First-Time Home Buyer Mortgages in Yukon
Minimum down payment, the land transfer tax rebate you are owed, and what income the stress test actually demands in Yukon.
Who this covers
- Buyers who have not owned a home in the last four years
- Anyone using an FHSA or the Home Buyers’ Plan for the down payment
- Households trying to work out whether the price they want is reachable
What lenders look for
| 5% down below $500,000 | The statutory minimum. Between $500,000 and $1.5M it is 5% on the first $500,000 and 10% on the rest. At $1.5M and above it is 20%. |
| Default insurance | Mandatory under 20% down. The premium is added to the mortgage; the provincial sales tax on it is not and must be cash at closing. |
| FHSA | Up to $8,000 a year and $40,000 lifetime, deductible going in and tax-free coming out for a first home. The strongest first-time buyer instrument available. |
| Home Buyers’ Plan | Up to $60,000 from an RRSP, repayable over 15 years. Stacks with the FHSA. |
Yukon rates for this file
First-time buyers with less than 20% down get insured pricing, which is the lowest on the board. Putting more down can genuinely produce a worse rate.
| Lender | Type | 5-year fixed |
|---|---|---|
| Strive Capital | Monoline | 3.87% |
| MCAP | Monoline | 3.88% |
| First National | Monoline | 3.89% |
| Merix Financial | Monoline | 3.90% |
| RFA Mortgage Corporation | Monoline | 3.91% |
Lowest five-year fixed on the insured shelf, 2026-08-21. Full board →
What a typical purchase looks like
| Typical price | $500,000 |
| Minimum down payment | $25,000 |
| land titles fees | $350 |
National figure — we do not yet track a market in this province. Calculate yours →
Get notified 90 days before your renewal
Your lender contacts you at 30 days, when you have no time to shop. We reach you at 90 — early enough to lock a hold and personalize your offers.
Questions
Is 20% down better than 5%?
Not always. Crossing 20% removes the insurance premium but moves you off insured pricing onto insurable or uninsured, where rates are higher. Between roughly 15% and 20% the arithmetic often favours putting less down. It is worth running both.
What income do I need?
It depends on price, property tax and your other debt, and it is calculated at the stress-test rate rather than the rate you pay. Use the affordability calculator for your market rather than a national rule of thumb.
Do I qualify as first-time if I owned a home years ago?
For most programs, yes — the usual test is not having occupied a home you or your spouse owned in the current year or the four preceding years. Provincial land transfer tax rebates sometimes use a stricter definition.
What does it cost to close in Yukon?
Yukon charges land titles fees rather than a land transfer tax — about $350 on a $500,000 purchase, which is a few hundred dollars where Ontario or BC would be several thousand. Full Yukon closing costs →
First-Time Buyer in Yukon?
Send us the file and a licensed broker comes back with what is realistically available — which lenders will take it, at what rate, and what they will want to see.
Send us the file