Photo by Whitehorse Star
Housing prices continue upward trajectory
The price of housing in Whitehorse continues to rise, according to the third-quarter real estate report issued by the Yukon Bureau of Statistics.
The price of housing in Whitehorse continues to rise, according to the third-quarter real estate report issued by the Yukon Bureau of Statistics.
Single-detached houses in Whitehorse sold for an average of $656,800, representing an increase of $87,800 or 15.4 per cent compared to the third quarter of 2020.
The price of $656,800 is a record-high for single detached homes.
Record-highs were also set for mobile homes and duplexes in July, August and September. While there were no records broken for the average price of condos sold in the third quarter, it was close.
The average condo sold for $456,300, representing an average increase of $43,700 or 10.6 per cent over the sale of condos in the third quarter of 2020.
The average duplex – one side – sold for a record-high of $511,500, representing a rise of $92,800 or 22 per cent over the third-quarter sales in 2020.
The average mobile home sold for $405,100, representing an increase of $70,700 or 21 per cent over third-quarter sales in 2020.
As is typically the case, country residential properties saw the highest values.
The average price for the seven country residential homes sold in the third quarter of this year was $852,200. That represents a $128,000 or 17 per cent boost over the average price of $739,400 in the third quarter of 2020.
There were 210 real estate transactions in Whitehorse during the third quarter of this year, or 18 fewer than in 2020 and one less than the five-year average for third-quarter transactions.
The sale of single-detached homes in Whitehorse accounted for 102 transactions, or one shy of the 103 single-detached houses sold in the third quarter of 2020.
There were 47 condo transactions, down from 87 in the third quarter of 2020 and 19 fewer than the five-year average.
Fourteen duplex transactions were recorded, down one from the 2020 third-quarter transactions.
There were 12 mobile home sales in the third quarter of this year compared to nine over the same period in 2020.
The total value of real estate transactions for Whitehorse in the third quarter of this year reached $123.3 million, or $12 million more than in 2020, says the real estate report.
There was another $26 million in the value of real estate transactions across the rest of the Yukon.
The total value in real estate transactions across the territory in the third quarter hit a record high of $149.3 million, representing an increase of $13.3 million of 9.8 per cent over the third-quarter sales in 2020 of $135.9 million.
According to a separate report released this week by the statistics bureau, there’s been a substantial jump in the value of building permits issued in September.
(The value of building permits is based on the estimated construction cost of building a house, or office, and is not based on the estimated market value of the completed home.)
The value of residential and non-residential building permits issued in September was estimated at $30.6 million, or $20.6 million more than the $10 million estimated for September 2020.
Of the total value, $18.2 million was for residential housing, compared to the estimate of $6.6 million for September 2020.
The $12.4-million estimate for non-residential permits issued in September compares to the estimate of $3.4 million for non-residential permits issued in September 2020.
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Comments (40)
Up 16 Down 0
DA on May 30, 2022 at 1:38 pm
Sceptic, do you suppose building a brick home in the frigid Yukon Territory would be a smart move?
Up 7 Down 8
Sceptic on Nov 11, 2021 at 3:21 pm
The irony is that we pay all that money for crap. Yes, anything not built with bricks and mortar is crap that last for 30 years or so before you need to spend a fortune renovating it. That explains why the "construction" industry is such a money spinner. In Europe you buy a house that has been standing for 100 plus years and will stand for another 100 years or more. That is value for money. Not the North American cardboard crap.
Up 2 Down 0
martin on Nov 11, 2021 at 9:23 am
@Groucho d'North: to me, it is not a “real estate game”. Is an investment (money and sometime equity). If you are in the “game” might as well be a stock-market player (Charts shows it has better profit in the long run) or go right into house building & reno as a businessman.
Up 9 Down 3
Groucho d'North on Nov 10, 2021 at 2:29 pm
@martin
The real estate game can be played a number of ways. One of the most common is called Property Ladder whereby consumers purchase a property they can afford and usually fix it up in order to sell at a profit so they can buy another property that is usually worth more and can be purchased due to the profit made on their original property sale. This may cycle a few times as the market pressures permits and stimulates activity in the marketplace. One family may do this a number of times to help them to achieve the housing they desire by using the profits made by market influences and their investments to improve their homes for resale.
