Yukon home prices reach record levels
With the average price of a single detached Whitehorse home hitting a new high of $427,000 in the second quarter, it's little wonder affordable housing is a key Yukon election issue.
Figures released by the Yukon Bureau of Statistics this week show housing prices have been steadily climbing since 2005 when the average price for a single detached home was only $200,000.
Although the price is going up, the number of homes that changed hands between April and June this year was at an all-time low of 76. About 50 condominiums were sold with the average price being $268,000.
Bureau information officer Gary Brown said demand is outstripping supply and driving prices up, but that's not good news for everyone.
"It is definitely a doubled-edged sword," said Brown. "It is a sign of a hot economy but obviously when you are looking for housing for workers it's a tough market to be in, and we are seeing the same thing on the rental side."
The total value of Yukon real estate transactions during that three-month period was $75 million. Most of the properties were in Whitehorse and about $15 million was in condo sales.
Yukon Real Estate Association president Mike Racz said high prices are changing the housing market itself.
"It's turned around entirely. Now most of our sales - 60 per cent of our sales - are condominiums or duplexes and 40 per cent are single family homes," he said.
While he expects prices to cool off a bit now, he said even entry level homes, such as townhouse units or mobile homes, are now getting close to the $250,000 mark.
There are only 138 properties listed with real estate agents now , he said. Those include vacant lots as well as condos and townhouses that haven't been built yet.