Yellowknife renters should be optimistic of homeownership

A Yellowknife realtor says that despite talk of corrections and bubbles those who are renting in the area could be better off as homeowners.

Adrian Bell of Century 21 Prospect Realty told that anyone renting a two-bedroom apartment in the city would be better off buying a house.

Average rent for a two-bedroom apartment in Yellowknife was $1,686, according to CMHC figures last October, an annual rise of 1.4 per cent.

Supply of homes in the city has increased over the last decade and Mr Bell is optimistic about the market, especially as the booming diamond mining industry can offer employment opportunities for those who have lost work in the oil sector. 

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