Photo by Whitehorse Star
Average condo price reached record high of $479,900
The average price for a single-detached house in Whitehorse jumped by 16 per cent in the first three months of this year compared to the first quarter of 2020.
The average price for a single-detached house in Whitehorse jumped by 16 per cent in the first three months of this year compared to the first quarter of 2020.
The Yukon government’s real estate report for the first quarter of this year shows the average price of the 35 homes sold in the city was $590,700, up $80,100 compared to the first quarter of 2020.
The average price for a condominium hit a record high at $479,900, up $68,300 or 16.6 per cent compared to the first quarter of 2020.
The average price for a duplex was $457,500 while the average mobile home sold for $325,000 in the first quarter.
Marc Perrault, the president of the Yukon Real Estate Association, said this morning Whitehorse is a very appealing place to live.
It attracts the attention of those living in larger cities who are interested in moving to a place that is smaller and quieter, but still offers all the amenities, including wilderness, he told the Star.
Perrault said there is a demand for smaller cities which still have all the services – and Whitehorse is one of them.
It’s also attractive because it’s surrounded by wilderness, he said.
Perrault said housing prices are a product of demand, and there is demand in Whitehorse.
The demand, he said, is greater than the supply.
There is always demand for country residential properties, and single-family detached homes are next in line, he explained.
“It is a very appealing city,” Perrault said. “It’s a nice city to be in.”
There was a total of 84 real estate transactions in the first quarter, representing a decrease of 27 compared to the first quarter of 2020.
Over the previous five years, there has been an average of 101 transactions in the first quarter, according to the report.
The first-quarter sales included 22 condos, representing a decrease of 27 sold in the first quarter of 2020 and 17 fewer than the five-year average of 101.
There were four duplexes sold for an average of $457,500.
There was an average of seven duplexes sold in the first quarter over the previous five years.
There were four mobile homes sold in the first quarter, or one more than the average first-quarter sales in the previous five years.
The average price was $325,000.
As is typical, country residential properties sold for the highest amount, at an average of $699,300, up $106,000 or 18 per cent from the first quarter of 2020.
Copper Ridge properties were the most valuable urban homes, selling for an average of $658,600 compared to $581,300 for the average home in Whistle Bend.
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Comments (40)
Up 3 Down 2
Farm Land? on May 23, 2021 at 11:03 am
Obviously there have been many mistakes by many governments to put us in the situation we are now in. Nothing rots my socks off more then reading a real estate add that says, nice house for sell with 15 - 20 acres (sometimes a lot more) ready for agriculture! I must say I am always impressed that people can see an opportunity and take advantage of it. Knowing you could get lots of land just outside of Whitehorse for basically nothing and then 20 years later turn around and sell it for millions is great for the seller, not so much for the rest of us.
Up 9 Down 4
Wolf Karter on May 21, 2021 at 6:03 pm
The Liebrals And the NDP socialist communist Party are bad and running our Yukon. I have worked in the past and KNOW!
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Groucho d'North on May 21, 2021 at 2:08 pm
@Exactly
I feel I must correct your view of history and the impacts on the Yukon housing sector. Under the MacDonald NDP government our economy grew weaker. Coupled with a down turn in global mineral prices the Faro Mine and others shut down which was a huge hit to Yukon's GDP and people began to leave the territory seeking greener pastures.
The Yukon Party was elected and their focus was to restore our economy and they were successful as evidenced by more people moving once again to the Yukon. The problem was more people came than there was new lots to build on putting a strain on the housing market. There was a strong anti-development attitude as the environmental supporters were against any land development anywhere. Some even suggested putting a limit on how many people would be allowed to live here.
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Groucho d'North on May 21, 2021 at 1:56 pm
@oh boy!
Think of housing as a continum. The Yukon Party built a 178 seniors' residences in Whitehorse, Watson Lake, Mayo, Teslin and the Junction. This allowed elderly home owners to sell their single detached homes to new buyers. This was the prudent thing to do as many of these elderly folks didn't want to maintain their own residences while new home shoppers were looking for a place to purchase. It solved two problems quickly while dealing with land development proposals that brought the NIMBYs out in force.
Up 10 Down 3
DA on May 21, 2021 at 8:54 am
MikeC,
Yes, why do you gripe and complain about a place where you no longer live? You can whine all you want, but the vast majority of Yukoner's hold a very different opinion than you.
Up 4 Down 5
john on May 20, 2021 at 3:09 pm
@skeptical ... I'll let you determine what I do for a living but I see legal problems with private deals almost every day. Problems that could easily be avoided with experienced persons. I'm curious as to your " front line perspective " when you make inaccurate statements. I suggest you ask around to those who have a real front line perspective.
