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Published February 12, 2024

The Best Mortgage Rates in the Yukon

Compare customized mortgage rates from the Yukon's top lenders to find the best mortgage rate for your needs.

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Nerdy Insight: The Yukon’s best mortgage rates got a little better in February, as fixed rates dropped in response to declining bond yields. But with yields reversing course in February, it’s possible that lenders will once again increase their fixed rates. Variable rates will remain elevated until the Bank of Canada lowers the overnight rate. That may not happen before June.

The best fixed and variable mortgage rates in the Yukon

Rates updated: January 10, 2024

Mortgage Type

Purchase Price

Down Payment








Est. payment

: $3,120.00/mo





Est. payment

: $2,694.00/mo

Manulife Financial




Est. payment

: $2,982.00/mo

Radius Financial




Est. payment

: $2,641.00/mo





Est. payment

: $2,641.00/mo

First National




Est. payment

: $2,927.00/mo

Equitable Bank


Disclaimer: These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners. Mortgage Brokerage Licensed in ON #12984, BC #X301004, MB and AB. Homewise can pursue mortgage brokering activity in SK, NL, NS and NB.

Data source:

Alternative and B mortgage lender rates

Find alternative and B mortgage lender mortgage rates in Canada.
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The average mortgage rate in the Yukon

There’s no single average for mortgage rates in the Yukon. Even if you had access to all the current mortgage rates being offered by lenders in the Yukon, it wouldn’t be much help when you’re mortgage shopping. That’s because the mortgage offer you receive is always specific to you and takes into account multiple factors like your credit score, the type of mortgage you want and the amount you need to borrow.

Think about the “average mortgage rate” the way you would average home prices in the Yukon. It’s interesting data to have, but it’s not necessarily relevant to your own home buying journey.

Yukon mortgage rate update: February 2024

Toward the end of January, mortgage rates finally dipped in response to falling three- and five-year government bond yields. Generally, this kind of action in the bond market would lead to faster reductions in three- and five-year fixed mortgage rates, but lenders don’t usually rush to serve up bargains.

As of February 12, 2024, lenders were offering five-year fixed rates below 4.8% on certain mortgage products, while three-year fixed mortgage rates were available for around 5%.

Five-year terms being a more affordable option puts the Yukon’s mortgage shoppers in a bind: A five-year term isn’t overly attractive if rates are expected decline significantly by 2025 or 2026, but it may be easier to qualify for once the stress test is factored in.

According to the Bank of Canada, the average posted rate for a one-year, fixed-rate mortgage was an eye-watering 7.84% as of February 7. At an average posted rate of 6.99%, three-year fixed mortgage rates might be more affordable, but they require borrowers to pass the stress test at a brutal 8.99%. 

Don’t let your bank’s posted rates make you hyperventilate, though. They’re meant to be negotiated down, and should be closer to the rates found on the table above.

Variable mortgage rates remain elevated after the Bank of Canada held its overnight rate at 5% on January 24. The Bank’s rate hikes have likely come to an end, but the overnight rate, and variable mortgage rates, won’t be reduced until inflation is firmly under control and heading toward the Bank’s target of 2%. That may not occur until June 2024.

Forecasting Yukon mortgage rates

Fixed mortgage rates

Based on the activity in the Canadian bond market in December, fixed mortgage rates should begin declining at some point in early 2024. Bond yields fell significantly throughout December, sinking to levels not seen since May 2023. This kind of downward movement generally gives lenders leeway to reduce fixed rates.

But the bond market is based on investor behaviour, which makes fixed mortgage rates difficult to predict over the long-term. If investors sell off their bonds, for example, yields increase, which generally spurs lenders to increase fixed rates.

Variable mortgage rates

Variable mortgage rates should finally decrease in 2024. As pesky as inflation has been, it’s gradually getting closer to the Bank of Canada’s 2% target. Once inflation falls — and stays — below 3%, the Bank should feel confident lowering its overnight rate. When it does, variable mortgage rates should follow suit immediately.

A suitable amount of evidence will still be required to convince the Bank of Canada to start reducing rates. If inflation declines steadily in January, February and March, that long awaited dip in variable rates could come in April.

Yukon housing market update: January 2024

The Yukon Bureau of Statistics releases quarterly reports on real estate trends. The most recent report covered July through September 2023. During those months, the average sale price of a single-detached house in Whitehorse was $664,600. That’s the highest quarterly average since the third quarter of 2022, when the average price was $701,200. The average condo sold for $426,600 in the third quarter of 2023. 

Yukon first-time home buyer programs

Yukon residents who are unable to get traditional financing can apply for the Yukon Home Ownership Loan Program when buying or building a primary home. You must have a down payment of at least 2.5%. If approved, the program finances the loan, which you’ll repay at an interest rate equal to one percentage point below the prevailing average 5-year mortgage rate. Anyone — not just first-time buyers — may apply.

