Yukon’s housing market is concentrated in Whitehorse, where the average home price is approximately $550,000 to $600,000 in early 2025. Limited housing stock, high construction costs, and growing demand have pushed prices above many mid-sized Canadian cities. Current mortgage rates available in Yukon are shown below.
| Name | 2-Year Fixed | 3-Year Fixed | 4-Year Fixed | 5-Year Fixed | 5-Year Variable |
|---|---|---|---|---|---|
| BMO | 7.34 | 6.95 | 6.74 | 6.79 | 6.7 |
| CIBC | 6.99 | 6.99 | 6.74 | 6.84 | 6.7 |
| Nesto | 5.84 | 4.79 | 4.89 | 4.34 | 5.4 |
| Pine | 6.24 | 4.24 | 4.54 | 4.34 | 4.75 |
| RBC | 5.89 | 5.09 | 4.99 | 4.94 | 6.1 |
| Scotiabank | 7.19 | 6.74 | 6.54 | 6.59 | 7.15 |
| TD | 7.34 | 5.22 | 6.74 | 5.12 | 6.19 |
| True North | 4.99 | 4.84 | 4.84 | 4.49 | 5.5 |
This table was last updated on December 21, 2024 rates are from the data available on each institution’s website.
Fixed vs. variable mortgage rates in Yukon
| Feature | Fixed Rate | Variable Rate |
|---|---|---|
| Rate type | Locked for the term | Fluctuates with prime rate |
| Typical 5-year rate | 4.0% - 5.0% | 4.5% - 5.5% |
| Payment certainty | High | Lower |
| Penalty to break | Higher (IRD) | Lower (3 months interest) |
| Best when | Rates expected to rise | Rates expected to fall |
The Bank of Canada reduced the overnight rate from 5.00% to 2.75% through 2024-2025, making variable rates more competitive. In Yukon’s relatively expensive market, the rate you secure can significantly impact your monthly budget.
Monthly payment examples for Yukon home prices
Based on a 25-year amortization with minimum down payment:
| Home Price | Down Payment | Rate | Monthly Payment |
|---|---|---|---|
| $400,000 | $20,000 (5%) | 4.0% | ~$1,997 |
| $500,000 | $25,000 (5%) | 4.5% | ~$2,633 |
| $575,000 | $32,500 | 4.5% | ~$3,009 |
| $650,000 | $40,000 | 5.0% | ~$3,563 |
| $800,000 | $55,000 | 5.0% | ~$4,357 |
Use the Yukon mortgage payment calculator for exact figures at any rate and amortization.
Yukon housing market overview
Yukon’s housing market has unique characteristics:
- Whitehorse dominance — the vast majority of home sales occur in Whitehorse, the territorial capital
- Limited supply — housing stock is constrained by geography, construction costs, and a short building season
- High construction costs — materials must be transported long distances, and labour costs are elevated
- Growing demand — population growth and government employment drive steady housing demand
- Rural options — communities like Dawson City and Haines Junction offer lower-priced alternatives
The Yukon mortgage affordability calculator can help you determine what price range you can target.
Yukon tax advantages for homebuyers
Yukon offers several advantages that can offset higher home prices:
- Minimal property transfer fees — unlike Ontario, BC, and most provinces, Yukon’s land transfer fees are nominal
- Moderate income tax rates — Yukon tax brackets start at just 6.40% (combined top rate of 48%)
- Northern Residents Deduction — Yukon residents can claim up to $22/day ($8,030/year) to reduce taxable income
- GST only (5%) — no territorial sales tax
- FHSA — the First Home Savings Account lets first-time buyers save up to $40,000 tax-free
Down payment requirements in Yukon
| Purchase Price | Minimum Down Payment |
|---|---|
| Under $500,000 | 5% of purchase price |
| $500,000 to $999,999 | 5% of first $500K + 10% of remainder |
| $1 million+ | 20% of purchase price |
For a $575,000 home (near Whitehorse’s average), the minimum down payment would be $32,500. If your down payment is less than 20%, you will need mortgage default insurance. Use the down payment calculator for exact amounts.
Tips for getting the best Yukon mortgage rate
- Compare lenders — major banks, local credit unions, and online lenders may offer different rates
- Get pre-approved — lock in a rate for 120 days while you shop for a home
- Consider insured mortgages — less than 20% down sometimes qualifies for lower rates due to CMHC insurance
- Improve credit — scores above 680 unlock the best rates
- Northern employer programs — some Yukon employers offer housing assistance or mortgage subsidies
Frequently asked questions
What are the best mortgage rates in Yukon?
The best 5-year fixed rates in Yukon range from approximately 3.9% to 5.0% depending on the lender and mortgage type.
Does Yukon have a land transfer tax?
Yukon charges minimal property transfer fees, much lower than the substantial land transfer taxes in Ontario or BC.
Is it expensive to buy a home in Yukon?
Yes, the average home in Whitehorse costs $550,000-$600,000 due to limited stock and high construction costs.
Related guides
- Yukon land transfer tax calculator
- Yukon mortgage affordability calculator
- Yukon tax brackets
- Down payment calculator
- Mortgage insurance calculator
- First Home Savings Account calculator
