Photo by Vince Fedoroff
HOUSING PRICES CONTINUE ESCALATION – The most popular neighbourhood in which to buy a detached home was Whistle Bend, with 26 sold compared to 23 a year earlier. Construction workers are seen Tuesday at the rapidly-growing subdivision.
The price of a single-detached home in Whitehorse appears to be inching closer to the half-million-dollar mark.
The price of a single-detached home in Whitehorse appears to be inching closer to the half-million-dollar mark.
The average price was at $479,000 in the second quarter of the year.
Last week, the Yukon Bureau of Statistics released the 2018 second quarter statistics for real estate sales.
They show the cost for single-detached homes rose by $44,600, or 10.3 per cent, compared to the same period in 2017, when it was $434,400.
Even with the higher price tag, three more detached homes were sold – a total of 87 in the second quarter of this year compared to 84 last year.
The figure is also higher than the average of 79 in the second quarter for the previous five years.
The most popular neighbourhood in which to buy a detached home was Whistle Bend, with 26 sold compared to 23 a year earlier.
That was followed by Copper Ridge, where 23 homes were sold; Porter Creek and Riverdale, which each saw 13 homes sold; country residential neighbourhoods, where five sold; and Granger, with three.
Sales in other neighbourhoods are being suppressed for confidentiality, the bureau said.
Since 2015, prices have climbed 6.8 per cent when the Consumer Price Index is factored in.
As it was noted in a release by the bureau: “Comparing the second quarter of 2018 to the second quarter of 2015, the average price of single houses in Whitehorse increased 11.9 per cent while the Consumer Price Index increased 5.1 per cent during this period. This translates into a real increase of 6.8 per cent over the last three years.”
Also seeing an increase in sales were mobile homes, with 12 sold at an average price of $279,500 in the second quarter compared to eight at an average price of $258,600 a year earlier. The figures do not include homes sold in mobile home parks.
“The second quarter of 2018 was the record-high for average sale price of mobile homes at $279,500,” it was highlighted.
“However, it should be noted that there is a fair bit of volatility in the average sale price of mobile homes due to the relatively small number of sales in any given quarter.”
Just one more residential lot – at nine compared to eight in the second quarter – sold this year, at an average price of $180,900.
The average cost of a residential lot in the same period of 2017 was $131,700.
Meanwhile, there were fewer condos and duplexes sold this time around.
In the second quarter of this year, a total of 52 condos were sold at an average price of $334,900, while the second quarter of 2017 saw 54 condos sold with the average price at $304,700.
As it was highlighted in a release on the sales, though: “It should be noted that there is a fair amount of volatility in the average and median condo price on a quarterly basis. This is due in part to completion of new condo projects with multiple units sold at the same or near the same value in a relatively short time period.”
Duplexes saw a larger drop, with just 15 sold this year, with the average cost at $360,500 compared to 21 at $344,500 last year.
The value of all of the sales in the second quarter totalled $87 million compared to $79.2 million in the same period of 2017.
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Comments (20)
Up 4 Down 1
Josey Wales on Aug 27, 2018 at 11:24 pm
Hey uptight...seems ya did not do so well in reading comprehension?
Good thing all the kids get ribbons on field day now eh?
Perhaps get someone to re read my post to you, as I covered that.
Oh yeah...Josey, but I understand that tactic typical for someone without a credible argument.
Please, carry on...
Up 5 Down 3
My Opinion on Aug 27, 2018 at 1:47 pm
@ Uptight
There is a connection unfortunately. I do not blame them, however it is a HUGE reason why there is no development.
Go check out the areas of Whitehorse that you think would qualify for building on and then go look at the Land Claims Maps for KDFN, CTFN, TA'AN and overlay them and see for yourself. Also a lot of the available land (outside of the Land Claims selections) is solid Rock and would not be suitable for water sewer and electrical installation. If you could it would be priced prohibitively. Hard rock also very bad for Radon.
No there is not a lot to develop here.
