Yukon housing market is heating up

Average price for single-detached homes hits a new record

Yukon housing market is heating up
Duffie Osental

Yukon may be cold, but its real estate market is heating up. Last quarter saw the territory hit record-high home sales, with no signs of slowing down.

"The short version is, we're no longer Canada's best kept secret. People know about the Yukon — it's appealing, and people are moving here," Marc Perreault, president of the Yukon Real Estate Association, told CBC News.

According to CBC News, the total number of residential and commercial sales in Yukon hit $118.5 million in the third quarter of 2018 – up 28.5% from the same period last year.

While still below the national average, the average price for a single detached house in the capital Whitehorse increased by 5.6% from a year earlier to $475,000. Meanwhile, the average prices for Whitehorse duplexes and condos also increased to $367,200 and $351,400 respectively.

Perreault points to a rise in people moving to the territory as the main reason for the increase in real estate transactions. Immigration in particular is seen as increasing the demand for homes. "Due to other provinces and territories maybe having added some investment taxes or disincentives for foreign ownership, we're seeing a lot of movement towards investments in the Yukon, from foreigners," he said.

"We know that the Yukon economy is doing well, and there's more demand for housing. It's not surprising, it's continued growth."