Prices are up again across the board for residential properties in Whitehorse, whether it be single-detached homes or condo units, say the most recent numbers.
This week’s real estate report by the Yukon Bureau of Statistics says that in the fourth quarter of 2017, the average Whitehorse house sale price was $463,400.
That is a record-high, and an increase of $43,100 from the fourth quarter of 2016.
The report says Copper Ridge was again the hottest ticket in town for the number of urban sales and the value of transactions, though country residential properties remain supreme.
In the last three months of 2017, statistics show, 15 single-detached homes in Copper Ridge sold for an average price of $510,700.
The second-hottest neighbourhood was Whistle Bend, where 10 homes sold for an average of $468,500, says the report.
The seven country residential properties sold in the fourth quarter of last year went for an average of $596,500.
The value of real estate sales in the last three months of 2017 represented an all-time record for fourth-quarter sales, says the bureau’s Gary Brown.
Even if the abnormal $18.8 million in the sale of commercial properties from Oct. 1 to Dec. 31 was removed the equation, Brown told the Star, it would still be a record fourth quarter.
The statistics, for instance, show that the value of real estate transactions in the final three months of 2017 hit $72 million, compared to $48.8 million in 2016 and $50.3 million in 2015.
In all of last year across the city, the 283 single-detached houses sold for an average of $444,400, up $22,900 or 5.4 per cent from the average price of $421,500 for the 285 single-detached homes sold in 2016.
The average price of the 195 condo units sold last year rose to $317,800 – up $8,500 or 2.7 per cent over 2016 prices.
The 26 mobile homes on their properties sold for an average of $259,600. That’s up 14 per cent from the average price of $227,400 in 2016.
The average price of the 49 duplex units sold last year was $335,400, representing an increase of $21,500 or 6.8 per cent compared to the average of $313,900 paid for the 37 duplexes sold in 2016.
The most recent population figures to the end of last September estimated the Yukon’s population at 38,641, a rise of 20 per cent from Sept. 30, 2007.
Statistics show government spending is by far the largest contributor to the Yukon’s gross domestic product.
Second is the mining and oil and gas sector.
Marc Perreault, the president of the Yukon Real Estate Association, said Wednesday he believes the increase in real estates prices is partly due to the lack of land available for housing and development.
It goes back to the principle of supply and demand: when there is not enough land for new housing, upward pressure is put on prices for existing housing, he said.
Perreault said more land for housing allows contractors to respond with new construction.
That which in turn keeps older homes at more affordable prices for some.
Increasing consumer confidence, he suggests, is behind the seeming upswing in commercial and industrial sales of real estate, as Outside investment is beginning to flow into the territory.
Perreault said the mounting confidence is being influenced by things like activity in mining and mineral exploration, enhanced relationships with First Nations and an expansion of the tourism sector.