Wekweeti, 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 Wekweeti, Northwest Territories, is currently characterized by steady growth. With a median house price of $500,000 and an upward trend of 3.5% year-over-year, the market is experiencing moderate appreciation. Similarly, the median apartment price stands at $300,000 with a growth trend of 2.1% year-over-year. This consistent increase in property values suggests a stable investment environment.
The population of Wekweeti has been expanding at a rate of 7.1%, which is relatively high and may contribute to increasing demand for housing in the region. This demographic change can be expected to exert upward pressure on both rental and sale prices as more individuals look for accommodation.
Investment Opportunities and Potential
In light of the current trends, there are various investment opportunities within Wekweeti’s real estate market. The steady growth in property values indicates that purchasing residential properties could yield capital gains over time. Investors might consider buying to let, as the growing population will likely fuel demand for rental units.
Furthermore, new developments or renovations in older properties could attract higher-income tenants or buyers looking for modern amenities, potentially offering higher returns on investment. Given the sizeable population growth, there may also be opportunities in the development of multi-family units or community living spaces to accommodate the rising number of residents.
Future Market Outlook
The future outlook for Wekweeti’s real estate market appears optimistic. Assuming the continuation of current economic conditions and population trends, demand for housing is likely to persist, sustaining the upward trajectory in property prices. The existing trend of moderate but consistent growth provides a level of predictability that can reassure investors looking for long-term stability.
However, it’s essential to monitor external factors such as changes in regional employment rates, availability of natural resources (a key economic driver in many Northern communities), and government policies affecting homeownership and property investment. These factors could impact future market dynamics either positively or negatively.
Overall, with careful consideration of local and broader economic indicators, Wekweeti presents itself as an appealing location for real estate investments with a healthy potential for future growth.
