Real estate picture is cooling off
The real estate market and prices in the Yukon and the City of Whitehorse have cooled significantly over the last year.
The real estate market and prices in the Yukon and the City of Whitehorse have cooled significantly over the last year.
In a report recently published by the Yukon Bureau of Statistics, in the second quarter of 2023, the total value of real estate transactions in the Yukon was $120.9 million: $107.0 million in Whitehorse and $13.9 million for the rest of the territory.
The report states the average sale price of a single-detached house in Whitehorse was $628,700, a decrease of $66,400, or 9.6 per cent, from the second quarter of 2022.
The average condominium apartment sale price in Whitehorse was $407,000, a drop of $28,800, or 6.6 per cent, from the second quarter of 2022.
The total value of the Yukon’s real estate transactions in the second quarter of 2023 decreased compared to the second quarter of 2022.
In 2023, the total value of real estate transactions was $120.9 million compared to $157.6 million during the same period in 2022, a decrease of $36.7 million, or 23.3 per cent.
The average sale price for semi-detached houses was $503,100, an increase of $4,400, or 0.9 per cent, from the second quarter of 2022
For row houses, the average sale price was $446,500, a decrease of $26,100, or 5.5 per cent, from the second quarter of 2022.
For condominium apartments there were 34 sales compared to 32 in the second quarter of 2022. The average sale price was $407,000, a drop of $28,800, or 6.6 per cent.
Comments (1)
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David on Sep 25, 2023 at 5:00 pm
"The real estate market and prices in the Yukon and the City of Whitehorse have cooled significantly over the last year."
Again, not true. The interest rate last year was 0.5%
Today the interest rate is 5%, ten times as much.
Monthly payment on a $500,000 mortgage (with a 20% down payment) last year was $1692. Today it's $2677