The alternative is to purchase a property and live in it for a number of years as the value of the property increases with market influences. In this scenario the owners do not sell and reinvest in a new property, rather they stay put and when life situations like retirement or illness causes them to sell for what the market says it is worth today, which may be a significant increase from the original purchase price. Consider all the seniors now living in government seniors homes, many of them sold their properties and now live off the proceeds to augment pensions and other sources of incomes.
Remember though Yukon Housing has a means test to ensure those who can afford to live independently do not end up in a seniors apartment that could be home for a person or couple with fewer means to live off.
Up 7 Down 4
john on Nov 10, 2021 at 12:37 pm
@ Davies.. where are you getting this funny info from? My friend sold his house next door and had people calling him directly offering him more money than he was asking on the listing. They were trying to make side deals, haha..me thinks you work for Property Guys.
Up 5 Down 0
Just Sayin' on Nov 10, 2021 at 12:24 pm
Martin,
Pretty sure eating canned food long term can have terrible and negative health effects. How would you like to eat canned food all your life?
Much safer to eat fresh veggies, fruits, and meats.
Up 9 Down 0
JC on Nov 10, 2021 at 5:39 am
Moose101
Classic comment from a frequent falsified.
Rates were no higher than 8% in 2008. A variable rate was under 5%
You shouldn't lie about something easily disproved by a quick Google search
Up 4 Down 1
martin on Nov 9, 2021 at 5:54 pm
@Groucho d'North : I understand a house is your roof over your head. A person might sell higher thah bought, but when buying another (expensive one) it is still a roof. A homeowner buys to protect himself against inflation (amongst other things).
Up 5 Down 6
martin on Nov 9, 2021 at 5:45 pm
@bonanzajoe : A can of Smoked Oisters have 94% (daily intake) of iron and cost $2.50 at Walmart.
Up 10 Down 8
Davis on Nov 9, 2021 at 5:28 pm
@john - unfortunately it's you that obviously doesn't understand how the game works. Who do you think whispers in potential home buyers ears that they need to offer 20% over asking price to even have a shot at getting said house? Then who do you think goes to potential home buyer #2 and says that they heard someone is going to offer 20% over asking price so they need to offer 25% over if they want a chance to get the house? And so on. All these potential home buyers are real estate agent's clients. Real estate agents have a strangle hold on the housing market and have a lot of influence. I'm not saying they are the root cause of this overall problem but they certainly feed the fire. And why wouldn't they? The more they can help drive prices up the more money they put in their own pockets.
Up 18 Down 4
Groucho d'North on Nov 9, 2021 at 2:14 pm
Harken back to the final shut down of the Faro mine in 1993. It was doom and gloom for the Yukon economy, people were leaving in droves, many walked away from their heavily mortgaged homes as paying the penalties was more affordable than staying here. That created a buyer's market as home prices were slashed. Today the Yukon is more dependent on the government sector as the primary muscle in the Yukon's economy and there is not much of a chance of them closing their doors for good...sorry I don't mean to taunt.
Today we are in a seller's market where those who made the housing investments in the past can now cash in their chips and enjoy the benefits of playing the property game well. After all, its about Buy Low and Sell High, Right?
Up 21 Down 2
moe on Nov 9, 2021 at 1:16 pm
I feel bad for the young people who do not have a chance to buy a crappy little starter house in a good location. No such thing anymore. You used to be able to buy a 'house' downtown for $150,000 in today's dollars, with for instance: no foundation, 2x4 walls, double or even single pane windows some of which were cracked, a monitor oil heater, no heat exchanger, very little insulation, one bathroom, a small old kitchen with ratty cabinets, and two bedrooms.
You could live there and fix it up a bit, maybe eventually tear it down or do major reno's. These were dumps and were expensive to heat, maybe had mold too, things didn't work, the carpet stunk, and so on and so forth. But it was yours and you got your foot in the door.
The houses that cost 3x as much at $450,000 are the new 'starter homes'. They are in much better shape, some are brand new and cheap to heat, nothing needs to be done at all. It's not quite as bad as it seems. Remember that the 1970's homes in Porter Creek and Riverdale probably need $150,000 of reno's to make them comparable to new homes in Whistlebend, BUT, they have large lots and they have potential. Maybe you can live with the deficiencies and put some equity into them with your own work.