Up 12 Down 7
oh boy! on May 20, 2021 at 2:22 pm
@ iBrian
That's quite the accomplishment for the YP, they should have added that to their election fliers:
We created over 40 lots in locations that no one wants to live in. So undesirable you can still buy one 10 years later!
Also, they have no services. No power, no water, no sewer, no internet and no employment options within 100 kms!
Up 7 Down 3
Skeptical on May 20, 2021 at 10:08 am
@John - The lawyers may review the contracts if the deal is done by realtors but by the time it reaches them the parties are bound to the terms. There are some people who do their own contracts and make a mess of things but most private deals are done using contracts prepared by lawyers in order to satisfy bank requirements. I don't have to ask around as I have a frontline perspective on this issue.
Up 18 Down 7
Average Joe on May 20, 2021 at 7:36 am
Wouldn't deal with a Real Estate Company in this town. My In Laws got ran up $13,000 dollars when buying a house from two Local Realtors when they bought their place. The person selling the house already had an offer and the realtors did a shady deal and went behind the original owners back and sold the house to my In laws (they were the third party) for $13,000 more and the original owner was out $13,000. The family didn't even move into the place and made $13,000 dollars. Shady shady shady. Neighbours across the street sold their house and I did more running around then the Realtor did because my neighbours were out of town. The Realtor made over $25,000 on the sale. Sold three houses privately over the years, one even through Property Guys and no problem. Property Guys charged us $900. No Realtors for me.
Up 8 Down 3
YukonMax on May 20, 2021 at 7:01 am
It boggles my mind to see how the Yukon brags about the high cost of housing.
Is it a competition? Are we trying to discourage growth? Or are we just incapable to drop the gold rush fever?
Up 25 Down 4
Happy camper on May 19, 2021 at 8:05 pm
Thanks to the Liberal/NDP coalition mess I decided to sell my condo. I sold it for 100k more than I paid for it two years ago, I only have to pay 25% on half the gain, so maybe 15k so I net almost 85k. I no longer pay income tax on the measly profit I made renting the unit out and it would have taken me like 100 years to make the 75k profit if I rented it out. No hassles, big profit. Tenant lost a place to live and I was renting out below market. I guess the NDP plan failed for tenants unless of course some of their buddies own rentals and are doing the same thing I did.
Up 6 Down 10
MikeC on May 19, 2021 at 5:46 pm
@DA
I don’t live in the Yukon anymore and am thankful for it. Anything else?
Up 6 Down 8
John on May 19, 2021 at 2:58 pm
@skeptical haha, all contracts are reviewed by lawyers, it's the private deals that don't know all the applicable laws that end up in court, (usually settled out of court) ask around, property guys users have had many legal problems.
Up 17 Down 6
iBrian on May 19, 2021 at 1:58 pm
When the Yukon party was in power. Pretty much all the communities opened up lots for sale through the lands branch. And you know what they all sat pretty empty aside from Carcross Watson river subdivision till about 5 years ago.
Haines junction had lots for sale for almost 10 years and still have availability.
Grizzly Valley opened up also, Mayo, and on the lakes around Carcross seasonal lots too.
So, those of you who think the YP didn’t open land. Best think again.
Also, Destruction Bay, Teslin had these lots and still do. Go Google Yukon Lots for sale YTG lands. See how many are still available. Most have been on the market since 2009.
Up 24 Down 3
Skeptical on May 19, 2021 at 1:14 pm
@john - Actually people who buy and sell privately typically have their contracts prepared and reviewed by lawyers who are actually better at contract drafting than realtors making lawsuits less likely.
Up 9 Down 16
john on May 19, 2021 at 12:13 pm
@ exactly hahaha, property guys are just lawsuits waiting to happen, people ripping each other off and then fighting/suing each other about it. Have you not talked to anyone?
Up 17 Down 1
DA on May 19, 2021 at 11:53 am
MikeC, why do you choose to live in the Yukon if it offers you zero quality of life?
Anie, it was much easier to afford housing in the 70s. This factors in inflation, wages, etc... I can understand why people get discouraged when looking at ever-increasing housing prices and are left with no option but to pay $2000/month rent.
Up 14 Down 24
Exactly on May 18, 2021 at 10:57 pm
I agree bad Mojo. The 15 years of Yukon Party governments starting in the early 2000s is when this bubble was first created and unfortunately just kept getting worse. So bad leadership is probably the right assessment.
I think it also has to do with Yukon Party politicians being in the back pocket of realtors. When they were in power, the Yukon Party was always careful to allow as little land for housing development as possible in order to keep housing prices artificially high which of course has been a huge benefit to realtors. I'll be sure to use Property Guys next time I sell my house! Or at least a nonpolitical realtor if there are any left in the Yukon. I don't want my money supporting toxic Yukon Party culture.
