Mortgage Rates in Yukon

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Yukon Land transfer tax

Yukon's land transfer tax has three main components. The first is a fee on the purchase price of the property, which is also called the transfer fee. There's also a fee on the mortgage amount of the purchase. And finally, an assurance fee for adjusting for discrepancies between the purchase price and property value, if necessary.

The land transfer tax is calculated as follows:

Transfer fee

  • $50 fee if the purchase price of the property is less than $100,000
  • $150 fee if the purchase price of the property is $100,000 or more, but less than $500,000
  • $350 fee if the purchase price of the property is $500,000 or more, but less than $3,000,000
  • $550 fee if the purchase price of the property is $3,000,000 or more, but less than $10,000,000
  • $650 fee on property purchases of $10,000,000 or more

Mortgage fee

  • $50 fee if the mortgage amount is less than $100,000
  • $100 fee if the mortgage amount is $100,000 or more, but less than $500,000
  • $200 fee if the mortgage amount is $500,000 or more, but less than $1,000,000
  • $400 fee if the mortgage amount is $1,000,000 or more, but less than $5,000,000
  • $600 fee if the mortgage amount is $5,000,000 or more, but less than $10,000,000
  • $800 fee if the mortgage amount is $10,000,000 or more, but less than $20,000,000
  • $1000 fee if the mortgage amount is $20,000,000 or more

Assurance fee

If the purchase price of the property is higher than the value of the property, you're also required to pay the assurance fee.

  • $20 fee for the first $10,000 of additional value
  • $10 fee for each additional $10,000 of value thereafter

The sum of the transfer fee, mortgage fee, and the assurance fee make up the total land transfer tax payable in Yukon.

As an example, let's assume you purchased a property for $600,000 in Whitehorse. The value of the property was actually $570,000, and you took out a $400,000 mortgage to finance your purchase. The land transfer tax on this purchase would be:

  • $350 for the transfer fee
  • $100 for the mortgage fee
  • $40 for the assurance fee because the purchase price was $30,000 more than the value of the property ($20 + $10 + 10)

The total land transfer tax would be $490 ($350 + $100 + $40)

Yukon housing market

Yukon's housing market has seen considerable price appreciation over the last few years. Particularly in Yukon's capital city, Whitehorse, where the price of the average detached house sells for $520,000, up from $475,000 in 2018.

Over 80% of the population of Yukon live in Whitehorse. Several factors have contributed to rising home prices in Whitehorse including, retirees choosing to remain in Yukon and not moving south, younger Canadians moving to the city, and immigrants choosing to settle in Whitehorse.

About Yukon

With a population of 41,000 inhabitants, Yukon is the westernmost and smallest in size amongst Canada's three territories. Named after the Yukon River, the territory is home to the tallest mountain in Canada, Mount Logan.

Its economy is the smallest out of all the provinces and territories in Canada. Yukon's economy relies on the government sector as well as the tourism industry.

Ⓒ MapleMortgage.ca 2020

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