My advice would be to buy the single homes, not the condos, and definitely not the mobile homes in trailer parks. Buy the little house that needs some work downtown. Buy the dated old place with a huge lot in Porter Creek. Buy the rambling, poorly insulated house in Riverdale. You can do a retrofit eventually.
Anyway, for what it's worth, there are my recollections and my advice.
Up 8 Down 13
Patti Eyre on Nov 9, 2021 at 9:08 am
Hey Josie, you're not really old! it's another one of your long-winded go nowhere misleads! I know for sure because no elderly person would quote family guy, nice try! I will continue to pray for you!
Up 15 Down 10
bonanzajoe on Nov 8, 2021 at 8:04 pm
Charlie's aunt: My doctor told me I need more iron and should eat red meat at least twice a week. Since beef is now a government worker luxury, I just suck on a few screws and nails once in a while.
Up 14 Down 12
bonanzajoe on Nov 8, 2021 at 7:56 pm
The Sky is Not Falling: "A super hot economy? Tell that to the immigrants who have to work two jobs a day at the new super minimum wage of 15 bucks an hour. I came to the Yukon in 1975 and was making 7.50 an hour. The only super hot economy is government workers who, by the way, get their pay checks from the poor immigrants who work two jobs at 15 bucks an hour.
Up 13 Down 4
bonanzajoe on Nov 8, 2021 at 7:51 pm
Mr. Facts: There is no investigative journalism anymore. Just sit in the office and wait for the news to trickle in. Or get it off the internet.
Up 15 Down 9
bonanzajoe on Nov 8, 2021 at 7:49 pm
I'm in the same predicament. But those on social services - from the age 16 and up get everything free. There only concerns are recovering from their hang overs and ODs. I guess that's what I should have done when I left the Army in 64. Just talked to a young girl from India today. She has two jobs on the go just to make ends meet. Can't understand why there are so many young people on the dole. Woe Canada!
Up 21 Down 6
john on Nov 8, 2021 at 3:40 pm
@ Davies,,,, you obviously don't know how this works, it's easy: buyer comes in and offers more money than the house is worth because they want it or, seller asks more than house is worth because they know they will get it cause buyers are willing to pay. It's not complicated or rigged or influenced by anyone.
Up 15 Down 16
Oya on Nov 8, 2021 at 2:08 pm
Make blind bidding illegal ASAP. That will help immensely.
Up 29 Down 5
yt on Nov 8, 2021 at 8:49 am
So who’s actually buying these seemingly overpriced houses?
Well, while out of reach for many single people or lower income couples, people ARE buying. I know of single people buying in, mind you they are professionals. One of the problems is money is cheap. Banks are literally giving it away. Look at the amount of toys and “stuff” people have. Hell, people’s driveways are overflowing with toys. Going couple want a house, they want two new cars, atvs, boats, campers and trailers. And why not, interests rates are so low as to be laughable.
Laying off government workers or lowering their wages isn’t going to help. Like it or not, Government is our economy. Those well paid, job secure government workers have spending power, just go ask Yukon Honda or the other rv places. Look at the big trucks all the contractors are driving, that’s gov employees buying houses paying for that.
Sure our economy’s booming, but not in the way that some seem to think. And again, like it or not, gov money is an economy. It is new money coming in. Would housing prices drop if we had a bunch of new lots on the market? I don't think they would. Contractors aren’t going to drop their prices, material while dropping from last summers highs are still expensive. Certain neighbourhoods are desirable and will remain expensive.
There is no single solution, and there’s really no one single cause to pin the blame on.
Up 24 Down 10
Moose101 on Nov 8, 2021 at 8:15 am
I bought a house in Porter Creek back in the year 2008 for 132k believe it interest rates were 18% payments were 2k per month now the interest rate is around 2.5% on let’s say a 600k mortgage payments are around 2.9k per month and people now are making a lot more than the 13 dollars a hour I was making back then. Just my point of view
Up 21 Down 16
Davis on Nov 8, 2021 at 7:38 am
We need to start holding real estate agents accountable for their hand in this. It's no secret that they push house prices as high as they can (that's what their business is, the more they sell the house for the more money they pocket), and with such a strangle hold on the market collectively they wield a ton of power. The real estimate agents in this town are seriously exacerbating this problem and are laughing all the way to the bank and yet no one seems to care...
