Yukon North Of Ordinary

News archive for November 21, 2012

Yukon home prices have reversed downward trend

Those buying a house in Whitehorse now may find themselves paying more than they would have in the first part of the year.

By Stephanie Waddell on November 21, 2012 at 4:02 pm

Those buying a house in Whitehorse now may find themselves paying more than they would have in the first part of the year.

The Yukon Bureau of Statistics has released its second quarter (April, May and June) report on real estate sales.

It shows the average single-detached home cost at $442,400, an increase after two consecutive quarters that saw declines.

The average price of a single-detached home in the third quarter of 2011 was $455,700. It fell to $432,600 in the fourth quarter, then to $417,600 in the first quarter of this year.

Country residential homes had the highest average price in the second quarter of this year, at $564,400.

Mobile homes had the lowest average price at $256,200.

In the middle were duplexes costing an average of $322,600 and condominiums costing an average of $299,800.

The quarter was also a record high in real estate sales for the territory, with $94.7 million spent on buying homes.

With 215 sales in that time, it was the highest quarter since the third quarter of 2004, when there were 283 transactions.

“The high number of transactions is driven mainly by record condo sales,” states the release by the bureau.

It notes a total of 80 condos were sold compared to a previous high of 56 condos in a second quarter report in 2011.

“Over the past five years, the second quarter average number condo sales has been 35,” it’s noted.

At the other end of the scale, nine mobile homes were sold. That’s below the five-year second quarter average of 13.

Another 81 single-detached houses and 24 duplexes were also sold.

Over the past five years, the second quarter average for those has been 88 for detached homes and 15 for duplexes.

There were also 11 sales of industrial properties sold in the second quarter and seven family lots sold.

Family lots include country residential lots, but not the majority of lots purchased by contractors, its noted.

While those add up to only 212, it’s noted the total of 215 also includes multiple-residential sales which are generally too low to release due to confidentiality requirements.

Val Smith, the president of the Yukon Real Estate Association, could not be reached for comment on the latest trends before press time this afternoon.

CommentsAdd a comment

Lol

Nov 21, 2012 at 6:11 pm

Lol. A deluxe double wide trailer is worth less than $30k retail. Now they are worth an average of $250k, lol. As quickly as all this fake value appears out of thin air, it will soon disappear. My question is where are the jobs? What new anything in Whitehorse is facilitating all these ridiculous prices and buying spree. And it’s not the mines as the majority of workers are being flown in. Lol.

Atom

Nov 22, 2012 at 12:35 pm

Industry in the Yukon just sounds desperate these days. Mining and Housing need to release these confident statistics to convince everybody the Boom is forever. Mining has run it’s course. It is doing well and should another mine open will realize the fruits of this past few years labour, but will fall silent in exploration for a while. There are only so many people here and with the booming economy being tied to mining, how could house prices go up? High housing costs will not promote immigration when salaries can only pay for a mortgage. People want to live where they can play too. Not to mention raise a family.

CJ

Nov 22, 2012 at 6:36 pm

I see quite a few empty storefronts around town, places that have been vacant for years now. I’ll never understand this place.

Joel

Nov 22, 2012 at 7:02 pm

Yes, if exploration is successful, then mines open and provide money to companies and people….exploration is not forever but usually lasts less time than mining does.

LOL…guess you haven’t been here for a while since there is alot new in Whitehorse and surrounding area.  Mines actually have quite a few local employees and other businesses have been hiring for a while.  Yukon has the highest economic growth in the country this year and was close for the last few years.  We are also rated as having one of the highest levels of disposable income in the country and the most new vehicle sales per capita.

I am not saying the prices are not too high because I think they are, BUT as long as people keep paying the prices, the prices will not go down.