Up 18 Down 21
bonanzajoe on May 18, 2021 at 5:42 pm
Anie, of course lumber is high. The liberal and NDP socialist governments and FN are shutting the tree cutting business down and putting the Lumber Jacks out of work. That's what's driving lumber products up.
Up 15 Down 5
bonanzajoe on May 18, 2021 at 5:38 pm
Skeptical, the liberal governments have to hire. They need tons of workers to run all the social programs they create.
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TheHammer on May 18, 2021 at 3:39 pm
Condos are ruining the city skyline. The proliferation of condos will eventually ruin Yukon life, because of traffic congestion, and when the economy bottoms out they will become Hi Rise slums.
Up 31 Down 6
Anie on May 18, 2021 at 1:54 pm
So much whining. Housing prices are high. They are high just about everywhere in Canada. Check the price of lumber. But in the Yukon we feel government should, as usual, bail us out. And let's stop comparing 2021 prices to 1970, 80, 90 unless we also accurately compare wages. It's just meaningless.
Up 20 Down 2
BnR on May 18, 2021 at 1:20 pm
I come here for Wilfs comments.
Up 12 Down 15
Bad Mojo on May 18, 2021 at 1:02 pm
@ Greener Pastures - I stayed away from the real estate market as a matter of personal choice - Not to prey on the financial vulnerabilities of others. Humans tend to be great rationalizes whether reasoned or not. It would be nice to see the Fed-Libs take a big chunk out of peoples investment properties; 2nd and subsequent mortgages.
We need to defund the false economy.
Up 22 Down 33
MikeC on May 18, 2021 at 12:24 pm
2 months of summer (if your lucky), can’t get into Skagway or Haines, utilities and housing/rent through the roof, constant power and internet outages..why do people stay here and why would people want to live here?
Zero quality of life! Lol
Up 49 Down 1
Skeptical on May 18, 2021 at 10:20 am
At this point the Whitehorse real estate market is beyond the control of any politicians. Even if they expedited the sale of new lots (which isn't going to happen) those wouldn't come onto the market for a long time. The high cost of developing lots and cost of construction are also going to keep the market up.
Honestly, as strange as it sounds, if you wanted to cool the housing market the best way to do that would be for the Yukon Government to spend less and hire fewer new people. The injection of government funds into the economy is the main source of heat on the demand side here.
Up 12 Down 4
Groucho d'North on May 18, 2021 at 10:11 am
Lots of finger pointing at the sellers, realtors and other influences to housing prices. Click this link to hear a young lady explain the cost of money and how the banking system is designed to get richer off of we consumers.
https://www.youtube.com/watch?v=_ae7h8FioX0
Up 17 Down 10
Frigging Hilarious Oxymoron! on May 17, 2021 at 7:50 pm
@ Matthew - LOL: The words young and talent in the same sentence - Must be sarcasm! LOL!
Up 39 Down 47
Appealing? --uh, you clearly moved here on May 17, 2021 at 7:05 pm
See the difference is, you are the problem. It all started when you landed on the tarmac.
60's, 70's, 80's was way different in the Yukon. Mining and logging and squatting were allowed. People made money by, duh duh duh, working! Not legislating. The working poor are those in the service industry. If you work for gov, you're not working, we're just collecting money by regulating those that do. When I get my paycheque and have to pay taxes, I know I'm just giving back a portion that I took from tax payers.
But, to continue, the 70's and 80's was a way different market. The Yukon wasn't the hospitable place it is today. No cable, no internet, pay phones were used daily. This land that we have now is a yuppie dream. Sorry,
The 70's and 80's were high wages and low cost for real estate. When people worked, they saved, and that savings meant that they could buy a home! In some cases people made enough to buy 2 or 3! Riverdale, Porter Creek, Valleyview, Hillcrest, Logan, Arkell, those homes started off under $200,000.00 (sometimes under $100,000.00). So the people that have lived here their whole lives (your current mafia), are just the people that invested early. Your complaint isn't about the mafia it's about the societal/economic circuit that has been created.
This isn't the product of the Yukon mafia. It's done by real estate "investors," speculative land purchasers, and people who don't live here but know how to sell a commodity. You rough it for 8 months? LOL
We have year round power and electric heat! Hell, oil furnaces and people that you can pay to cut your wood. That wasn't a normal option in the 70's. The insulation was asbestos, the water pipes froze (city lines) and so did the sewer. But you're roughing it, now, today, it's hysterical!
If you want the market to change then create an economy again. What's being pushed is communism in the market. Read the new mineral act, "We want to make sure that everyone gets a fair share of the minerals that are extracted."
So people work to extract minerals and people passed out in front of the liquor store need their fair share. Why not get a job in mining? Goes against your beliefs? Well, when you're starving it's amazing how your beliefs go out the window for a pay cheque. Once the economy is created you have to cut costs on dead weight. A simple example would be a Thule on a Subaru. First you had the Subaru (the economy you've created), but for some reason the fuel mileage is garbage and it doesn't get up to speed the way it use to after you added this Thule (government). If you can't pile all of your garbage into your Subaru, then, you probably have too much garbage, which is what the Thule is full of.
