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Rates Updated May 23, 2013 09:30:43
Best Closed Mortgage Rates
| Best Fixed Rates | Best Variable Rates | |||||
|---|---|---|---|---|---|---|
| 6 Mo |
|
3.95%
|
||||
| 1 Year |
|
2.69%
|
|
2.80%
|
||
| 2 Years |
|
2.49%
|
||||
| 3 Years |
|
2.75%
|
|
3.20%
|
||
| 4 Years |
|
2.69%
|
||||
| 5 Years |
|
2.84%
|
|
2.70%
|
||
| 6 Years |
|
5.79%
|
||||
| 7 Years |
|
3.40%
|
||||
| 8 Years |
|
6.55%
|
||||
| 9 Years |
|
6.55%
|
||||
| 10 Years |
|
3.69%
|
||||
| 25 Years |
|
8.75%
|
||||
Best HELOC Mortgage Rates
| HELOC |
|
3.65%
|
Best Open Mortgage Rates
| Best Fixed Rates | Best Variable Rates | |||||
|---|---|---|---|---|---|---|
| 6 Mo |
|
6.20%
|
||||
| 1 Year |
|
4.00%
|
||||
| 3 Years |
|
3.80%
|
||||
| 5 Years |
|
3.50%
|
||||
More About Yukon
Yukon Housing and Mortgage Overview
Yukon has one of the fastest growing economies in Canada, second only to Nunavut, as the territory experienced growth of 5.6% in 2011 - well above the national average. This growth is expected to continue in 2012 with additional investment in the oil and gas and mining sectors.
Despite a record high average of employment growth in 2011, 2012 has seen a decrease from a year-over-year basis, as the unemployment rate increased to 7.8%. However, this is expected to balance as investment increases in Yukon's vital sectors.
The elevated pace Yukon has experienced in housing starts will remain high in 2012. An increase of 42 per cent in 2011 to 342 units was seen in 2011, with multiple-family starts increasing by 28% and semi detached totalling 48 starts.
Whitehorse is faced with the unique challenge of limited serviced lots, which will hinder construction efforts in 2012. This is addressed through the City of Whitehorse-held land properties. As a result, starts in 2012 will occur on previously selected lots.
Following the 12% increase in 2011, single-digit growth is anticipated for this year. Although prices are impacted by the high level of supply to demand, the sale of new homes on the resale market is lifting prices, which are forecasted to grow 5% to an average of $380,000 in 2012.
Source: CMHC
Yukon Key Stats
Source: Stats Canada
|
Metric |
Yukon |
Canada |
|
| Population (2011) | 34,700 | 34,482,800 | |
| Consumer Price Index (2011) (2002=100) |
118.8 | 119.9 | |
| Average Earnings (2011) (Per Week, $) |
$960.42 | $874.76 | |
| Unemployment Rate (2012) (SA, %) |
7.4% | 7.2% | |
| Housing Starts (2011) | 342 | 193,950 | |
| Average Residential Resale Price (annual % change) |
2010(A*) | $323,918 | $339,042% 5.8% |
| 2011 | $362,058 11.8% |
$348,900* 2.9% |
|
| 2012 (F) | $380,000 5% |
$358,200* 2.7% |
|
| Mortgages Approved by Lenders, residential 2010 (thousands of dollars) (Yukon and NWT) | Chartered banks | $2,359 | $932,617 |
| Other | $581 | $291,486 | |
| Total | $2,940 | $1,224,103 | |
| 2011 A = stated by the CMHC Data based on application received date Mortgage approval data are gross and may not fully capture lending activities of credit unions, caisses populaires, other smaller institutions and privately-insured loans in some areas |
|||
Local Market Indicators
|
Census Metropolitan Area |
Total Housing Starts |
MLS Sales |
MLS Average Price |
|
| Whitehorse | 2010 | 240 | 543 | $323,918 |
| 2011 | 332 | 552 | $362,058 | |
| 2012 (F) | 250 | 540 | $380,000 | |
| Sources: CMHC, Canadian Real Estate Association, Local Real Estate Boards, Statistics Canada MLS = Multiple Listings Service * Last updated July 2012 |
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Rate and product information are subject to change at any time and does not constitute financial advice. Please contact supplier for complete details.