Lol

Nov 23, 2012 at 7:26 pm

You never answered my question. What industry is supporting the influx of people? Simply stating CBC news bits is not an answer. Again, what is new in Whitehorse? Nothing. So until someone can answer my question, I’ll continue lol’in. Something just doesn’t add up here. Why are there so many people driving around town early afternoon when the majority of people have a day job?  I don’t leave my job during work hours. If someone states they might work early then why does rush hour start around 8am, not 6 am? Because most people have a 9-5, give or take a little wiggle room. Housing prices that never go down. People doing errands 7 days a week, all day long it seems.  Nothing new to facilitate the amount of money and good paying jobs that this town seems to create out of thin air. What doesn’t add up here?  No one to work entry jobs except temporary foreign workers.  Again, explain how our economy is so booming when nothing adds up. And more people using the food bank, lol.

Atom

Nov 24, 2012 at 10:12 am

That’s amazing economics Joel. The stats you have repeated in your post will just have to reflect reality.

Just to feel normal I’d better buy that 450K house that needs a retro after I pay cash for my new pickup, if there are any left at the dealerships with all the buying going on. Then I’d better grab some new duds for my trip to Hawaii!

I should slide a new snow machine on the truck too. After I insure and register it and install the plate I’ll don my new helmet….the new neighbours shouldn’t mind

Bean

Nov 26, 2012 at 11:00 am

@Atom

Don’t forget your snowmobile safety card!

Joel

Nov 27, 2012 at 12:40 pm

If you feel the need to buy the new house, then I would suggest you buy it, other people are.  If you need a new truck, you should get one.  If you need a snow machine to impress the neighbors, then I guess you will have to get that too.

Personally, I buy based on what I want and need, not what anyone else wants or needs.  Maybe others should do the same.  Right now I am happy living in my house and don’t need a new one although there are some really nice ones out there that are bigger and fancier than mine.  I have a 13 year old vehicle and a 5 year old vehicle that work perfectly fine for my purposes.  When I need to replace one, I will replace it.

LOL, what do you need to see new in this town to keep it growing in your mind?  We have very little unemployment and many good paying jobs.  If the jobless rate was up, than I might be concerned, but it is not.  The population is rising and the jobless rate is dropping, so obviously there is something giving people work…even if you and I don’t see it.

The concept that the average statistic does not reflect reality…is an interesting concept.  I guess my idea of average and yours varies dramatically.

Blackpowder

Nov 27, 2012 at 4:28 pm

Yukon Budget = 1.089 Billion

Transfer payments from the rest of Canada, approx. 995 Million

35,000 +/- Yukon Residents, with over 50% of working adults employed by some level of Government (Fed, YT, Mun.). Work that per-person transfer payment out sometime….

When the rest of Canada is paying these kind of dollars, and most of us work for a “government” its easy to see why the party never seems to end…

Reality is for the rest of the country I suppose, as its certainly not around here.

north_of_60

Nov 27, 2012 at 7:52 pm

“Yukon Budget = 1.089 Billion

Transfer payments from the rest of Canada, approx. 995 Million”

If the rest of Canada ever decides we’re just too expensive to maintain, then things will change significantly.

Atom

Nov 27, 2012 at 7:54 pm

Joel….Ahhh life in Happyville. The roses in your kitchen window box are limiting your view to stats reiterated over and over in the newspaper and what you read online.

Bean…I actually forgot about that ridiculous requirement…thanks for the reminder, though with the enforcement level I’d doubt there’s much to worry about.

Arn Anderson

Nov 28, 2012 at 12:56 am

Only a few provinces are “haves” Black powder, so I guess 80% of the nation is not in reality. Transfer payments have nothing to do with the issue. Working for the “government” has really nothing to do with it either. There was “government” here since the Territory was founded.

Housing prices in Yukon is a mystery, like oil and fuel prices. Oil can drop $50 today and it would take forever to reflect at the pump but it goes up $10 and the stations are slipping, falling and helicoptering up to their signs to change it.

Doesn’t matter if none of you don’t understand or comprehend these issues, just don’t be a sucka, simple.

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