Yukon real estate market booming

The real estate market in Yukon continues to be hot, even in the dead of winter.

Fourth quarter of 2011 had 20 per cent increase over same time in 2010

The real estate market in Yukon continues to be hot, even in the dead of winter.

According to the latest numbers, the value of real estate transactions in the territory was up significantly compared to this time last year.

The Yukon Bureau of Statistics just released its housing numbers for the final quarter of 2011. Final quarters are usually a slow time of year for real estate, but that didn’t deter people from buying high in the territory - especially in Whitehorse.

The average house price in Whitehorse is now more than $432,000. The statistics bureau says those numbers appear to be a case of supply and demand.

"The fourth quarter of 2011 took us October through December. Our value in real estate transactions in the Yukon was $60 million, and that's up 20 per cent over last year. And if you want to talk annually, the 2011 numbers were up 10 per cent over 2010," said Rebecca Johnson from the Yukon Bureau of Statistics.

"And while the number of transactions has gone down, the value of things have gone up. So prices have really increased."

The unanswered question is around what is driving the Yukon real estate market. Many, including the real estate association, say this is likely being driven by a strong resource sector.

Whatever the reasons, it looks like high prices will continue to be the norm in the territory. 

The Canada Mortgage and Housing Corporation is predicting that markets across the country will be stable for at least two more years.

The news is good for sellers in the territory, but not for those who wish to buy in this current market.