Yukon housing market stayed hot through winter

The real estate market continues to break records in the Yukon. New statistics show that the total value of all real estate transactions in January 2012 through March 2012 hit over $50 million, more than the first quarter of any other year.

The real estate market continues to break records in the Yukon.

New statistics show that the total value of all real estate transactions in January 2012 through March 2012 hit over $50 million, more than the first quarter of any other year.

In fact, the value was 40 per cent higher than the previous record, set in 2011.

“In my mind, it’s a reflection that the market is alive and healthy in the Yukon,” said Val Smith, president of the Yukon Real Estate Association.

The average price for a single house in the Yukon peaked in the third quarter of 2011 at about $456,000. It has fallen since then.

In the first quarter of 2012, an average home cost around $418,000.

The falling prices are a healthy and natural correction to a market where house prices were higher than what people could afford to pay, said Smith.

Yukon real estate prices, which have nearly doubled in seven years, reflect both the scarcity of available housing, and stimulus measures that made it easier to get a mortgage, Smith said.

Now, the lending requirements look more like what Smith has been used to for most of the 28 years she has been practising real estate in the territory, and that’s a good thing, she said.

And now there are more homes, including more affordable homes, and more lots coming on the market.

Higher-end residences continue to be the slowest to move on the market, and Smith would not be surprised to see the average house price continue to fall, she said.

However, Smith also urged caution in interpreting the statistics.

In a small market like the Yukon, a small number of high-end transactions can have a significant effect on the average, said Smith.

Also, the average house-price index does not include condos, duplexes and mobile homes, all of which form a significant part of the Yukon market.

The condo market is where the Yukon has seen the most significant growth in recent years, said Smith.

In the first quarter of 2012, 54 condos were sold compared with 45 single houses.

The average selling price for a condo was $277,000.

The full report is available on the Yukon Bureau of Statistics website.

Contact Jacqueline Ronson at

jronson@yukon-news.com

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

XX
WYATT’S WORLD

Wyatt’s World for May 5, 2021.… Continue reading

Crystal Schick/Yukon News Premier Sandy Silver, left, and Yukon’s Chief Medical Officer of Health Dr. Brendan Hanley speak at a COVID-19 update press conference in Whitehorse on Nov. 19. They formally announced that as of Nov. 20, anyone entering the territory (including Yukoners returning home) would be required to self-isolate with the exception of critical service workers, those exercising treaty rights and those living in B.C. border towns
Vaccinated people won’t have to self-isolate in the Yukon after May 25

Restaurants and bars will also be able to return to full capacity at the end of the month.

An RV pulls into Wolf Creek Campground to enjoy the first weekend of camping season on April 30, 2021. John Tonin/Yukon News
Opening weekend of Yukon campgrounds a ‘definite success’

The territorial campgrounds opened on April 30. Wolf Creek was the busiest park seeing 95 per cent of sites filled.

Visitors from Ushiku, Japan visit the Carcross Desert as part of the exchange program Ushiku and Whitehorse have. The previously annual exchange has been cancelled for 2021 due to COVID-19. (Submitted)
Whitehorse-Ushiku sister city exchange cancelled

Officials said the exchange is cancelled due to COVID-19

The site of the Old Crow solar project photographed on Feb. 20. The Vuntut Gwitchin solar project was planned for completion last summer, but delays related to the COVID-19 pandemic pushed it back. (Haley Ritchie/Yukon News)
Old Crow is switching to solar

The first phase of the community’s solar array is already generating power.

Chief Medical Officer of Health Dr. Brendan Hanley. (Crystal Schick/Yukon News file)
One new case of COVID-19 in the Yukon

Case number 82 is the territory’s only active case

Flood and fire risk and potential were discussed April 29. Yukoners were told to be prepared in the event of either a flood or a fire. Submitted Photo/B.C. Wildfire Service
Yukoners told to be prepared for floods and wildland fire season

Floods and fire personelle spoke to the current risks of both weather events in the coming months.

From left to right, Pascale Marceau and Eva Capozzola departed for Kluane National Park on April 12. The duo is the first all-woman expedition to summit Mt. Lucania. (Michael Schmidt/Icefield Discovery)
First all-woman team summits Mt. Lucania

“You have gifted us with a magical journey that we will forever treasure.”

Whitehorse City Hall (Yukon News file)
City news, briefly

Whitehorse goings-on for the week of April 26

The Yukon Department of Education in Whitehorse on Dec. 22, 2020. The department has announced new dates for the 2021/2022 school year. (John Hopkins-Hill/Yukon News file)
Yukon school dates set for 2021/22

The schedule shows classes starting on Aug. 23, 2021 for all Whitehorse schools and in some communities.

Letters to the editor.
Today’s mailbox: rent caps and vaccines

To Sandy Silver and Kate White Once again Kate White and her… Continue reading

Most Read