How long is the lease?
The lease is for 125 years from the date of registration.
How did these leases come to be?
The Whitehorse Properties Limited Partnership is wholly owned by the Kwanlin Dun First Nation and is currently embarking on a historic journey to make available increasingly rare undeveloped lands within the City of Whitehorse for residential and commercial activities through long-term leasing. In pursuit of this, YTG updated the Land Titles Act in 2015 to allow eligible Yukon First Nations to register and obtain Certificates of Leasehold Title while maintaining Aboriginal Rights and Title. The KDFN 2018 Lands Act allows the First Nation to grant land to beneficiaries, citizens, and the general public.
Who controls the land?
The individual who holds the Lease has the exclusive use and enjoyment for the duration of the lease.
Can the First Nation change or cancel the lease at any time?
No, the lease is registered in the YTG Land Titles Office for the duration of the 125-year lease.
How was pricing determined?
Lots and homes have been priced in accordance with the current market value. To demonstrate this, lots 2,3,4 and 5 at Beryl Place, which have 2 storey homes and bungalows being constructed as we speak, have been priced identically to lots with 2 storey homes and bungalows currently being sold in Whistle Bend.
How does the mortgage work?
Royal Bank of Canada has created a special Pre-Build package for SPK Homes, which guarantees rates and approvals for up to 24 months. Other lenders are restricted to financing pre-approvals for only 120 days. With this new Builder Package with RBC, ‘Firm Approvals’ to builder clients are much more secure and stress free. Please contact Mark Huntley at the Royal Bank of Canada to learn more: mark.huntley@rbc.com
Most banks will give a traditional mortgage for leasehold properties. Leasehold interests that are registered with the Yukon Land Titles Office (as these will be), qualify for mortgages and other financing options offered by regular financial institutions. The minimum down payment is the same as a property on Freehold land – everything is the same in the financing process *except* that the banks require CMHC mortgage insurance even if someone is putting 20% or more as a down payment. This is the same as a mobile home. Leases that are registered with the Yukon Land Title Office provide security and “mortgage-ability”.
Can I sell my Leasehold interest to another party?
Yes, at any time.
What’s the difference between a Certificate of Leasehold Title and Fee Simple Title to property?
A Fee Simple Title gives the titleholder ownership of the property, indefinitely, while a Certificate of Leasehold Title gives the leaseholder exclusive rights to use and occupy the land for a set period of time. In the case of a KDFN residential lease, approximately 125 years. Under the KDFN Constitution, KDFN is unable to sell settlement land and must always retain ownership.
What happens after the Lease ends?
Generally, all improvements (buildings) fall to the land owner; however, the lessee or lessor can request a lease renewal.
How much is the monthly Land Lease payment?
The purchase price (rent) is fully prepaid up-front, in the same manner as a typical home purchase on freehold land. Your home (and land) is amortized with your preferred financial institution.
Are there taxes to paid on First Nation Land?
Yes, typical City of Whitehorse or YTG property tax and mill rates are applied by the YTG Property Tax Assessment Dept that are passed on to the home and lot owner. There are NO additional property taxes by the First Nation. The Kwanlin Dun First Nation receives a portion of the household income tax directly from the Federal Government through a tax room sharing agreement
Can the First Nation increase the taxes at any time during the lease?
No
Does the City of Whitehorse zoning control bylaw apply in this residential project?
Yes. All laws do apply on KDFN Settlement land within the City of Whitehorse including all statutes, bylaws, amendments, regulations and City policies.
What does Zone RCS2 mean?
RCS2 Zoning allows for a single family detached home and a garden suite on the property. The information package explains RCM2 zoning in greater detail.
Who is in charge of services?
The city of Whitehorse is responsible for all utilities, just as in other subdivisions in Whitehorse. The City of Whitehorse is also in charge of road maintenance and garbage collection.
If I buy a lot without a contractor attached, how long do I have to construct my home?
Approximately 3 years from the purchase agreement date for your lot.
Resale Value
Appraisals are deemed to be equal to freehold land