Elevation of Home Prices in Whitehorse, Yukon

As a professional in the field of Real Estate Marketing, I get asked almost daily… “How high can housing prices go in Whitehorse?” The reality is that there is no one simple way to answer this question. In fact several elements of the marketplace need to be examined prior to conclusions or predictions being made. Next time you’re out with your buddies or sipping on some wine with the girls and the topic of Whitehorse real estate comes up, keep this in mind… The simple straightforward law of supply and demand can be held largely responsible for the current state of housing prices in Whitehorse and the Yukon. One who lives in Whitehorse or anywhere in the Yukon for that matter knows all too well the direction pricing has gone in the last 10 or so years. Elevated demand, low interest rates and a strong economic outlook compounded with global factors influencing investor decisions to hedge on gold; we continue to see adjustments upwards in our housing market. The current trend of elevated pricing on homes in Whitehorse and throughout the Yukon compounded with a profound shortage of lots available to build on within the City of Whitehorse, and you have the multifaceted recipe for where the current market is situated today - all time highs! Although measures and strategies are in place to alleviate the shortage of lots within the City of Whitehorse, we are still months to years away from seeing the immediate impact on housing prices in the Yukon, if any at all! Interest rates are to remain stable into early fall and and our immediate shortage of housing will remain relatively unchanged leading into the new year. Growth projections are steady and demand is high. What does all of this stuff really mean...? In understanding what factors influence housing prices, and looking at historical data in similar regions one can better prepare themselves to make sound, prudent decisions that will help you in meeting your overall objectives. As a real estate professional I help to make sense of some of the issues most important to the purchase or sale of real estate in the Yukon - without unfounded opinion or bias in either direction. After-all, real estate is one of the most significant investments one can make in any market. For more information on market data specific to your neighborhood, please contact me today! Chris Meger Real Estate Agent RE/MAX Action Realty www.chrismeger.ca