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Northwest Territories Mortgage Rates

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About Northwest Territories

More About: Living In The Northwest Territories

The Northwest Territories is the most populous of the three Canadian territories, with a population of roughly 45,000. Here are some more fast facts about the Northwest Territories:

  • Yellowknife is the capital city and has a population of about 20,000
  • Over half the territory's population is Aboriginal
  • The climate varies from south to north in the Northwest Territories. The southern part (most of the mainland portion) has a subarctic climate, while the islands and northern coast have a polar climate
  • Yellowknife is known as the "Diamond Capital" of North America – there are three diamond mines nearby, which have contributed greatly to Canada's supply and exports
  • The Northern Lights (or the Aurora Borealis) are most visible in the Northwest Territories

5 Things You Need To Know About Buying In The Northwest Territories

  1. The average home price in the Northwest Territories is about $395,000 – that's just under the national average
  2. Downsizing and closure to the diamond mines have resulted in a shrinking labour force. Because fewer people have been attracted to the job market, employment rates have managed to remain relatively stable despite the loss of available jobs. Job creation is expected to be a focus in coming years, which in turn should increase demand for housing
  3. There was an increase in housing starts in 2013 and 2014 due to new lots being released by the government. There was also an elevated demand for entry level housing for first time home buyers, and this was met with increased apartment construction
  4. Low interest rates in throughout 2014 have supported sales for both new and existing homes in the Northwest Territories
  5. Mortgage interest rates are expected to increase, as Canadian exports, investments, job growth and incomes improve. Once the economy is back to a comfortable, healthy place, we should see mortgage rates start to rise

Frequently Asked Question: What affect does the Northwest Territories' slow population growth have on the housing market?

There have been years where the population actually decreases in the Northwest Territories (2013, for example). This is due a number of factors – the remote location, high cost of living, climate, etc. One of the most notable causes of this issue is the lack of available jobs. Downsizes and mine closures have resulted in a diminished job market, which has obviously failed to attract new prospects. With such slow population growth, housing demand is also stalled and as such new construction is minimal.

Northwest Territories Housing Statistics

Because of its remote location, the cost of living is higher in the Northwest Territories than in other parts of the country. But the territory offers plenty of adventures you won't find anywhere else!

Property Prices: Moderate Quality of Life Index: Moderate
Cost of Living: High Traffic Index: Low

Buying Property in the Northwest Territories – Important Links

Thinking of buying a home in the Northwest Territories? Here are some important links to help you learn more about the province and get you started on your mortgage journey in the Northwest Territories:

Get Northwest Territories regional housing statistics from the Canada Mortgage and Housing Corporation.

Ever wonder what everyday items will cost you in the Northwest Territories? You can compare the cost of living across Canada and around the world here.

Are you new to Canada? The Northwest Territories offers a number of resources available to immigrants, aimed at providing a solid foundation for new Canadians.

Health care varies from province to province. Find out all you need to know about the Northwest Territories health care system and how to qualify for coverage here.

Get up to speed on provincial politics – learn more about the Northwest Territories government here.