Our team is excited to announce Nathan Round has been selected by Coldwell Banker as one of the Global Coldwell Banker 30 Under 30 award recipients for exception sales, community service & industry leadership. Congratulations Nathan!

Understanding the MLS: A Key to Yellowknife’s Real Estate Market

As temperatures rise in Yellowknife, so does the excitement in the local real estate market. Spring presents an ideal opportunity for both sellers and buyers, and at Coldwell Banker Northern Bestsellers, we utilize a variety of marketing tools to facilitate successful transactions. Among these, the MLS stands out as an indispensable resource.

What is the MLS?

The Multiple Listing Service (MLS) is a comprehensive database that catalogues property listings across Canada. It serves as a shared platform where REALTORS® collaborate to connect potential buyers with available properties. The majority of Canadian home sales are conducted through the MLS, which is managed by regional real estate boards.

How Does the MLS Benefit You?

The MLS enhances property visibility, ensuring that listings reach every REALTOR® and thousands of prospective buyers. This sophisticated system allows properties to be categorized by price, location, type, number of bedrooms, amenities, and other features, making it easier for agents to match buyers with suitable homes. It also provides detailed information crucial for negotiation.

MLS in Yellowknife

In our local market, all members of the Yellowknife Real Estate Board can access each other’s listings. Whether you’re interested in a specific property or exploring options, our knowledgeable REALTORS® are available to assist you. At Coldwell Banker, our agents work full-time, ensuring they are always ready to support your real estate needs around the clock.

The Enduring Value of MLS

Despite the evolution of digital platforms, the MLS remains a vital tool in connecting buyers and sellers, enhancing the overall real estate experience. Trust Coldwell Banker Northern Bestsellers to leverage this powerful system and guide you through Yellowknife’s dynamic market with expertise and dedication.

Coldwell Banker Northern Bestsellers would like to recognize one of our own and congratulate Shane Bennett on being awarded the Rookie Of The Year for Coldwell Banker Real Estate Canada. He has been awarded for both value of properties sold and overall volume of units sold in Canada for a Realtor in their first year with Coldwell Banker Canada.

Shane is a tireless worker and has embraced his new profession whole heartedly. Way to go Shane from all of us at Coldwell Banker Northern Bestsellers, Yellowknife and the Norths top selling and longest serving real estate brokerage.

Whether buyer or selling Shane is here to assist you with your real estate needs.

Winter is upon us and we have compiled some quick tips for home maintenance!

Hello and thank you for checking out this market update for Q1 2024.

The first quarter of 2024 has been a bit of it all; a slow start with January and February being largely quiet on all fronts. March brought about activity with buyers coming to the table and sellers bringing inventory to the market. And April brought the market into full swing with a ton of activity, a large number of listings and a lot of quick, high value sales. We have started to see high levels of competition, many homes selling in multiple offers and over asking. 

Homes above the $650,000 mark tend to sit longer though homes in great shape, with suites or largely updated above this price mark still tend to sell in multiple offers at or above asking price. Homes above $800,000 are slow to sell in some cases taking longer to find the right buyers in this price range often attracting buyers in need of selling their current homes. 

Here are the numbers; Between January 1 and April 30 2024 we saw 68 sales recorded on the MLS. Average listed price of those homes being $485,900 and the average sale price of those same homes is $483,500. This homes on average for the first quarter of the year homes were ON AVERAGE selling at 99.5% of their listed price. Anything listed between 300-600 is very tough to get a deal on with so much activity. Offers need to be quick and aggressive on price. 

Yellowknife currently stands at 48 active, available listings. An additional 8 listings sit in a conditionally sold status. Of the 48 current active listings the average listing price is $624,266. Of those 48 active listings 21 are currently listed ABOVE $650,000. 

I hope this information proves useful to some in their search for a home. As we see interest rates (hopefully) begin to creep down in the coming months, first drop expected in early June, I anticipate the market will only continue on its current busy path until the weather begins to cool again in the fall.

There is a risk the market is interrupted with wild fires again as we saw last year. The 2023 summer market was largely interrupted with smoky conditions and eventually the evacuation of the City of Yellowknife. If we find ourselves in a similarly active fire season this summer expect the market to be altered and if we find ourselves evacuated or with severe fire conditions expect the market to slow considerably and sales to be put on pause as buyers begin struggling to obtain home insurance on new purchases.

Winter is coming… Here are some seasonal reminders to help you prepare.