Up 21 Down 7
YukonMax on Nov 8, 2021 at 6:46 am
Please, please keep it going for at least 2 years, when I retire.
Leaving with the loot then.
Win! Win!
Laughing all the way to the bank!
Up 21 Down 23
bonanzajoe on Nov 7, 2021 at 7:40 pm
Like I said before, anybody stupid enough to pay those prices, serves them right. As long as you pay it, the prices will keep going up. And as long as you keep voting for the Marxist socialist party's - Liberal and NDP, you will keep losing your freedoms. As one who has seen all the wonderful freedoms in my life, I don't know whether to laugh or weep over this new age generation. But, like the old saying goes, "be careful what you wish for". Socialism isn't free. It will cost heavily in some way or other.
Up 15 Down 5
Charlie's Aunt on Nov 7, 2021 at 4:07 pm
Housing prices are high across Canada & one of reasons people moving here don't blink @ local prices, but main reason is supply & demand & that doesn't look as though it is going away any time soon. There are houses bought or rented by 2-3 families living together for affordable housing, but I don't think I am only one to predict that people will be leaving here in droves in near future.
I agree with you Juniper, buying groceries is frightening @ the till. The price of meat, especially beef is ridiculous. Beef is no longer on my shopping list & other meat is cut into smaller portions these days. I'm not destitute but becoming very careful about purchases. Soon there will be no need to worry about cattle f*rts causing climate change because with these prices beef won't sell & they will be no need of beef cattle. For those tempted by non-meat produced foods, take a look at the nutrition panel & check the percentages of fat, carbs & protein in some; the wise will put it back down.
Up 18 Down 7
Josey Wales on Nov 7, 2021 at 1:36 pm
Hey JC... figured you’d be one of rejoicing in my proclamation.
I suppose if I were never here participating, you may appear/read as a smarter participant? “Not now, but soon” Stewie Griffon.
Better with folks as ya to stay in their echo chamber and never be challenged.
I will put my moniker in my obituary for y’all to rub one out with in your glee.
Up 29 Down 8
Groucho d'North on Nov 7, 2021 at 8:52 am
Mortgages and compound interest- welcome to the NEW slavery,
Up 43 Down 12
Matthew on Nov 7, 2021 at 4:32 am
This will never change unless YTG and CoW decide to lay off 20% of their over paid staff.. and we all know government is getting bigger, not smaller.
Up 27 Down 5
martin on Nov 6, 2021 at 11:28 pm
Nothing new here and no leader (of any kind) had proposed a solution; same as the last 20 years.
Up 28 Down 11
Juniper Jackson on Nov 6, 2021 at 7:49 pm
While the cost of a roof rises, the purchasing market shrinks. There are other potential issues lurking in the background waiting for the right moment.. i.e. say, the owners of Northland Trailer Park decide to build condo's.. anybody have a plan for the 200 or so trailers in that Park? Just saying.. Casa Loma evicted everyone in their small trailer court.
Housing is just one aspect of the trouble Canada is in. But, Trudeau just keeps running his mouth and giving away our devalued dollars..He thinks nothing of a billion to this country, and a billion to that country. And his government doesn't even know if that billion dollars went into rulers pockets, or was spent on its intended purpose. Or.. just maybe Y gave X a million dollars and got a 300,000$ kickback. (anyone remember Airbus?
https://www.cbc.ca/archives/entry/brian-mulroney-the-nightmare-is-over
https://www.thestar.com/news/canada/2010/0531brian_mulroney_acted_inappropriately_in_accepting_cash_inquiry_finds.html). Inflation is destroying us.
I have been forced to lower my standard of living. I have certain expectations from getting to live in a "democracy". My work ethic being instilled by my Father, work hard and prosper. Worked hard for 60 years. I wanted to buy a Prime Rib for my daughters birthday. $114. for a 3 rib roast. $55.70 for 3 little fillet steaks. We had hamburgers. My income no longer supports the standard in which I want to live. I'm cold. Electricity is off the wall costly. I can't buy the Vitalux for my macular eyes anymore. Slowly but surely, cutting out one thing after another. My standard falling inch by inch.
