Yukon North Of Ordinary

News archive for January 8, 2014

Fewer homes are changing hands, data show

As the territory’s house prices continue to rise, fewer are being sold.

By Stephanie Waddell on January 8, 2014 at 4:26 pm

photo

Photo by Whitehorse Star

Gary Brown

As the territory’s house prices continue to rise, fewer are being sold.

Figures released Tuesday by the Yukon Bureau of Statistics show that the average sale price for single-detached homes in the third quarter – July to September – of 2013 was $417,700.

That’s up $13,600, or 3.4 per cent, from the second quarter, April to June.

At the same time, there were four fewer single-detached homes sold, with 76 changing hands in the third quarter compared to 80 in the second quarter.

From a year-to-year stand point, real estate sales in Whitehorse are falling, with 170 properties sold in the third quarter of 2012 and 164 in the third quarter of 2013.

That translated to a decrease of $7.4 million (or 9.1 per cent) in the value of the transactions from the third quarter of 2013, when the figure was $80.6 million, to $73.3 million during the same period in 2012.

On an individual basis this quarter, it shows that in addition to the single-detached homes sold for an average price of $417,700, there were 42 condos sold for an average price of $312,900.

Thirteen duplexes sold for an average price of $308,800 and 11 mobile homes were sold for an average price of $227,600.

Country residential properties had the highest average sale price at $517,100.

In other neighbourhoods, homes sold for an average of $373,200 in Porter Creek; $377,700 in Riverdale; $436,800 in Granger and $437,800 in the Copper Ridge, Logan and Ingram area.

There were no homes sold downtown, and the numbers in other areas were suppressed due to confidentiality.

Gary Brown, the statistics bureau’s senior information officer, noted this morning that in looking over information from the past five years, the peak in home sales came in the third quarter of 2004, when there were 283 transactions.

The peak for single-detached houses in particular came a year before that in the third quarter of 2003, when 173 houses were sold.

Since then, Brown said in an interview, condo sales appear to have taken off, with those numbers rising as others have fallen.

Third-quarter numbers from 2013 show the 42 condo sales totalled $13.1 million in sales; however, they are below the same period in 2012, when there were 52 sold.

The average for the last five years’ third quarters sits at 32.

It was in the second quarter of 2012 when record highs were made in the local condo market, with 80 condos sold totalling $24 million.

Along with the sales of residential property in the third quarter of 2013, there were also 13 industrial properties changing owners, with sales totalling $5.6 million.

Brown said figures from the real estate survey are derived from information emerging through land titles when properties change hands.

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