Yukon housing prices doubled in past 6 years

Real estate prices in Yukon are through the roof.

In the three-month period between July and September of this year, the average home price in the territory hit a new record, at $455,000.

Gary Brown, Yukon Bureau of Statistics senior information officer, says no one knows when the prices will peak, but he says many are surprised at how fast they are going up.

"$228,000 in the third quarter of ’05 and up to $455,700, so pretty much dead on doubled over the last six years. And that has been a trend from six years ago... when the housing prices just started to head upwards," said Brown.

Brown believes it’s basic supply and demand that's driving the record-breaking prices even higher.

He says even though the average Whitehorse area rural residential home is selling for nearly $500,000, it’s not a hot sellers’ market.

The number of homes sold in the territory over the three-month period from July to September was the lowest in 10 years.