Photo by Whitehorse Star
Every single lot was spoken for in the Yukon government’s two land lotteries this week for lots in the Whistle Bend subdivision.
They all went – 142 single-family lots, 20 townhouse lots and all 11 multi-family lots, three of which are priced at over $1 million.
There was a record high of 780 applicants for the lotteries.
Lottery winners had 24 hours after Tuesday’s and Wednesday’s lotteries to accept the offer.
They have 30 days – until Feb. 12 – to enter into an agreement for sale, at which time they would be required to put down their downpayment. That can vary for single-family lots from $22,000 to $38,000 or more, depending on the size.
The deposit on the largest and most expensive multi-family lot, which is priced at $1.5 million, is $371,400.
Winners of single-family lots have two years to have their homes clad to weather, and multi-family developers have three years.
Five one-hectare country residential lots in the Hidden Valley subdivision were all spoken for at a price of $250,000, requiring a deposit of $62,500 upon signing the agreement for sale.
Down payments are calculated based on 20 per cent of the property value plus the GST.
Mayor Dan Curtis said Thursday the record interest in the Whistle Bend lots is a reflection of a healthy economy, even in these times of COVID-19. It is a reflection of the constant growth Whitehorse is experiencing, he said.
The mayor pointed out when he was elected to his first term in office in 2012, there were just two houses built in the new subdivision.
Then there was 100, and the numbers just kept growing and growing, he said.
Curtis said the city is making efforts to increase housing opportunities elsewhere in the city but Whistle Bend is the anchor to handle the growth and will continue to be for years to come.
Whistle Bend and the revenue from additional property taxes was a factor in allowing city council to hold the increase on property taxes this year to 0.34 per cent, the lowest in more than 10 years, he said.
Curtis noted council has just approved an expansion of the original subdivision design into a 56-hectare area on the northwest corner of Whistle Bend. It will be large enough to provide for 825 housing units and 2,400 residents, he said.
Curtis suggested it will not be long before Whistle Bend overtakes Riverdale as the most populated subdivision in the city.
“It is a constant flow of more people coming here and wanting to live here,” he said. “I am just happy we can stay ahead of the game.”
Susan Antpoehler, the manager of client services for the government’s lands branch, said Thursday all available lots in the Whistle Bend subdivision have now been spoken for, with the exceptions of two commercial lots.
They expect to release phase six lots this fall, she said.
Most of the residential lots in Wednesday’s lottery are priced at $100,000 to $150,000, or slightly more.
The largest lots on Keno Way, holdovers from a previous lottery, are priced at $214,271 and $217,087, though they are the anomalies.
The largest lot measured out at 848 square metres or 9,124 square feet. The vast majority of residential lot sizes in Wednesday’s lottery are much smaller.
A more typical Keno Way lot measures out at 585 square metres or 6,294 square feet and is priced at $137,475, requiring a minimum deposit of $34,368 – 20 per cent of the property value, $27,495, and $6,873 in the GST.
The handful of smallest lots, measuring out at 383 square metres or 4,121 square feet, are priced at $90,005, and require a deposit of $22,501.
The lottery included several green streets lots, lots which front onto pedestrian-friendly green space instead of paved streets.
Several green street lots on Tanana and Iditarod lanes measure out at 448 square metres or 4,820 square feet, and are priced at $105,280.
The one duplex lot is priced at $171,142, or $85,517 a side.
The 20 townhouse lots were spoken for by 20 different companies in Tuesday’s lottery, as companies were only allowed one site.
The largest of the four townhouse lots to accommodate six-plexes measures out at 1,516 square metres, or 16,312 square feet. It’s priced at $409,320, requiring a minimum down payment of $102,330 upon signing of the agreement for sale.
The smallest of the two three-plex lots measures out at 733 square metres or 7,779 square feet. It’s priced at $195,210.
The nine four-flex lots range in price from $289,440 to $263,520.
The five, five-plex lots range in price from $359,910 to $328,320.
Prices for the 11 multi-family lots range from the high of $1.5 million for 12,380 square metres or 133,208 square feet to $276,000 for a lot measuring 2,300 square metres or 24,748 square feet.
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