of 2018. This is a cost increase of $85,900 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 Minister was asked to explain these cuts during Question Period and she refused to provide an answer.
“For Yukoners who would not otherwise be able to afford the purchase of their first home, these assistance programs are invaluable,” stated Geraldine Van Bibber, Official Opposition Housing Critic. “It is concerning that instead of looking for ways to enhance support for Yukoners with rising housing costs, they are reducing funding to programs. This decision will only make it harder for those Yukoners looking to achieve their dreams of homeownership.”