October 2021 VS October 2022 – Case Study

So you want to live in Whitehorse? Has the real estate market changed? Let’s take a look and compare October 2021 vs October 2022 to see what it is like to buy a home in Whitehorse.

Has the real estate market changed since the Bank of Canada started to raise interest rates? The answer is a resounding yes! For the first time in nearly three decades, the federal Liberal and NDP governments with a coalition majority are tossing a wet blanket on the housing market. The proof is in the numbers. 

In October 2021, the market was extremely hot, and buyers were competing with one another to buy a very limited supply of houses for sale. For example, in September, October and November 2021 there were about 10 houses (single-family) for sale at any one time and 30 homes of any type. In October of 2022, we are averaging about 50 houses (single-family) for sale and about 150 homes of any type. How much do houses actually cost year over last? 

These real estate stats are provided by myself, Scott Sauer Re/Max Live In Whitehorse.

October 2021

  • 26 Single Family houses sold 
  • Average price – $647,714 
  • 10 sold over the asking price – the average amount paid over the asking price – $54,090
  • 9  sold at the asking price
  • 6 sold under the asking price 

October 2022

  • 16 Single Family houses sold
  • Average price – $612,083 
  • 8 under the asking price with an average of $19,225 off the price.
  • 3 over the asking price
  • 5 at the asking price 

Let’s make a quick comparison 

Average price 2021 $647,714 vs 2022 $612,083 – The average sale price is $35,631 less, and buyers are receiving an average of $19,225 off the asking price vs many buyers in 2021 paying $54,090 over the asking price. The market has clearly made 180. 

Many agents only have a few years of experience and are lost in the rapidly changing Yukon real estate market. Call me today 867.333.1095, Use my experience to your advantage!

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