Whitehorse Daily Star

No trend detected in latest real estate data

For the first time in approximately a year, the average price of a house in Whitehorse has declined.

By Tim Giilck on May 25, 2022

For the first time in approximately a year, the average price of a house in Whitehorse has declined.

The real estate market has been on fire in recent months, with steadily-increasing prices.

In the last report from the Yukon Board of Statistics covering the last three months of 2021, the average house price in the city was $647,000. That represented an increase of $48,600, or 8.1 per cent from the fourth quarter of 2020.

The bureau released its latest report on Tuesday. It shows the average sale price of a single-detached house in Whitehorse was $637,300, lower than the end of 2021 but a rise of $46,700, or 7.9 per cent, from the first quarter of 2021.

In the first quarter of 2022, the total value of real estate transactions in Yukon was $81.4 million, with $70.8 million in Whitehorse and $10.6 million for the rest of Yukon.

It’s a decline of nearly $10,000 from the end-of-year report the bureau issued in March.

The average condo sale price in Whitehorse was $419,900, a decrease of $60,100, or 12.5 per cent, from the first quarter of 2021.

However, Marc Perrault, the president of the Yukon Real Estate Association, cautions people not to read too much into those numbers if they’re thinking the bubble has burst on the property market in the territory.

The first quarter of any year is usually the slowest for real estate sales, he told the Star today.

Coupled with concerns about inflation, Perrault said, he thought that was likely the reason for the dip in market values.

Perrault said he would have to see the trend continue for a year before he would become concerned about it.

The only thing that would change his mind would be other major signals of an economic slowdown, and that’s unlikely in the Yukon.

The market and economy here are very stable, he suggested, because it’s a government-based system which prevents most wild swings and adjustments.

People are still immigrating into the territory to take advantage of its robust economy and growing public service, as well as other opportunities, Perrault said.

He doesn’t see that changing anytime soon.

“Demand is still greater than supply,” he noted.

The only category to show record-breaking growth was the mobile-home market. It hit a record high of $467,300.

A total of 54 single-detached houses were sold during the first quarter, an increase of 19 compared to the first quarter of 2021.

There were 49 condo sales, an increase of 27 compared to the first quarter of 2021.

The average condo price was $419,900, a decrease of $60,100, or 12.5 per cent, compared to the first quarter of 2021 ($479,900).

Four mobile homes were sold at an average price of $467,300.

Seven duplexes changed hands at an average price of $471,600.

Seven commercial properties were sold at a value totalling $6.9 million

In Whitehorse, a total of 130 real estate transactions was recorded in the first quarter of 2022, a rise of 46 compared to the first quarter of 2021. Over the previous five years, the first quarter average number of sales was 100.

Thirty homes sold in Whistle Bend during the period, with a total value of $18.5 million. It was the busiest neighbourhood in the city.

Copper Ridge saw eight properties sell at a total value of $5.3 million.

Porter Creek was the next-highest, with seven properties selling for $4.4 million.

The report showed that, excluding country residential properties, which typically sell for much higher prices than other single-detached houses, the average price in Whitehorse was $626,200 in the first quarter of 2022.

That compared to $632,100 in the fourth quarter of 2021 and $580,500 in the first quarter of 2021.

In Whitehorse, the median price of single-detached houses in the first quarter of 2022 was $620,500. That means the prices of half the houses sold were above this figure and the remaining half, below.

Comments (5)

Up 2 Down 0

Question for Mitch Holder on May 31, 2022 at 11:14 am

Query to Mitch on May 27, 2022 at 4:28 pm:

Legal precedent will allow us to do so soon, by vote, by court or by nationwide resistance in a civil manner?
What legal precedent are you referring to?

Up 4 Down 6

Mitch on May 27, 2022 at 4:28 pm

When sycophants jockey studies to have something to talk about at Baked at lunch, could you understand why nothing has changed? We can, because we haven't removed you yet. Legal precedent will allow us to do so soon, by vote, by court or by nationwide resistance in a civil manner.

You are on the way out, for a long, long time.

Up 8 Down 3

Mitch Holder on May 27, 2022 at 3:17 pm

Because McPhee failed the Yukon's most vulnerable. Resign!

Up 9 Down 10

Mr Facts on May 26, 2022 at 10:50 am

Despite our claim of being nice, kind, and polite; the reality is that just like in any modern society, sociopathy is what is valued most in Canada. There are many ways this can be seen but since this is a housing sub, that is what this post is focused on.

Canada's housing policy is one which encourages exploitation. Where one is incentivized to outbid others and exploit rental income from the most vulnerable. The eviler you are, the better your life would be.

It is also a society that thrives on people not looking out for each other. Homeowners could decided to help make things better by collectively refusing to sell to corporations, speculators, landlords, or foreign money launderers, sweatshop owners, and "students". But they rather pursue their own profit instead of helping the community.

Most homeowners, especially those of money or of an advanced age, rather keep their home values up than anything else. Community viability or the well-being of the next generosity be damned.

Mocking the young and poor rather than helping them. That is the situation in Canada; a country where sociopathy, selfishness, and greed are seen as the highest good. Yes the real sociopaths are the corporate class who exploits billions they don't even know what to do with while everyone is struggling. But let's not kid ourselves; sociopathy has been ingrained throughout society. Where screwing someone else is the path to success as we all pay the sociopaths game of screwing other corporate serfs while we aim to be slightly less exploited, with no regard to how much we exploit others in the process.

Up 7 Down 6

Wilf Carter on May 25, 2022 at 5:13 pm

I wonder where the facts on future come from? Because if you look at our economy, it is based on Federal, Yukon and City debt which will come to an end soon. Then what.

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