Market Update 2017: Value of Real Estate Transactions in Yukon
It’s no secret that Whitehorse, Yukon is one of the most breathtaking cities in Canada. With its fabulous restaurants, new breweries, great shops, healthy economy, and plentiful outdoor activities, Whitehorse is one of the best cities in which to work and live. With steady economic growth and increasing population, home sales are increasing and home prices are improving. If this trend is any indication of the upcoming real estate market, we can expect a continual improvement in the coming year.
According to the Yukon Bureau of Statistics, in the first quarter of 2017, real estate transactions in Yukon yielded $48.8 million – $38.2 million in Whitehorse and $10.6 million for the rest of Yukon. This reveals an increase of $14.7 million, or 43.0% compared to the real estate transactions of the first quarter of 2016 (Yukon Bureau of Statistics, 2017). In Whitehorse,
- The average house sale price was $423, 300 compared to the average house sale price of $407, 300 in the first quarter of 2016, an increase of $16, 000 or 3.9%.
- The average condo price was $328, 900 yielding an increase of $30, 800, or 10.3% compared to the first quarter of 2016.
- The average price for a duplex sold for $345, 900. The number of duplex sales increased by 57.1% compared to the first quarter of 2016.
- The average price for a mobile home during the first quarter of 2017 sold for $247, 700 (Yukon Bureau of Statistics, 2017).
Looking deeper into what is driving this steady improvement nationally and locally, we can see that Whitehorse job growth is increasing and unemployment rates are the lowest they’ve ever been at 2.3% in August 2017 compared to 7.4% in August 2016 (compared to a national unemployment rate of 6.2%) (Yukon Government, 2017). With consistent job growth, lower unemployment rates, and fast-rising earnings, Whitehorse is proving the strength of its economy.
So what can we predict of the real estate market in 2018? If history is any indication, you can expect long-term steady growth and market resiliency. Whitehorse’s growing popularity is no surprise to us. There are many reasons why this northern city is one of the best places to live!
Yukon Bureau of Statistics. (2017). Yukon Monthly Statistical Review August 2017. Retrieved from http://www.eco.gov.yk.ca/stats/pdf/mr_Aug2017pdf
Yukon Bureau of Statistics. (2017). Yukon Real Estate Survey First Quarter. Retrieved from http://www.eco.gov.yk.ca/stats/pdf/real_estate_q117.pdf
Yukon Government. (2017). Yukon Employment August 2017. Retrieved from www.eco.gov.yk.ca/stats/pdf/employment_aug17.pdf
Yukon Government. (2017). Monthly Statistical Review. Retrieved from www.eco.gov.yk.ca/stats/monthlyreview.html