Photo by Whitehorse Star
Average Copper Ridge home sold for $537,800
House prices in Whitehorse reached a record-high this year for sales in the first three months of a year, according to the Yukon Bureau of Statistics.
House prices in Whitehorse reached a record-high this year for sales in the first three months of a year, according to the Yukon Bureau of Statistics.
The price for a single-detached house averaged $477,000 in the first quarter of 2019.
That represents an increase of $15,100 or 3.3 per cent above the average price in the first three months of 2018.
While the price was a first-quarter record, it didn’t top the average high of $506,200 for a single-detached house recorded in the last three months of 2018, according to the statistics published this week.
Also recording a first-quarter record was the total value of real estate transactions in the Yukon in the first three months of this year.
Sales topped out at $54.8 million compared to $42.7 million in the first three months of 2018, representing a rise of 28.2 per cent.
Of the total sales in the first three months this year, $49.6 million was spent in the Whitehorse market and $5.1 million was spent across the rest of the territory.
There were 48 houses sold in Whitehorse in the first three months this year, compared to 47 in the same period last year, according to the data.
First-quarter sales of condos in Whitehorse jumped substantially this year, with 34 transactions compared to 22 in the first three months of 2018.
The average first-quarter price for condos also soared this year, coming in at $387,400 compared to the average price of $332,800 in the same period last year.
The average price for the nine duplexes sold in Whitehorse in the first three months this year dipped slightly to $357,400 for one side, compared to the average price of $361,200 for the six units sold in the first quarter of 2018.
The Whistle Bend subdivision led the way in the number of single house sales in the first quarter, with 14 transactions and an average price of $461,100.
But Copper Ridge set the urban bench mark for value in the first quarter, with the eight homes sold going for an average of $537,800.
The five single homes in Porter Creek sold in the first three months of this year went for an average of $500,400 while the 11 homes sold in Riverdale fetched an average price of $432,000.
The three country residential properties sold in Whitehorse at the beginning of the year went for an average of $580,000, according to the statistics.
The three mobile homes sold in the first quarter of this year went for an average price of $255,000.
In all of 2018, there were 307 single-detached houses sold in Whitehorse, for an average price of $480,525.
Meanwhile, the average rent in the Yukon in April – for all units in all types of buildings – was $1,261 a month compared to $1,199 in April 2018, with a overall vacancy rate of 3.2 per cent, according statistics released this week.
For buildings with three or more units, the average rent in April was $1,078, compared to $1,013 a month in April 2018.
The vacancy rate for buildings with three or more units fell to three per cent from 3.1 per cent last October, according to the statistics.
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Comments (9)
Up 6 Down 2
Bill on Jul 25, 2019 at 11:17 am
@Brian - this issue developed long before the Liberals were in power...
Up 5 Down 1
David on Jul 25, 2019 at 11:15 am
@Hoby Irwin - I'm guessing you aren't from the Yukon so I will fill you in:
There is no private market for land in the Yukon. This would not be illegal as private market is who buys the land from the City in the first place. There isn't really any private land developers in the Yukon, 99% of land development in Whitehorse/Yukon is by the City/Government. The City is not a private company trying to make a profit, they are accountable to the tax payers that support it so they shouldn't be able to sell land developments for maximum profit. On top of that, the City has committed to supporting affordable housing but then turns around and auctions off the few lots it has available to the highest bidder. In the past, the City and government has always sold land developments for the price it cost them to develop said land, this is the first time they have auctioned off lots to the highest bidder.
Up 5 Down 0
Jim on Jul 25, 2019 at 11:12 am
Not too sure how it would be illegal to sell lots at the cost of development. That’s the way it used to happen 10 or so years ago. This problem was solely created by government(s). Land shortage that shouldn’t be, which leads to high market value, which leads to high building costs. We also are not building with 2x4’s or 2x6’s and each build requires ventilation, structural, radon, blower test, survey, landscaping experts. So I’m not sure why we are shocked at the cost to build. This is also why no new apartment are built. The pay back is too long for banks to even look at. Hence condos, in and out money returns. The other issue that the government may be manipulating, is keeping a land shortage to make First Nations leased lots a viable options. And can we please stop blaming Harper for everything? It’s been 4 years now, so when do we start blaming Trudeau? Maybe 4 years after he’s gone?
Up 3 Down 10
Hoby Irwin on Jul 24, 2019 at 3:08 pm
@ David It would be illegal for the COW to sell land for less than the private market would pay. The highest bidder would take COW to court and win.
@ Brian Let's not blame it all on the Liberals. Remember the 9 years SH was in power and colluded with the banks. The big banks don't even like the Liberals, donate all their money to the Conservatives.
Up 13 Down 5
Brian on Jul 23, 2019 at 9:16 am
That’s just gross. Absolutely vulgar. That’s a million dollars by the time it’s paid for!!!
So I guess the combined wisdom of the liberals and bankers, will make this purchase more affordable with “Multi-Generation Mortgages” yay.
When the bubble pops, it will make the 1988 housing crash look like a speed bump. Hopefully these folks get their houses paid for before the World Currency reset happens.
Up 20 Down 1
how?? on Jul 22, 2019 at 4:28 pm
How does anyone afford these places? I come from a household with 2 adults making decent wages, no kids, and we could never afford these costs. Trailer living for life...and even that is getting really expensive.
Up 31 Down 2
David on Jul 22, 2019 at 8:35 am
@Wilf - the worst part of it is that the government/city is selling the few infill lots available to the highest bidder! How can they justify that? They should sell them for a fair cost equivalent to what it would cost to develop, not auction them off to the highest bidder- this is only feeding fuel to the affordable housing issue!
Up 26 Down 2
martin on Jul 21, 2019 at 2:18 pm
Why is YG still going the Subdiv Developments? Why not release some land and let the private sector do it? Same chunk of land (or even half) they are to develop, give a different try, see what happens.
Up 41 Down 9
Wilf on Jul 21, 2019 at 4:54 am
150 more than the average household can afford. Prices driven up by governments poor management of land development. When you have lots going from $160 to $210,000 that's not good management of land development.