The Government of Yukon temporarily indexed residential rent increases in 2021 to the Consumer Price Index (CPI) for Whitehorse. The index limits rental increases to the rate of change in the CPI for the previous year. The Yukon Bureau of Statistics has determined the CPI for Whitehorse has increased from 1 per cent for 2021–22 to 3.3 per cent for the year beginning May 15, 2022.
Indexing residential rent increases to the CPI is one of the initiatives the Government of Yukon is taking to support the housing needs of Yukoners. The Government of Yukon continues to take a multi-faceted approach to increase housing options for Yukoners throughout the territory. These include launching the Canada-Yukon Housing Benefit, which provides financial support directly to renters in need, as well as initiatives designed to make more housing available in the territory, such as the development of new residential lots.
An essential component of the Yukon’s economic prosperity is ensuring that tenants can access affordable housing and that landlords can continue to contribute to the rental market. The intent of this temporary residential index is to allow renters to better plan for the future, knowing their rent will not be increasing dramatically each year. It is one of a number of approaches that is underway to address the need for affordable housing in the Yukon.
The Government of Yukon will continue to work with both tenants and landlords to evaluate this initiative and look at further options to ensure Yukoners have access to housing they can afford.
The residential rent index is an element of the Confidence and Supply Agreement.
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The Yukon Bureau of Statistics calculates the Consumer Price Index on an annual basis.
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The rent index prohibits landlords from increasing rents by more than the CPI. The inflationary adjustments (CPI) can only be made on or after May 15, 2022.
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To increase the supply of housing in the territory, in the last four years the Government of Yukon has:
- released 500 lots for development across Yukon;
- supported the development of more than 600 homes since 2018;
- provided more than $23 million towards homeownership programs; and
- launched the Canada-Yukon Housing Benefit to help make the rental market more affordable for Yukoners.
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Moving forward, the Government of Yukon has also identified a number of housing initiatives, including:
- developing and releasing 1,000 new lots in the next five years across the Yukon;
- working with the private sector on developing the Fifth and Rogers parcel in Whitehorse to increase the amount of available housing;
- supporting the establishment of the Yukon Community Land Trust, which will create permanently affordable housing through a rent-to-own model; and
- continuing to develop incentives for the construction of affordable housing.
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The Confidence and Supply Agreement (CASA) was signed on April 28, 2021. The agreement is between the Liberals and the NDP and lays out 16 policy initiatives that the parties will work towards. The agreement is in effect until January 31, 2023.
Renée Francoeur
Cabinet Communications
867-334-9194
renee.francoeur@yukon.ca
Bonnie Venton Ross
Communications, Community Services
867-332-5513
bonnie.ventonross@yukon.ca