• Have boilers and furnaces serviced, including chimney cleaning.
• Have fuel tanks filled and resume automatic delivery.
• Order wood and pellets for secondary heating sources.
• Have wood and pellet stove chimneys cleaned and appliances checked for safe operation.
• Turn on circulating pumps if turned off for the summer months.
• Disconnect garden hoses from hose bibs and turn off hose bib water supply lines, and have them drained.
• Ensure all smoke and CO detectors are not outdated and that they are in working order.
• Clean filters and turn on ventilation systems often referred to as HRV’s (heat recovery ventilators, air-to-air exchangers, or HVAC’s).
• Clean out gutters and downspouts to prevent ice dams and ensure proper water flow.
• Check doors and windows for drafts. Replace worn-out weatherstripping or caulk as necessary.
• Check trees around your property for dead or hanging branches that might fall under the weight of snow or due to winter storms.
• Rake leaves and store summer garden tools. Prepare your garden and plants for winter.
• Ensure you have a winter emergency kit, including flashlights, extra batteries, blankets, bottled water, non-perishable food, and first-aid supplies.
• With shorter days, ensure that your outdoor lighting is functional, especially along pathways.
• Winterize vehicles by checking antifreeze levels, tire tread and pressure, and replacing wipers with winter blades.

With the pandemic, our home has become our safe haven and the dominant trend towards ‘feel good’ interiors will continue for 2022.

Through design, we will look to create more comfortable and relaxed environments within our homes. To enhance comfort, people can use warm, neutral colours and we expect to see more curves in furniture, lighting, and accessories, and layering with different textures especially soft and cozy fabrics.

As people spend more time indoors due to the pandemic, people will also be bringing more of the outdoors and nature into their homes. Landscape palettes with green and blue hues will be popular. Natural materials and wood tones, stone with prominent graining, and natural textures such as rattan, bamboo and dried grasses will offer a comforting reminder of the outdoors. Plants and flowers in the home will also be used to bring nature into our everyday environment. 

Finally, with supply-chain issues and climate change concerns, people will be incorporating more vintage and locally made and sustainability sourced design items such as furniture into their homes.

Sources: Good Housekeeping, Architectural Digest, and Houzz

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.

The COVID-19 pandemic took the world by surprise and has had a profound effect in all areas of society, including real estate. It has altered how and where Canadians work, which also led to many thinking about where and how they want to live.

One of the most promising developments has been with mortgage rates. The pandemic has made it more affordable to own a home. With the Bank of Canada’s rate cut to close to zero, mortgage rates have hit all-time lows.

There have also been impacts to real estate supply and demand. Real estate in rural and suburban areas have become more sought after while properties in urban markets, especially those in densely populated areas, have become less popular. As people are spending more time than ever at home, they are seeking larger living spaces. In addition, homeowners are looking to improve their home environment; many are investing in their living spaces undergoing renovations and/or looking to upgrade their home.

In addition, there are some new developments on the horizon in Yellowknife. One development that is particularly exciting is the West Bay Condo project. This property will offer the opportunity for people to live in a new and modern open-design property with high energy efficiency.  Located at the base of Tin Can Hill off School Draw, the condominiums are close to Old Town and downtown with nature and Great Slave Lake at its doorstep. The pre-sales will begin in spring 2021 and possession is planned for late 2021.

With these changes, it’s an exciting time to be looking for a new home or to sell a home, and we would be honoured to help you with any of your real estate needs.

2020 was certainly an extraordinary year on many fronts. The COVID-19 pandemic took centre stage and continues to affect our everyday lives. But it is during times of crisis when we realize how lucky we are to have such a caring and supportive community. Thank you for doing your part.

The pandemic also impacted the real estate market across Canada and in Yellowknife. The spring, which is normally one of the busiest seasons for real estate, was much slower but momentum picked up in June and continued through the summer and fall.  Here are some important highlights:

• A total of 302 residential properties were sold in 2020, resulting in a 9.8% increase from 2019.
• Of total residential properties sold, the largest segment was manufactured/mobile homes (120) followed by single family homes (97) and then apartments and townhouses (85).
• The average price for all residential properties in Yellowknife in 2020 was $421,600, which was a 3.3% increase versus 2019.
• The average number of days on the market for residential properties sold in Yellowknife in 2020 was 82 days, which was 10 days less than in 2019.

Looking ahead there are reasons for optimism in 2021 and we look forward to helping you with all your real estate needs this new year.

Note: Sales data is compiled through December 18, 2020 and is based on Yellowknife Real Estate Board Residential MLS data for the Yellowknife market.