Yukon land transfer fee

The land transfer fee in the Yukon has two parts: 

A flat fee. This fee is based on your home’s current value:

A variable fee. The variable fee, called the assurance fund fee, is based on any increase in the home’s value since it was last sold. You’ll pay $20 for the first $10,000 your home’s value has risen since it was last sold plus $10 for every additional $10,000 of increased value. 

Guide to Yukon mortgage rates

Types of lenders in the Yukon

A lenders. Big banks and credit unions are A lenders and offer borrowers the best rates currently available. You’ll need a strong credit score before being offered a loan, and you’ll be expected to pass a stress test

B lenders. Some smaller Canadian banks and mortgage investment corporations work with people who have poorer credit scores or limited credit history. Rates are higher as a result. 

Types of mortgages in the Yukon

Fixed-rate mortgages. The interest rate stays the same for the duration of the mortgage term in a fixed-rate mortgage, even if the market fluctuates. Fixed rates typically:

Variable-rate mortgages. Variable mortgage rates increase or decrease whenever your lender’s prime rate increases or decreases. Variable-rate mortgages typically have rates that:

» MORE: Fixed-rate vs. variable-rate mortgages

Hybrid-rate mortgage. One portion of your mortgage is subject to a variable rate and the other portion is at a fixed rate of interest. These mortgages:

Insured vs. uninsured mortgages. If you make a down payment of less than 20% on a home costing under $1 million, you must insure your mortgage. Mortgage insurance adds to the cost of your loan. You pay a percentage of your mortgage amount, and the percentage depends on your down payment — the closer it is to 20%, the smaller your insurance payment is.

Homes worth $1 million or more require a down payment of at least 20%, so insurance is not required. 

Short-term vs. long-term mortgages. Short-term mortgages last five years or less. Long-term mortgages last over five years. With a shorter term, you’ll need to renew your Yukon mortgage sooner, which can provide flexibility. Short-term mortgages often have lower interest rates than long-term mortgage rates.

Closed vs. open mortgages. The main difference between closed and open mortgages is that you can pay off an open mortgage whenever you like and not pay a penalty; if you make additional payments on a closed mortgage, you’ll generally be penalized.

Closed mortgages often offer better rates than open mortgages. But open rate mortgages may be a good option if you think you may be able to pay off your mortgage early.

» MORE: Open vs. closed mortgages

How lenders in the Yukon determine mortgage rates

Yukon mortgage rates fluctuate constantly. Two main economic factors affect mortgage rates: 

Factors specific to you also affect the rates you’re offered. These include:

How to qualify for a lower mortgage rate in the Yukon

Some factors behind rates are beyond your control, but there are steps you can take to encourage lenders to offer you the best mortgage rates. For example, you can:

Factors that affect mortgage affordability in the Yukon

Mortgage term

The term is the length of time your mortgage contract is valid. In Canada, mortgage terms can run anywhere from six months to as long as 10 years.

Chances are that your mortgage will have multiple terms during the amortization period until you pay it off in full.

Amortization period

A mortgage’s amortization period is the time it will take to pay off the loan in full. In Canada, the most common amortization period is 25 years. If your down payment is less than 20%, you can’t have an amortization beyond 25 years. 

If your down payment is greater than 20%, you may find some lenders willing to offer amortization periods of up to 35 years.

Why would you want a shorter amortization period? You’ll pay less interest overall and potentially save thousands of dollars. A shorter amortization period, however, will result in higher monthly payments.

How to compare mortgages from Yukon lenders

Compare the annual percentage rate (APR) instead of the interest rate alone. The APR includes the interest rate, as well as fees and closing costs the lender may charge. A lender that offers you the lowest rate may have a higher APR due to those additional costs. Comparing APRs is the best way to see what different offers will truly cost you.

Be sure you’re comparing the same type of mortgage. For a comparison to be useful, the mortgages should have the same term, amortization period and payment frequency.

Other aspects to compare when looking for the best mortgage rates in the Yukon include:

You can also compare mortgage rates in other provinces to get a sense of how the rate you’ve been offered in the Yukon stacks up:

Mortgage shopping is about more than finding the best rate

A low mortgage rate is usually a primary objective for buyers, but getting the lowest rate doesn’t necessarily mean you’re getting the best mortgage for your needs.

For example, you might opt for a fixed rate, which has a higher rate than a variable rate, if you’re uncomfortable with the risk of rates rising. Or, if you expect to come into a sizable sum of money soon (via an inheritance, for example), paying a higher rate for an open mortgage, which allows you to pay it off early without penalties, could be worth it.

Frequently asked questions for Yukon mortgage rates

What’s a good mortgage rate in the Yukon right now?

As of January 2024, some lenders were offering fixed mortgage rates below 5% and variable mortgage rates under 6.2% for certain home purchases.

Will mortgage rates come down in 2024?

Variable mortgage rates could stay where they are until April or June 2024. Conditions in the bond market indicate that fixed mortgage rates could decline in early 2024, but they may not decrease significantly until the Canadian economy shows further signs of stability.


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