Fewer homes sold in third quarter of 2014
It appears selling a home in the territory has become more difficult, as indicated by the latest real estate figures for the territory.
It appears selling a home in the territory has become more difficult, as indicated by the latest real estate figures for the territory.
The Yukon Bureau of Statistics released its real estate survey for the third quarter of 2014 this week, showing fewer homes of all types changing hands compared to the past five-year average.
In Whitehorse, there were a total of 137 real estate sales compared to 164 in the same period (July to September) in 2013 and an average third quarter result of 178 over the past five years.
A total of 79 single-detached homes were over the three-month period last year compared to the average of 93 for the same period over the last five years, with duplex, condo and mobile home sales showing similar results.
“In the third quarter of 2014, 10 duplexes were sold in Whitehorse,” it’s noted.
“This figure is well below the average number of third quarter sales (18) in the previous five years.”
The 30 condos which sold in the third quarter of 2014 sit below the five-year average of 36, with only five mobile home sales – fewer than half the average of 11.
Country residential homes came in with the highest average price at $503,700 for the third quarter of last year while single-detached homes throughout Whitehorse averaged $408,000.
Duplexes sold for an average $314,700, with condos averaging $291,600 and mobile homes going for an average $183,500.
That compares with third quarter average prices in 2013 of $517,100 for country residential, $417,700 for single-detached homes, $312,900 for condos, and $227,600 for mobile homes.
Duplexes were the only type of housing that had a lower average price in the same period of 2013, when they sold for $308,800 on average.
The significant decreases in the average price of a home (with the exception of duplexes) and the number of sales between the third quarters of 2013 and 2014 represent a longer-term trend.
“Compared to the third quarter of 2011, the average house price decreased 10.5 per cent while the Consumer Price Index over that period increased 5.3 per cent,” notes the release by the bureau of statistics. “This shows a real decrease of 15.8 per cent over the last three years.”
Looking at single-detached homes by neighbourhood, the Copper Ridge area was the most popular place to buy, with 22 sales there in the third quarter.
That’s followed by Riverdale with 15, Porter Creek with 14, country residential areas with 10, eight homes in Whistle Bend and just four in the downtown area.
Gary Brown, the senior information officer with the statistics bureau, explained Wednesday the sales of homes in other neighbourhoods where there are fewer than three transactions are not noted to protect confidentiality.
While country residential homes sold for an average of $503,700, other neighbourhoods saw average prices of $418,500 in Copper Ridge, $410,900 in Porter Creek, $363,200 in Whistle Bend, $359,600 in Riverdale and $347,000 in the downtown.
In addition to the homes that sold in the third quarter, there were nine commercial properties in the territory that changed hands, totalling $19.6 million.
It’s noted in the release that details on industrial and commercial transactions are not released for confidentiality reasons because there are so few.
Comments (6)
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Jackie on Jan 22, 2015 at 3:57 pm
Lots of Chicken Littles on this board - crying about the sky falling in. The housing market in Canada is generally cooling with the exception of Van and Tor. Like all markets, the real estate market is a cycle - it does not go up forever and it does not crash when it stalls for a bit or even goes down. The market is slowing down, mining is entering the bottom of its cycle - seen it a few times and prices will not decline significantly.
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Charles on Jan 21, 2015 at 8:46 pm
@ June and Groucho; Yes I saw it before when banks were trying to give away houses because folk said "Keep the doorknob with the mortgage, I am gone." This was always in my mind when I saw the ridiculous price of housing in Whitehorse. Some of us old timers knew better and would never have bought into that market as we knew a crash would come as in early 80's.
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YTG land development and housing market on Jan 18, 2015 at 10:21 am
The Yukon Government has to get out of land development in the COW so there can be a real housing market. By letting private developers develop land would mean a real housing market.
The Chamber of Commerce wants the Yukon Government to supply housing for COW businesses.
What needs to happen, like what is happening elsewhere and used to happen in the Yukon years ago, have Chamber of Commerce businesses supply housing support for their employees and the Yukon Government match it per dollar.
Let face it, the people who are the low wage earners in the Yukon, are the ones working in retail and some service businesses. Mining companies pay much better wages, governments pay too much wages for senior managers and not enough workers to deliver programs on the ground. YTG supply housing to social housing clients and build more because there is a shortage this includes areas like the women shelters, army, etc. There are lots of senior housing that has been developed with 320 bed project. The Yukon is one of the highest spending regions in Canada per capia of any region in Canada on public housing and we are planning on spending another $130 million dollars. I really question if we can afford it? The Yukon Party has been more social than most NDP parties when you look at their spending since 2002 especially. Then you have the COW wanting the YTG to just spend. P3 with the large project is a great idea and I have been involved in P3 before as financing some of these public projects. Why go to the banks and pay all that interest to Ontario? Why does the YTG evaluate raising debt to finance Yukon projects. So the cost of financing Yukon Government projects is paid back to Yukoners? Air North does it! This could means business and some tax incentives into such as RRSP. I done that before in other areas and it works good.
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Captain Obvious on Jan 17, 2015 at 10:41 pm
When giving stats like this to people, it would really help to make simple charts/graphs to supplement the article.
Would have saved me the 10 minutes with graph paper that left me feeling sorely disappointed.
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Groucho d'North on Jan 17, 2015 at 6:00 pm
June, if all these threats to vote NDP come to fruition, there will be plenty of houses to choose from and at bargain prices too. Was here, saw it before.
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June Jackson on Jan 16, 2015 at 5:19 pm
This isn't good for anyone..it means no one is moving here, it means the folks moving out can't sell their homes..People will tighten up the bank account and not spend to much in town.. stores will lay off and unemployment will rise..
I remember in the 80's when people just walked away..turned in their house keys to the bank and left.
It is not cheap to live in Whitehorse.. the current government tends to hire southerners..maybe hoping to grow the population? I thought they were just hiring DMs, ADMs and Directors from the south, but yesterday I met an Admin Assistant from BC, got the job in a phone interview last year. No one can tell me there are not qualified Yukon residents for an Admin job. Her pay scale isn't enough to buy a house.
I don't know what the answer is. I just know its bad when the housing market stalls.