Having driven investment away from the Yukon’s housing and rental markets “with their poorly thought-out policies,” as the Yukon Party describes them, the territorial Liberal government is now turning to Ontario.

On May 2, the government announced Premier Pillai Ranj had signed a memorandum of understanding (MOU) with the Ontario government to introduce Ontario housing investors to the territory.

The only spending commitment in the MOU came from Pillai indicating ‘Yukon will host a familiarization tour or trade mission for housing developers and professionals to explore opportunities in the territory,’” the Yukon Party said May 16.

“The reactionary Liberal government is now spending taxpayer dollars to offset criticism of their bad policy decisions,” the official Opposition said.

“In a February 14 letter from the Yukon and Whitehorse Chamber of Commerce, Yukon businesses raised serious concerns about the government extending the Confidence and Supply Agreement (CASA).

“The joint letter stated, ‘We are concerned that this environment of weakening property rights will create a barrier to new private investment into the territory. As a result, there may be a shift in Yukon businesses and entrepreneurs investing their capital outside of our territory.’”

Yvonne Clarke, the party’s housing critic, added, “The Liberals continue to mismanage housing development in the territory.

“Time and time again, policies like rent control and bans on no-cause evictions have been shown to reduce private investment in rental housing markets. The issue is only made worse by a lack of lots due to their decisions that have delayed land development across the territory.”

The 2021 CASA between the Liberals and NDP brought in rent control, while the CASA extension signed Jan. 31 brought in a ban on no-cause evictions.

“Since the policies took effect, landlords have sold off or unlisted rental properties, permanently removing rental units from the housing market,” the Yukon Party said.

When the New Democrats expressed concern with the MOU with Ontario earlier this month, cabinet communications staff noted in a statement that “the agreement between premiers will help exchange best practices for creating investment-ready housing development and encourage trade and commerce in the housing sector between the Yukon and Ontario.

“The knowledge, skills and connections obtained through this partnership are among the several approaches taken to enhance the market housing inventory in 
the Yukon.”