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 | $450,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 6.0 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Yellowknife, Northwest Territories currently shows a modest but steady growth trend. With a median house price of $500,000 and an annual increase of 3.5%, the housing sector is experiencing sustainable appreciation. Meanwhile, the median apartment price stands at $300,000, with a slightly lower year-over-year growth of 2.1%. This suggests that the market is stable with potential for steady gains over time.
The local population of approximately 15,000 residents has been growing at a notable rate of 3.4%. This demographic shift is likely to continue putting upward pressure on housing demand, further stimulating the market.
Investment Opportunities and Potential
Given the steady growth in both property values and population, Yellowknife presents compelling investment opportunities. The consistent uptick in house prices indicates a reliable market for investors looking for long-term capital gains. With a growing population, rental properties could also be an attractive option; demand for rental units may increase, potentially leading to higher occupancy rates and rental yields.
Moreover, the slower growth rate in apartment prices compared to houses suggests that there might be an opportunity to enter the market at a relatively lower price point while still benefiting from the general upward trend in property values.
Future Market Outlook
Looking ahead, the Yellowknife real estate market appears poised for continued growth. The consistent rise in population is set to drive demand for housing further. Assuming that economic conditions remain stable and supportive of growth, both housing and apartment markets are likely to maintain their upward trajectories.
However, as with any investment, potential changes in local economic drivers, environmental policies affecting Northern communities, or shifts in national real estate regulations should be monitored closely as they can have significant impacts on future market conditions.
