The Yukon Housing Corp. made the announcement, with the details including a low-interest loan of up to $25,000 to make a liveable detached unit, also known as a garden home, according to a report by CBC news. The aim is to encourage more rental options to be built.
The vacancy rate has hovered just above 1% lately in Whitehorse, the largest city in Yukon which has attracted new residents with its low unemployment and mining jobs.
About $150,000 has been budgeted for the program, according to the article, and the new interest rate has been set two points below the current five-year mortgage rate.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate