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