2021 – Another Extraordinary Year
2021 was another exceptional year. The ongoing pandemic continues to affect every market and every aspect of society including housing and real estate. The real estate market in Canada saw unprecedented activity with low interest rates and really very strong demand driving sales and prices and affecting housing affordability.
In Yellowknife, housing inventories were also quite low which led to quicker sales and increased competition. The average number of days on market for residential properties sold in Yellowknife was only 37 days.
Here are the highlights from the year:
- A total of 368 residential properties were sold in 2021, resulting in a 20% increase from 2020.
- Of total residential properties sold, the largest segment was single family homes (40%) followed by manufactured/mobile homes (30%) and apartments and townhouses (30%).
- The average price for all residential properties in Yellowknife in 2021 was $457,200, an 8% increase versus 2020.
- The average number of days on the market for residential properties sold in Yellowknife in 2021 was 37 days, which was 45 days less than the prior year.
Looking ahead to 2022, while many are hoping for a more balanced market, we do expect demand to continue to outpace supply at least until the summer. If you are interested in buying in 2022, let us know and we can help you through the challenges.
Note: Sales data is compiled through December 31, 2021 and is based on Yellowknife Real Estate Board Residential MLS data for the Yellowknife market.