This is a joint news release between the Government of Yukon and Northern Community Land Trust Society.
The Government of Yukon and the Northern Community Land Trust Society announce a first-of-its-kind legal agreement that will protect housing affordability at Project 1096 in Whistle Bend – not just today, but for generations to come. Under this new “Statutory Covenant Agreement”, all 32 new homes in the project will have permanent price protections written directly into the land title. This is a meaningful step forward in ensuring more Yukoners – particularly low and moderate-income families – can access stable, affordable home ownership.
Enabled by recent changes to the Land Titles Act, 2015, this agreement is now registered on the property’s land title. This means the rules or affordability provisions that keep the homes affordable stay attached to the property when it is sold to a new owner. The agreement limits resale prices to the original purchase price plus adjustments based on inflation and the value of owner improvements, preventing homes from being sold at full market value and helping low-to-moderate income families continue to afford homeownership.
Construction is nearly 50 per cent complete at Project 1096. All homes are highly energy efficient and meet universal design standards for accessibility and inclusion. Due in part to the Government of Yukon’s contribution of land and funding, as well as support from federal programs and local partners, the homes will be sold for an estimated 30 per cent below appraised market value. Construction is expected to be completed by March 2026.
Qualified buyers on a managed waitlist must meet income and asset criteria and agree to resale restrictions to ensure the homes remain affordable over time. This innovative model reflects the Government of Yukon’s commitment to expanding affordable housing options through partnership and addressing the growing challenge of homeownership accessibility for Yukoners.
Housing is a top priority for this government and we are proud to partner with the Northern Community Land Trust Society on this groundbreaking Statutory Covenant Agreement at Project 1096. This innovative approach ensures that affordable homes remain accessible for Yukon families – not just today, but for generations to come. By making sure affordability rules stay with the property, we’re helping build a stronger, more inclusive Yukon where everyone has the opportunity to own a home.
Innovative approaches to housing challenges, supported by modernized land legislation, will help more Yukoners secure homes. We are pleased to partner on this project that’s committed to bringing permanently affordable homes to market for Yukoners in need.
This Statutory Covenant Agreement is another step in modernizing legislation to meet the needs of Yukoners. It shows how we can use legal tools in creative ways to meet urgent community needs. This is a powerful example of law working for people – and for future generations of Yukoners.
Strong legal protection is central to our vision of affordable homes permanently protected for future generations from the market forces that have turned ordinary homes into investment assets. We are thankful for the support of Government of Yukon, working with us to develop and apply the new Statutory Covenant Agreement to Project 1096. Yukoners are leaders and we look forward to repeating this first-in-Canada model in other Yukon communities.
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Project 1096 is located at 84 Rampart Avenue in Whistle Bend, Whitehorse.
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Northern Community Land Trust Society was awarded a $1 million Yukon Housing Corporation Housing Initiatives Fund contribution and is eligible to access up to $4 million through Yukon Housing Corporation’s Developer Build Loan Program.
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Project 1096 also received $2.4 million from the federal government through the Affordable Housing Innovation Fund and $183,000 through the Northern REACHE program.
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Northern Community Land Trust Society is a non-profit organization established in November 2020 to create permanently affordable housing opportunities for low to moderate income Yukoners.
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Recent amendments to the Land Titles Act, 2015, allow statutory covenants to be used to support affordable housing by setting specific rules on how the property can be used, sold or rented to make sure it stays affordable long-term.
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The new legal tools also ensure that, once the covenant is registered, the rules become tied to the land title, so future purchasers of the land or homes are also tied to those rules, not just the person or company making the original agreement.
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The aims of Yukon Housing Corporation’s five-year strategic plan, Creating Home, seek to:
- improve client experience;
- strengthen community wellbeing;
- improve the provider experience; and
- build a sustainable future.
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Support for Project 1096 aligns with the second, third and fourth objectives.
Laura Seeley
Cabinet Communications
867-332-7627
[email protected]
Jason Seaton
Communications, Yukon Housing Corporation
867-333-9571
[email protected]
Laird Herbert
Northern Community Land Trust Society
867-334-1859
[email protected]