Yukoners are downsizing.

Last year, condominium sales hit a historic high in Whitehorse, according to the Yukon Bureau of Statistics' latest real estate survey.

There were 160 condo sales last year, compared to 282 house sales — the lowest number since 1999.

"It's no surprise to anybody that condos are taking over much of the market,” Gary Brown, a senior information officer for the bureau, told the Star recently.

"It's hard to say exactly why; whether it's due to price or shortage of houses.”

Five years ago, home sales made up 66 per cent of all transactions. Last year, that number shrank to 51.

Condo sales made up 29 per cent of all sales in 2011, while duplexes took up 13 per cent and mobile homes seven per cent. The remainder was comprised of commercial, industrial and family lots.

The average home price in the city last year was $435,000, with some country residential properties closing in on the $500,000 mark.

Condos averaged much less than that, at around $271,000.

In the first quarter of 2011, condo sales overtook house sales for the first time ever in the Yukon.

Val Smith, the new president of the Yukon Real Estate Association, said it all comes down to supply.

More higher-density housing — like duplexes, townhouses and condos — have been released in areas like Takhini North and the Ingram subdivision.

"I think the supply crisis is pretty much moderating itself, especially in the mid-range,” she said. "On the whole, the market is rebalancing.”

Smith said that if anything is scarce, it's single residential housing. She thinks that's due to both a lack of supply and the expensive price tag.

In 2010, the average house was going for $375,000, about $60,000 less than the current average.

Brown explained that housing prices last took a dip in 2008. Since then, we've hit historic highs every year, he said.

Nationally, Whitehorse is sitting on par with Toronto, but it's cheaper — except for Vancouver— to buy a home in any other Canadian city.

Smith said she's heard the public concerns over the new Whistle Bend subdivision.

"They're scared the bottom will fall out of the market.”

Not so, she said.

She thinks the fact that only a small supply will be available at first, and that many properties will be smaller lots with dense, more expensive housing, should ease concerns.

"We're already showing signs of rebalancing,” Smith said.

The total value of real estate sales was $221 million last year, about $24 million, or 12 per cent, more than the previous year.

About $123 million of that was house sales, while $43 million was condo sales.

Brown sees last year's real estate numbers as a "continuation of the trend” the Yukon has experienced in the past several years.

"Whether it continues or not from here is anyone's guess,” he said.