If the most recent numbers from the Yukon Bureau of Statistics are any indication, housing prices in the territory are getting higher and higher – and condo sale prices are no exception.

The average single-detached Whitehorse house sold for about $475,000 for the third quarter of this year.

The second quarter of 2018 saw the average home sell for slightly more ($479,000), a spokesperson for the bureau said.

That’s an increase – but not necessarily a far cry – from the $449,900 average a year earlier.

That may be in part why the figure doesn’t surprise Marc Perreault, the president of the Yukon Real Estate Association.

With two decades of experience in the public and private sectors, Perreault said in an interview this morning it’s a sign that the territory is drawing different crowds to the North.

“There are more people moving to the Yukon and staying here,” he said, noting that growth in the value of a housing market is a sign of a strong economy.

For example: the bureau notes that about $118 million worth of real estate changed hands in the territory, with most of that ($97 million) made up of transactions in Whitehorse and the remainder ($21 million) spread throughout the rest of the territory.

The $118 million figure is made up of roughly 226 real estate transactions, an increase of about 30 from last year and higher than the average from the last five years (sitting at about 170).

By way of background: for 2017, those numbers sat at a total of $92 million – lower than the money flowing around Whitehorse sales alone this year.

This is at least in part a sign of stronger demand on housing, Perreault added, noting it can boil down to the principle of supply and demand.

“I think we need to look at ways of developing some entry-level housing,” he said.

There is a “significant lack” that especially those looking to rent a roof over their heads are faced with.

“There’s a big pressure on the rental market,” Perreault said, adding that $475,000 is a lot of money for first-time buyers, immigrants, people moving here after retirement and so on.

“Because there’s no entry-level housing, they move on to the next housing (option),” Perreault said of those newer to the territory.

That can include condos, which the tight rental market can put a squeeze on.

For example, there were about 64 condo sales for the third quarter this year, while only 52 compared to the second quarter. The year during which record-setting condos were sold is 2012, at 80.

As for those renting, Perreault predicted there may be a portion of the population that could afford to own a home if there were more flexible or modest options on that market.

“There’s likely lots of people in rental housing – that with proper financing options or with housing that was more in line or modest that was available – they could bridge (the gap) from renting into home ownership.”

He suggested the report shows the need to invest in such entry-level housing that may discourage people from feeling they are forced into buying something out of their financial means.

Programs to target first-time home buyers, for example, could go a long way in helping this, he added.

“There’s more buyers than sellers,” Perreault said, “but it’s not a big crisis or anything like that.”

The need for collaborative efforts from the private and public sector, for instance, to look at developing more modest or affordable options is still evident.

He pointed to the Yukon Housing Corporation’s (YHC) First Mortgage Program as an encouraging sign.

Referencing the loan, he noted it requires that the house already exist, an eligibility criteria that should encourage supply to be made available.

When there is “growth in a certain segment, developers jump on board because there is a demand,” he added.

Meanwhile: mobile homes, condos and duplexes all enjoyed record-high selling prices for the third quarter of 2018, with the one exception being single-detached houses.

For those living in condos, the average unit sold for about $351,400: mobile homeowners forked over $294,500 and duplexes would set you back about $367,200.

Most forms of housing also enjoyed an upswing in units sold: 108 single-detached houses were sold this year, an increase of 11 compared to last year.

About 64 condos were sold, six higher than 2017, and people took 15 mobile homes off the market. Roughly 17 duplexes were sold, with an average price of $367,200, a record high.

As for commercial properties, there were about five sold, amounting to a total value of $4.3 million – though the numbers of industrial and commercial transactions are typically small and lowered for confidentially reasons, the report noted.

The report in its entirety can be found on the bureau’s website.