Looking for the lowest mortgage rates in Yukon? You’ve come to the right place. Here at LowestRates.ca, we help you find and compare the best rates from all the top mortgage brokers and banks in the territory. Our service is free and there’s no obligation on your part. Just tell us what type of mortgage you’re in the market for, and we’ll do the rest.
Check out the charts below to see how much you can save by comparing rates and to find out more about Yukon’s housing market.
Rates on our site have been much, much lower than posted bank rates for the past two years. Our 5-year fixed rates have averaged less than 2.5%, while the banks’ rates average over 4.5%.
On a $400,000 mortgage, that difference in rates would result in more than $100,000 of savings over the life of your loan. Whether you’re house hunting in Whitehorse or in Dawson, savings like that can have a massive impact on your finances.
| Month | Average LR.ca 5-year fixed rate | Average bank 5-year fixed rate |
|---|---|---|
| Feb 2018 | 3.01% | 5.14% |
| Mar 2018 | 3.07% | 5.14% |
| Apr 2018 | 3.08% | 5.14% |
| May 2018 | 3.18% | 5.34% |
| Jun 2018 | 3.16% | 5.34% |
| Jul 2018 | 3.14% | 5.34% |
| Aug 2018 | 3.19% | 5.34% |
| Sep 2018 | 3.17% | 5.34% |
| Oct 2018 | 3.29% | 5.34% |
| Nov 2018 | 3.37% | 5.34% |
| Dec 2018 | 3.42% | 5.34% |
| Jan 2019 | 3.33% | 5.34% |
On a $400,000 mortgage that’s an average savings of:
You can save big money by shopping around for a mortgage, but first you need to decide between variable and fixed rates. So we looked at the LR.ca 5-year fixed rate mortgages and the LR.ca 5-year variable rate mortgages that Canadians have been applying for on our site. As it turns out, variable rates are almost half a percentage point lower.
| Month | Average LR.ca 5-year fixed rate | Average LR.ca 5-year variable rate |
|---|---|---|
| Feb 2018 | 3.01% | 2.22% |
| Mar 2018 | 3.07% | 2.21% |
| Apr 2018 | 3.08% | 2.19% |
| May 2018 | 3.18% | 2.22% |
| Jun 2018 | 3.16% | 2.16% |
| Jul 2018 | 3.14% | 2.32% |
| Aug 2018 | 3.19% | 2.45% |
| Sep 2018 | 3.17% | 2.42% |
| Oct 2018 | 3.29% | 2.48% |
| Nov 2018 | 3.37% | 2.62% |
| Dec 2018 | 3.42% | 2.61% |
| Jan 2019 | 3.33% | 2.63% |
On a $400,000 mortgage that’s an average savings of:
Of the hundreds of thousands of Canadian borrowers who have shopped for a mortgage at LowestRates.ca since 2014, most have taken variable rate loans. Variable rates have been significantly lower than fixed rates for the last few years and look set to remain that way for the foreseeable future.
✝Based on Canadian borrowers who applied for a mortgage at LowestRates.ca since 2014.
Resale home prices in Whitehorse have stayed flat recently, hovering just above $350,000 on average in 2016. Falling mortgage rates have translated into improving affordability for Yukon homebuyers and your mortgage dollars will go as far, or farther than, they did last year when it comes to purchasing a property.
| Province and territory | Average home price (2016)* | Year- |
|---|---|---|
| Yukon | $289,312 | -15.9% |
| Alberta | $395,648 | +2.7% |
| British Columbia | $625,871 | -6.4% |
| Manitoba | $282,511 | +4.2% |
| Newfoundland and Labrador | $265,395 | -2.4% |
| New Brunswick | $158,295 | +2.0% |
| Nova Scotia | $218,332 | +1.7% |
| Northwest Territories | $423,222 | -0.1% |
| Ontario | $571,696 | +21.2% |
| Prince Edward Island | $165,406 | +0.0% |
| Quebec | $291,232 | +2.6% |
| Saskatchewan | $292,303 | +0.4% |
*Numbers courtesy of The Canadian Real Estate Association (CREA), November 2016
Bordering Alaska to the west and British Columbia to the south, Yukon is the smallest of Canada's three federal territories, after the Northwest Territories and Nunavut. The capital city is Whitehorse, home to the Yukon Arts Centre. The main economic activity is in mining, especially lead and zinc. TravelYukon.com chooses the slogan "Visit the Yukon-it's Larger than Life", and the city is certainly an outsized destination for road trips, outdoor adventures, and unique cultural experiences.
