4. Action plan for home lending

Status: Completed

Budget: $75,000

What is the goal of this initiative?

We know that access to mortgages and home lending is a significant barrier to home ownership in small communities. The goal of this initiative is to better understand why these barriers exist, and what we can do about them. By researching this issue and developing a strategy to address barriers to home lending, we hope to support more Watson Lake residents to access the funds they need to become homeowners.

How does it work?

The Town of Watson Lake Mortgage Accessibility Report examines the systemic, regional, and local barriers that limit residents’ ability to access mortgage financing and achieve homeownership. The scope of the report is to understand why conventional mortgage lending models often fail in small, northern, and rural communities, and to identify practical pathways to improve housing market participation in Watson Lake. The study was undertaken in response to ongoing housing shortages, limited new construction, and persistent challenges faced by residents attempting to buy, sell, or finance homes.

The report evaluates key factors affecting mortgage accessibility, including lending and appraisal practices, income and affordability constraints, permitting and legal processes, availability of real estate and construction services, and broader market conditions unique to Watson Lake. It aims to address the disconnect between national mortgage standards and local housing realities, where homes may be structurally sound and functional but undervalued or deemed ineligible under standard lending criteria.

What are the key recommendations?

• Advocating for policy and lending reforms that better reflect rural and northern housing markets.
• Strengthening local capacity in real estate, appraisal, permitting, and construction to support mortgage-ready housing stock.
• Reducing administrative and procedural barriers that delay or prevent mortgage approvals.
• Supporting coordinated, community-led implementation with the Town acting as a facilitator and advocate.

What happens next?

If implemented, the report’s recommendations aim to improve mortgage approval outcomes, encourage new housing development and reinvestment in existing homes, and support long-term housing stability and increased homeownership opportunities for Watson Lake residents. If you are interested in learning more about this initiative, contact the program administrator at jordan@elevatoryukon.com.

Where can I read the report?

The full report is available below. If the report document isn't working right, click on this permalink to find a link to download the Town of Watson Lake Mortgage Accessibility Report.