My kids are adults and self sufficient. But my grand kids will never own their own home, one will inherit his. Just keep watching empty shelves, soaring cost of necessities, like Milk..keep eating 2000 chemical poisons called non meat products. (Fake foods are NOT vegan. Vegans eat what comes from the ground). Keep spending more and buying less, and by all means, keep voting Liberals for the freebee's until there aren't any.
Up 10 Down 9
JC on Nov 6, 2021 at 2:26 pm
Josey Wales
I am also happy because of that, but I'd be happier if it were sooner.
Up 28 Down 27
Bud McGee on Nov 6, 2021 at 10:40 am
Never fear! I'm sure the intellectual brain trust that is the Yukon Liberal Party Caucus will come up with some wonderful policy antidote ... like raise the minimum wage 20 cents.
Up 47 Down 4
BnR on Nov 6, 2021 at 10:03 am
As long as there are people moving here with the means to afford these prices, the realtors aren’t going to stop pushing the prices even higher.
The realtors are laughing all the way to the bank.
Up 38 Down 8
hmm on Nov 6, 2021 at 2:51 am
For those who think property values are going up, think again! the massive amount of new money creation by the inherently central bank of Canada is what is causing everyone's savings to de-value on a daily basis in addition to spiking inflation as people who realize that their money is worth less start exchanging it for for 'real' things including vehicles, houses, land, tools etc...
dollars are losing their value faster than ever before thanks to terrible government policies, notably never-ending handouts and subsidies etc.
Throughout history fiat (unbacked) money has always reverted to its true value of 0 since eventually people lose faith in corrupt governments who have a monopoly on legal tender (Canadian dollars) - kinda like Northwestel has a monopoly on junky internet - you have no choice so why would it be good when it doesn't need to be and they still make epic profits? Inflation is profit for the banks and theft from you!!!
Up 40 Down 25
The Sky is not Falling on Nov 5, 2021 at 8:24 pm
If the price for houses is this high, then it means people are able to afford these prices. Otherwise, prices would come down. We have a super hot economy right now, so naturally, housing is going to skyrocket. This has happened in literally every place in Canada that has experienced a heated economy. Look at Fort McMurry for a good example.
All of the contractors I know are so busy that they are turning down work. So naturally they are able to charge very high prices for their work, which in turn means the houses they build, get sold at a much higher rate.
People complaining about housing seem to want a hot economy with good paying jobs while at the same time demanding cold economy housing prices. Sorry muffins, we live in the real world. If you want guaranteed housing for everyone - move to Cuba or China.
Up 38 Down 1
JC on Nov 5, 2021 at 8:21 pm
No one is going to fix this. It's only going to get worse.
Up 25 Down 16
Josey Wales on Nov 5, 2021 at 7:56 pm
Rising house prices, awesome!
Almost like we will own nothing soon and will apparently be happier?
Said some German globalist...cuz Germany does so well with global domination.
What a mad world, glad I am old and will be dead soon.
Up 38 Down 6
Crunch on Nov 5, 2021 at 7:35 pm
Money pours into this territory like the flood of 2021. Multitudes of groups and individuals demanding that the government has not done enough to satisfy the want. Money coming in out of nowhere induces inflation. It has to show up somewhere where there is demand and the ideal spot is land and housing. Keep up the screaming and tantrums for more money and a house in Whitehorse will be a sultry million dollars. When you wake up in the morning pour yourself a big cup of shut the **** up.
Up 38 Down 16
Mr Facts on Nov 5, 2021 at 4:51 pm
A little "actual" journalism would be nice by the Whitehorse Star and would be appreciated. None of these increases make any sense. What is really going on here? None of this is sustainable in the least. The banks are setting every one up for a huge take. Smells like the "Great Reset" to me. Something huge is coming very soon.
Up 87 Down 8
Priced out of the market millenial on Nov 5, 2021 at 4:20 pm
This is awful. If, like myself, you had been saving diligently for a down payment over the last 2 years, you'd be in a worse spot now than when you started.