Yellowknife, 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 Yellowknife real estate market is currently experiencing steady growth. With a median house price of $500,000 and an upward year-over-year trend of 3.5%, the housing sector remains robust. The median apartment price is set at $300,000, which has seen a slightly slower growth rate of 2.1% year-over-year. This consistent growth indicates a stable market condition that could be attractive to both homeowners and investors alike.
A notable factor contributing to the health of the Yellowknife real estate market is the population growth of 7.1%. This significant increase in the local population suggests both an influx of potential new home buyers and renters, as well as a possible boost in demand for residential properties.
Investment Opportunities and Potential
As investment opportunities arise with market growth, Yellowknife’s real estate landscape is promising for a variety of investment strategies. The solid growth in housing prices provides investors with the potential for capital appreciation over time. Furthermore, the increasing population could lead to higher demand for rental properties, offering investors an opportunity to generate passive income through property rentals.
The more modest growth rate seen in apartment prices could also present an attractive entry point for investors looking to diversify their portfolios with multifamily units. These conditions may be particularly appealing to those who are looking to capitalize on long-term demographic trends and the associated demand for various types of housing.
Future Market Outlook
The future outlook for Yellowknife’s real estate market appears positive. If current trends continue, the market is poised for ongoing expansion. The sustained population growth will likely remain a key driver for housing demand, potentially pushing property values upwards. As infrastructure develops and economic conditions evolve in tandem with population dynamics, Yellowknife offers an environment where real estate investments have room to grow.
However, investors and homebuyers should remain vigilant of economic factors that could influence market conditions, such as employment rates, local industry performance, and interest rates. Keeping informed on these variables will be crucial for making sound investment decisions in this Northern Canadian city.
