Compare mortgage rates in Yukon
Searching for the best mortgage rates in Yukon, Canada? We can help with that. LowestRates.ca aggregates and compares the best current mortgage rates in Yukon from Canada’s leading mortgage brokers and banks on our digital marketplace.
Comparing mortgage quotes is free and if you’re just here to browse, don’t worry — the service we provide comes with no strings attached.
Shopping for mortgages is easy on LowestRates.ca. Select the type of mortgage you’re interested in and let our comparison engine pull the mortgage offers available to you. help you find a low mortgage rate for your Yukon home — just like that.
Many visitors to LowestRates.ca share the following questions:
- What are current mortgage rates in the Yukon?
- What is the average mortgage rate in the Yukon?
- What is the best mortgage rate in the Yukon?
- Who has the best mortgage rates in the Yukon?
- Are mortgage rates from Yukon banks my best option?
We’ll answer these questions plus we’ll show you how much you can save by comparing rates.
When you’re ready to compare today’s mortgage interest rates for the Yukon, start a form with us. It takes just 3 minutes.
Typical mortgage amount in Yukon
Whitehorse house with 5% down: $429,248
(Assumptions: Avg. price of home per CREA, Jan. 2021: $451,840.)
Whitehorse house with 20% down: $361,472
(Assumptions: Avg. price of home per CREA, Jan. 2021: $451,840.)
Yukon’s housing market and home prices
Average home price in Yukon: $451,8405
Average price detached home in Whitehorse: $598,800 (Q4 2020)
Average price condominium in Whitehorse: $459,900 (Q4 2020)
Average price duplex in Whitehorse: $466,100 (Q4 2020)
Information for first-time homebuyers in Yukon
Federal rules state that you must at least have a down payment of 5% to qualify for a mortgage in the Yukon and elsewhere in Canada.
You might be eligible for the federal government’s First-Time Home Buyers’ Tax Credit, which is worth $5,000. In order to be considered a first-time buyer, you can’t have lived in a home owned by yourself or your partner within the past four years. You must also be purchasing a “qualifying home,” which includes single-family homes, semi-detached, townhouses, mobile homes, and condos. Speak to your mortgage advisor for the full list.
You may be wondering if there is such a thing as a no-down-payment mortgage in the Yukon, also known as zero-down mortgages. The answer is no. The Canadian government banned no-down-payment mortgages in the Yukon and the rest of Canada in 2008.
If you find you don’t have any money for a down payment (hence why you’re looking for a 0-down mortgage in Yukon) you could borrow the money from a private lender. This can be expensive, though. How expensive are private mortgage rates in the Yukon? It’s an unregulated industry, so the broker and lender can set the rate. In some cases, the interest rate can be as high as 20%.
Ottawa offers a rebate on the GST or the federal portion of HST paid on the sale of new or substantially renovated homes. Qualifying for this program can be tough, so talk to your mortgage advisor to see if you’ll qualify.
Homebuyers who receive the federal Disability Tax Credit may also qualify for up to $10,000 in tax credits for renovations that make their homes more accessible. People who care for seniors or those with disabilities may also qualify. If you receive disability credits already, we recommend asking your mortgage advisor about additional tax breaks.
The Yukon government offers a loan program to people who want to build or buy a home in a rural community and cannot get a mortgage from a bank. Those who qualify are eligible for mortgages with amortizations up to 30 years on five-year terms. The interest rates on these mortgages are competitive with posted bank rates.
The Yukon government also offers funding for home upgrades. Yukon homeowners with household incomes of less than $103,000 can qualify. Eligible upgrades include those related to emergency repairs, energy efficiency, accessibility, overcrowding, or health and safety.
There are a number of mortgage calculators for the Yukon that will help you gain more clarity about your fixed expenses (and it’s very important to have a good idea about what these will be when you’re buying a house!).
Want to know how much mortgage you can afford in the Yukon? Use this mortgage affordability calculator provided by the CMHC.
Want to see how much a lower interest rate can lower your monthly mortgage payment? Try this mortgage payment calculator for your Yukon mortgage.
Your questions about LowestRates.ca, answered.
How are mortgage rates determined on LowestRates.ca?
LowestRates.ca can compare rates from 75+ banks and brokers to bring you competitive house mortgage rates for your Yukon home. We’re also always adding new partners to our digital marketplace. We work with our partners to obtain their best deals and offers and then we let them compete for your business. After answering a few questions, you’ll be provided with today’s mortgage rates. There’s no obligation for you, the consumer. If you want, you can choose to speak with our broker partners to lock in your best rate. Our partners can also work with you to see if you qualify for even more savings.
Is it safe to get a mortgage online?
Yes, it’s safe to get a mortgage on LowestRates.ca — and Canadians are increasingly turning to sites like ours to do just that. Reputable Canadian financial institutions now offer the ability to start the mortgage process online. When using LowestRates.ca, you can be assured that your credit score won’t be affected and your information is secure. The only time we share your information is when you indicate that you want to speak with one of our broker partners, and even then, we only share your information with that entity. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.
How do I know I’m getting the lowest rate?
We have a strong selection of lenders on LowestRates.ca including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. Even if you’re not ready to commit to anything, you can use our site as a starting point for research. LowestRates.ca is totally free for you and you’re under no obligation to speak with a broker or secure a mortgage.
The better informed you are, the more likely you'll negotiate a better deal for yourself.