Yukon Territory Rising Economically into 2010

The Yukon Territory is Canada’s smallest of three federal territories, and is most known for the “Klondike Gold Rush” during the late 19th century.

With gold out of the picture today though, Yukon Territory still has its natural beauty to boast about, which continues to bring in both tourists and new residential homeowners. Comparing 2008’s third quarter to 2009’s third quarter puts Yukon at a value increase of $389,800 in real estate transactions, totaling $66,302,300.

The average selling price for a home in the territory’s capital, Whitehorse, was $330,300 during 2009’s third quarter, also an increase from 2008’s third quarter by $500. Rental vacancy rates rounded off at 2.6% with the median rental rate totaling $750 in last year’s third quarter.

In fact, Whitehorse has been on a steady rise in home prices since 2003. The chart below, attained from the Yukon’s government-run website, illustrates the territory’s yearly significant rise in average single home prices. It must be noted though that these figures do not include duplexes, condos, or mobile homes.

The “Global Financial Crisis of 2008” did expectedly stump Yukon’s upscale prices, effectively causing them to dip for a brief period, but by the first quarter of 2009, prices were on the rise once again.

Perhaps the biggest draw to Yukon though is its rich resources within the mining sector. The territory lays claim to 2,700 known mineral occurrences and over 80 mineral deposits, with established reserves. The world’s largest iron ore deposits and undeveloped lead-zinc districts are just some of several mineral extraction mines housed in Yukon.

Yukon’s physical infrastructure includes over 4,800 km of multi-weather roads, an international airport along with 10 community airports, and a clean and stable energy system, and a broadband telecommunications network. Most important though, Yukon is perfectly positioned for the global market place with direct access to Asia through two ice-free ports in Alaska.

Above all else, no one can disregard the people of Yukon. Being a young territory with 35.2 years of age being the average age, as 62% of the working population are under the age of 45, Yukon holds claim to being the best region in Canada when it comes the ratio of university degree holders. Those are promising statistics for Yukon’s continued economic rise in the northwestern sector of Canada.