Up 3 Down 8
Uptight on Aug 27, 2018 at 11:40 am
PSG and Josie, Im shocked you haven't blamed first nations for this too yao!
Up 4 Down 3
Builder on Aug 27, 2018 at 8:35 am
For all you stating that the CNBC is responsible for the high cost of building, please elaborate. Be specific, which sections are you referring to.
Part 9? National Energy Code?
Show the incremental costs associated with upgrading from 2x4/R12 wall systems to 2x6/strapped 2x3.
Up 7 Down 1
Atom on Aug 26, 2018 at 4:00 pm
Greed....oh and brown nosing bureacrates who do what ministers tell them for the high and mighty voters with land.
Another thing, how about the time it takes for any land development to happen....make work projects for govy' workers.
So Yukon
Up 14 Down 3
My Opinion on Aug 25, 2018 at 3:06 pm
Land development in the Yukon is not available to private contractors for the most part. Land is developed by YTG and handed over to the City. Land values are set by YTG who also do the assessments of land values, even for City Taxes. More expensive land means more taxes for our overlords.
Then the city gets involved charging tens of thousands for development permits, building permits and more crazy rules as to every aspect of how you can build. Of course driving up costs increasing the tax base.
Follow the Money.
Up 7 Down 5
Josey Wales on Aug 25, 2018 at 12:28 am
Hmmmm....500K eh, for a home?
Room for a trailer, the sleds...and the dogs ya think for that paltry sum?
Yeah that sounds doable for the aaaaaaverage bear. Ffs...no!
...and it would make sense if we were Japan, and outta space.
We are outta space alright, for regular poor and working poor alike.
Got heaps for cultural supremacists, foreign interests (irony not lost), and the elites in nobility...we used to call them public servants.
However decades of crafty shell games, the gap between those that have, and those that never will have a damn thing....is so cavernous.
That even Wiley coyote would not try and cross that gorge with all the ACME rockets he could light.
Why? IMO because political windbags act like roadrunners from one photo op to the next, pecking away at each angle that may a take a subject off the plantation...ensuring a steady diet of subjugated citizens.
And every election those bastards keep painting facades trying to lure us into the rocks.
Every Beep Beep...is the debt of children’s children not even born...as the idiots do what idiots do...stupid things.
The land pimps? Need a acme anvil dropped their way, ya know....density?
Up 11 Down 7
ProScience Greenie on Aug 24, 2018 at 2:29 pm
Well A.D. I already have that grade 10. Also 11 and 12, and well beyond but thanks for caring.
Here's another pro-tip for getting a government job.... move out of the Territory for a few years and then apply from another province. If that doesn't work immigrate to another country and then apply. Also helps to have a Masters in something, nothing really important, any old one will do, as that's more and more required for even the simplest govie job. Also don't forget the nepotism factor as that's still in play.
Up 12 Down 5
Max Mack on Aug 23, 2018 at 6:28 pm
While I am sure selling prices are up across the board, note that about 65% of sales were in Whistle Bend and Copper Ridge - these are newer homes, built to newer standards, with newer features, and relatively expensive lots to boot. It is these homes that are the primary drivers of the higher average.
Up 13 Down 8
A.D. on Aug 23, 2018 at 4:04 pm
@ ProScience Greenie
"Not a a govie worker Worker but proudly part of the fast growing feast or famine gig economy. We can't all win the govie job lottery Worker. "
Maybe go back and get your Grade 10 if you want a govie job.
Protip: There is more money to be made in the private sector than as a public servant.
Up 16 Down 4
ProScience Greenie on Aug 23, 2018 at 2:41 pm
Not a a govie worker Worker but proudly part of the fast growing feast or famine gig economy. We can't all win the govie job lottery Worker.
With so much available land in CoW's gigantic city limits housing prices should be 'moderate' worker but they're not, they're crazy high. Artificial inflation ie collusion (imho) by the powers that be is what's causing that.
