There’s an opportunity out there for seniors who live in their own homes but nobody knows about it, Whitehorse senior Gabriele Watts told city council Monday night.

Watts said the city offers the property tax deferral program for seniors 65 and older but you’re not going to find it on the city’s website unless you go digging.

Most seniors in the territory, she said, know about the pioneer utility grant, the senior utility charges rebate and the home owner’s grant.

But nobody knows about the property tax deferral program, and there are probably members of council who don’t even know about it, Watts insisted.

“Going forward, my hope is that city council will make all seniors aware of this program,” she told council. “There is some information on the City of Whitehorse webpage though I found it difficult to find.

“It would be helpful if the city published a webpage containing all relevant information, including updated information on the program, eligibility for the program, how to apply as well as the application form.”

The deferral program is a federal program and is available for adoption by the territories and provinces. The Yukon adopted it in 1999 and the city began administering it for Whitehorse residents on behalf of the Yukon government the same year.

Watts explained the Yukon program allows seniors to defer paying property taxes if they own and live in their own homes. There are a couple of other requirements but those are the main ones, she told council.

She explained the deferred property taxes must be paid back when the home is sold or the title changes hands. There is interest charged on the deferred taxes but it’s at the Bank of Canada lending rate, she pointed out. (The rate this morning was 1.75 per cent.)

Watts said for many seniors, being able to defer their property taxes could mean the difference between keeping their home or not.

The average property in Whitehorse will pay $2,500 in property taxes this year, she pointed out.

Watts said she’s been eligible for a few years but just found out about the program, and she pays more than the average homeowner.

Since finding out, she asked six financial advisors at four banks if they knew about the deferral program and only one knew.

Watts said she visited the Yukon Council on Aging at the Seniors Information Centre who has a handbook on all services available for seniors but there is no mention of the property tax deferral program in the handbook.

“I then spoke with two accountants and one very competent financial advisor and none of these professionals had ever heard of the program,” she told council. “This clearly shows there is a lack of knowledge about the senior’s tax deferral program.”

She suggested the city could make more of an effort to advertise the program just as it advertises other programs.

“Perhaps a letter about the program could be included when the property tax bills are sent out to homeowners over the age of 65,” she said.

Watts said seniors living outside the city can find information about the deferral program at the Yukon government offices inside the Lynn Building on Steele Street.

According to numbers provided by the city and the Yukon government this morning, there are eight seniors enrolled in the tax deferral program administered by the city with two pending and four enrolled from rural Yukon. Other Yukon municipalities may also offer the deferral program on behalf of the government.

Watts pointed out the Yukon Bureau of Statistics reported in June 2018 there were approximately 5,200 Yukoners who were 65 or older, representing 13 per cent of the territory’s total population.

In Alberta, she told council, 78 per cent of seniors are homeowners, and in B.C. the percentage is even higher.

“For example, British Columbia’s program, introduced in 1974, saw the number of seniors who deferred their property taxes grow by 53 per cent in the last four years,” Watts said.

In a brief interview after her presentation, Watts explained seniors who might be concerned for one reason or another about the debt they’ll build up against the value of their home should rest easy.

The Bank of Canada lending rate is so low – under two per cent – the value of their home will most likely appreciate more than two per cent per year.

If a senior, for instance, would have deferred their property tax by $2,500 a year for the last 10 years, today they would owe $25,000 at an interest rate of below two per cent.

In 2010, the average single-family home in Whitehorse sold for $375,400, according to the Yukon Bureau of Statistics.

The average price for a single-family home through the first nine months of last year was $513,600, representing a difference of $138,200 compared to 10 years ago.

The difference of 138,200 represents an increase in value of 37 per cent for the average single-family home over the last 10 years, or 3.7 per cent per year.