Lutselke, Northwest Territories Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Lutselke, Northwest Territories, currently presents a stable investment environment with moderate growth. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This steady growth indicates a healthy demand for single-family homes. Similarly, the median apartment price is $300,000, having experienced a slightly lower annual increase of 2.1%. This differential in growth rates may suggest that the market for single-family homes is slightly more dynamic than that of apartments.
The population of Lutselke has grown to 15,000 residents, with an impressive growth rate of 7.1%. This considerable influx of new residents is likely contributing to the consistent demand for housing and could be pushing prices upward due to increased competition for available properties.
Investment Opportunities and Potential
The current trends in Lutselke’s real estate market provide several avenues for potential investment. Given the population’s robust growth rate and the consistent appreciation in property values, investors could see significant long-term returns on investments in both residential and rental properties.
New construction and development projects could benefit from the increasing housing demand driven by population growth. Investors looking to enter the rental market or expand their portfolio might find opportunities in apartment complexes or multi-family dwellings, considering the need for diverse housing options to accommodate different demographics moving into the area.
Future Market Outlook
The outlook for Lutselke’s real estate market remains positive. The sustained population growth should continue to underpin demand for housing. If economic conditions remain favorable and the area continues to attract new residents at a similar or increased rate, it is reasonable to anticipate further property value increases and a robust real estate market.
However, investors should also stay attuned to regional economic developments, infrastructure improvements, and changes in local policies that could impact the market dynamics. Keeping an eye on these factors will be essential to making informed decisions regarding future investments in Lutselke’s real estate market.
