Photo by Vince Fedoroff
The average price of a single-detached home in Whitehorse has officially reached the half-million-dollar mark.
Figures released recently by the Yukon Bureau of Statistics from the fourth quarter of 2018 show a record-high average price of $506,200 for a single-detached home.
As it was highlighted in the statistics: “Comparing the fourth quarter of 2018 to the fourth quarter of 2015, the average price of single houses in Whitehorse increased 19 per cent, while the consumer price index increased 5.6 per cent during this period.
“This translates into a real increase of 13.4 per cent over the last three years.”
Duplexes also were at a record high, at $381,400.
That compares with average prices of $463,400 for single-detached homes and $330,100 for duplexes in the fourth quarter of 2017.
Though not listed as record highs, the average price for other residential properties was up over the previous year as well.
While the average price of a condo rose to $350,300 from $328,600 a year earlier, the average price of a mobile home came in at $278,900 compared to $266,500 in the same period a year before.
As well, the average residential lot went up to $159,400 from $129,000 a year earlier.
Marc Perreault is the president of the Yukon Real Estate Association.
Though average prices are up with single-detached homes and duplexes reaching record highs, given the lower number of homes being sold in the Yukon, he pointed out, a few sales of higher-priced homes can make a big difference in the average price.
Perreault went on to note there is an increased demand for larger, more expensive homes, and it’s those homes that are bringing more of a profit to developers.
That means there are fewer entry-level homes being built, with many first-time home buyers opting to enter the market by purchasing townhouses or condos.
With no new spaces for mobile homes in the city, that limits what was once an option for entry-level homes, Perreault pointed out.
It’s the responsibility of the government and community to address the need for entry level housing, he argued.
Perreault noted the increase in prices has been happening over the last 10 years.
“It’s a good, steady growth,” he said, adding the territory and economy are continuing to grow, which will impact real estate.
Despite the rise in the average price, more single-detached homes sold compared to a year earlier. Single-detached homes had the largest number of sales at 65 in the fourth quarter, compared to 61 a year earlier.
Meanwhile, there were fewer condos and duplexes sold.
A total of 49 condos sold in the fourth quarter of 2018 compared to 53 in the same period of 2017 and just four duplexes sold compared to seven in the fourth quarter of 2017.
The total number of mobile homes was the same – at eight – for both the fourth quarters of 2017 and 2018.
Sales of residential lots, though, doubled to 12 from six in the fourth quarter of 2017.
By neighbourhood, Copper Ridge and Whistle Bend proved the most popular places to buy a single-detached home, with 13 sold in each area.
Country residential areas were next with 12, then Riverdale with 10, Porter Creek with seven and then downtown and Granger with four each.
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