The government is creating this. Not the so called Yukon Mafia. I work in gov. We want our pay, we want our leisure, we want our retirement, we want our benefits, and we want it while living off the backs of workers.
Don't forget the plane flies both directions.
Up 26 Down 20
Wilf Carter on May 17, 2021 at 6:14 pm
The biggest bubble is Trudeau getting the bank of Canada to print money so they can borrowr more and go into debt. But when our economy will not take any more unearned money, inflation comes into affect and we go in a deep recession. Deeper that Lake CONSUMA.
Up 13 Down 21
Wilf Carter on May 17, 2021 at 5:38 pm
Patti E you have shown how much you don't know about economic development, real estate sales and housing development by market conditions. But you really know nothing about government housing, jobs, health care and economies.
Tell us your experience and education in any of this then we can be over amazed by your knowledge - because there is none.
Up 3 Down 5
Kate Black on May 17, 2021 at 5:29 pm
See if I could use my house cap this would not be an issue.
Up 29 Down 2
Greener pastures on May 17, 2021 at 4:55 pm
@ Bad Mojo
That’s how a free market works. Houses (or anything) are only worth what people will pay for them.
When I sell in a couple years to head South I will take the most money I can get for my place and so would you.
Up 19 Down 32
I've solved the problem on May 17, 2021 at 4:47 pm
Ready,
No new government hires from outside the territory until all FN's are employed.
This is a three pronged attack that creates a level of unmatched synergy! We know that government workers don't require any formal training because the government pays to train anyways! SO, FN's would receive necessary training from YG and help YG reach their 15% market share for FN's within The Yukon. By not bringing in people from outside, we'll reduce the amount of new rentals that need to be brought online and create a glutton of available rental units. People currently with YG who were brought in from outside and TRAINED in their position should be removed and a local FN should be given that job. Highways has many examples of people who aren't from here, have never worked on a highway, but are now managers. FN's could have had that job.
1- FN's get 15% of YG market share
2- Rental units become abundant
3- High gov wages are reduced because they acknowledge that you can actually hire ANYONE to do a gov job, as long as you have someone to train them.
Ta dah!
Up 15 Down 9
bonanzajoe on May 17, 2021 at 4:41 pm
SUCKERS! Hope I'm around when the crash comes.
Up 43 Down 13
Nathan Living on May 17, 2021 at 3:43 pm
There are two bubbles, the stock market and the real estate market, the latter which I hope bursts soon.
Up 64 Down 12
Matthew on May 17, 2021 at 3:42 pm
This simply isn't sustainable.. good luck attracting young, new talent to Whitehorse, they're simply priced out of the housing market. Or forced to live with strangers for $800 bedroom..
Up 77 Down 45
Appealing...in the dark on May 17, 2021 at 3:15 pm
Appealing....its more like unknowingly joining the mafia...and there is no way out.
It unfolds like this..you need a job...you are desperate...you land on the tarmac at YXY and realize half your wages from your new job are heading straight to your new landlord mafia boss..
You realize your good paying job, you took to get ahead in life, pay student loans and feed the kids...has just committed you to 25 to life sentence, whether you like it or not.
We live in the sub arctic region, we rough it for 8 months a year, in the darkness, no family and hard to afford a vacation to visit family elsewhere. I had to live with my ex for 4 years after the relationship dissolved because either one of us could afford to move out, a disturbing situation.
We are not living in the tropics here, on white sandy beaches. I have yet to see fruit tree that can grow apples or oranges downtown... no ...just the Maytree at City Hall and the willows on the clay cliffs.
The development of new subdivisions and affordable housing that was supposed to be accessible to working class, was bought up by the rich, to drain as much as they could from the working public.
I endorse the rent caps and too bad for all the whiners crying they can’t soak people as much as they wanted to, so they can spend their enslavement loot in a sunny destination; where they can watch the origins of enslavement from their 5 star resort. Taking the lessons they learned there- back to the great white north.
They have been milking the cash cow awhile. Greed breeds greed and money buys power; power corrupts absolute. Don’t fear the mafia ... we all been facing it daily for many years, you are in it chin deep and there is no way out.
Up 54 Down 17
Bad Mojo on May 17, 2021 at 2:51 pm
That’s f#%*ing ridiculous! There is no justification for this. It’s bad governance and it is bad leadership that has caused this.
Up 43 Down 14
Patti Eyre on May 17, 2021 at 2:49 pm
Whitehorse, a nice city to be in. That's a cozy sentiment. Can we ever hear from any government official on real estate sales and prices, or all we are entitled to are realtors who get involved in rent prices?