And high wages? Do you include all the people at minimum wage stocking shelves, serving coffee and flipping burgers in the high wage category such that they can easily afford half million dollar basic roof over their heads?
Something is rotten and foul in CoW with some living high off the hog on the billion plus a year gravy train from Ottawa and the rest thrown a few crumbs. The saddest aspect of it is that more and more Yukon raised kids wanting to start a family simply can't afford a home. Not right.
The building code is indeed a large part of the problem moe. Way over the top.
Up 26 Down 8
cost of land on Aug 23, 2018 at 11:40 am
The one ridiculous factor in all these prices is land cost. Look at the size of the territory, then look at lot prices. What's an average single family lot in Whistlebend, 120k? Then cost of construction, which is hovering around $200 a square foot now for a complete home, and there is your housing costs.
It is absolutely ridiculous that people in a small town like Whitehorse, surrounded by literally millions of acres of land, needs to hear catchphrases like 'land availability shortage', there was a time where you could get your land for a reasonable price, build your house and have money for a life after your mortgage payment. Seems this is no more, or becoming a rarity. Sad.
What will it take to open more land? Developments like Whistlebend have their place in a growing city, I just wish there was more like Ravens Ridge available. What will it take to open up land and sell it for, oh I don't know, $50k an acre? Would that be so unreasonable? All you need to do is pull electrical. Have a septic field, and drive your household garbage to the dump. Easy.
Up 9 Down 16
Worker on Aug 23, 2018 at 10:03 am
ProScience Greenie, sounds like your a government worker, wages going up. Are you kidding me, the Yukon wages are some of the highest in Canada and the housing prices are moderate compared to elsewhere in Canada.
"Most Popular" neighbourhoods conclusion by the author of this article... seriously... popularity is very different from "availability".
Up 5 Down 4
Kaitlyn on Aug 23, 2018 at 8:10 am
Do these numbers include private sales or only sales done through a realtor? Some clarification is needed.
Up 20 Down 7
drum on Aug 22, 2018 at 6:57 pm
Speculators and Real Estate folks making a killing on the backs of hard working Yukoners who cannot afford this. YG bringing in fancy employees from the south who get huge salaries are the only ones who can afford this!!!!!!!!!!
Up 19 Down 3
Clint on Aug 22, 2018 at 6:55 pm
Lot prices up 50g from last yr, which more than accounts for the increase in housing prices. We look to YG to find ways to make housing more affordable, while they are actually driving costs up. It would be refreshing to see if the private sector could compete in land development.
Up 15 Down 1
Deflated Quickly on Aug 22, 2018 at 5:58 pm
Single, mature, never married, no children, no debt either. I was actually quite proud that I qualified for ~$220,000.00 mortgage from my bank. LOL LOL LOL have to laugh or I'd just cry. Now looking for a reasonable rental, sunny, pet friendly & garden space, can provide excellent references. Not a lot of confidence in the YHC programs either, there's some $60,000.00 annual income threshold they use, could be wrong there, but what I took away after reading their Housing Plan, currently under review I believe.
Up 15 Down 3
moe on Aug 22, 2018 at 5:22 pm
Read the fine print. The average price as it has been measured here is only 6.8% over what it was 3 years ago in real dollars. Meaning 2.3% per year if the increase were to be averaged. That's on top of inflation.
Code is contributing to price increases. The older houses were cheaper to build. The savings in heat might more than compensate for the higher mortgage payment. Not that I'm defending the more ridiculous aspects of the new code items.
Up 35 Down 4
Thomas Brewer on Aug 22, 2018 at 4:18 pm
Identifying Whistlebend the "most popular neighbourhood" is rather disingenuous as that's the only subdivision under active construction. Were there similar purchasing opportunities elsewhere, you'd see WB sales plummet.
Up 35 Down 5
ProScience Greenie on Aug 22, 2018 at 3:29 pm
Good thing that wages are going up to match... oh wait, they totally aren't.