Housing prices broke records from July to September of this year, according to the bureau of statistics. (Courtesy/Pexels)

Housing prices broke records from July to September of this year, according to the bureau of statistics. (Courtesy/Pexels)

Cost of average Yukon house rises to $700K

The price of houses, condos and duplexes all broke records

The average single-detached house in the Yukon sold for $701,000 in the third quarter of 2022, according to a new report from the Yukon Bureau of Statistics.

That marks a record-high for housing prices, the bureau says.

Condos and duplexes also broke records, selling for $487,200 and $562,200 on average, respectively.

House and condo prices rose seven per cent from the previous year, which equates to a price jump of $30,000 for condos up to $44,000 for houses.

The third quarter report accounts for real estate prices from July to September. In that time, 100 single-detached houses, 64 condos and 12 duplexes were sold.

The price of houses has been rising consistently and substantially over the past decade.

Third-quarter reporting from 2012 priced single-family homes at $437,000. Average condo prices were reported as record-breaking at $330,600.

On. Jan 21, 2013, the Yukon News reported “unprecedented growth of condos and high-density developments” leading to questions of whether they would be healthily absorbed into the market. A Yukon News editorial published in February 2012 forecasted “plenty of homes for all who want one” with the development of Whistle Bend on the horizon.

This week, the Yukon Party chastised the Liberals on their failure to develop land for housing to match population growth since coming into office in 2016.

“Many Yukoners are on the brink financially, and home ownership is now completely unattainable,” said Yukon Party MLA Yvonne Clarke during question period on Oct. 31.

Clarke noted the two-month access delay on lots in Whistle Bend and cited a $281,000 increase to the price of houses in the last six years.

Richard Mostyn, Minister of Community Services, retorted that the lack of supply spans beyond the Liberals’ control and blamed the Yukon Party’s 14 year-tenure preceding 2016.

“The Yukon Party sat on millions of dollars and refused to invest in affordable housing,” Mostyn said. “We are still paying a price for the Yukon Party’s inaction.”

Mostyn said the Yukon government has budgeted $30 million for land development and plans to develop 1,000 lots “in the coming years.”

“Fixing the territory’s housing shortage is not something that one government organization can accomplish alone,” he said.

The total value of real estate transactions has also been rising steadily in the last five years.

$142 million changed hands for real estate over the third quarter of 2022. Eighty per cent of sales happened in Whitehorse.

Twenty-one houses were sold in Porter Creek and Whistle Bend over the three-month period. Eighteen houses were sold in Riverdale and 16 houses were sold in Copper Ridge, which includes the Logan, Arkell and Ingram neighbourhoods.

Fourteen houses were sold in country residential areas including Wolf Creek, Pineridge, Mary Lake, MacPherson and Hidden Valley.

Granger, Copper Ridge, Whistle Bend and country residential homes boosted the record-breaking prices. Three houses sold in Granger for an average of $810,000. Prices in the latter three regions hovered between $700,000 and $760,000.

The cheapest houses were sold downtown for an average of $520,000.

Riverdale, Granger and Porter Creek hovered in the middle with an average of about $670,000.

The report notes that country residential properties typically sell higher than houses in town. Excluding those properties brings the average house cost down to $691,000.

Contact Gabrielle Plonka at gabrielle.plonka@yukon-news.com