2018 was another memorable year for the North. Here are some key highlights regarding real estate and a couple of extraordinary events from 2018.

• A total of 234 residential properties were sold in 2018 with the largest segment being single family homes (88) followed by manufactured and mobile homes (80) then apartments (37) and townhouses (23).
• The average price for all residential properties in Yellowknife in 2018 was $413,567.
• Some new housing options/developments became available in Yellowknife in 2018 including Redcliff’s condominium and duplex development in the Niven Lake neighborhood and Phase 3 development on Hall Crescent.
• On a lighter note….we received a new resident–an infamous shaggy statue named Elon Muskox named after Tesla CEO, Elon Musk. It was donated to the City of Yellowknife by the Mosaïculture exhibit in Gatineau, Quebec.
• Finally, the largest diamond in North America, a 552-carat yellow diamond, was found in October at the Diavik diamond mine approximately 135 miles south of the Arctic Circle in Canada’s Northwest Territories (owned and operated by Dominion Diamond Mines ULC). Canadian diamonds are some of the best in the world.

According to the Canadian Real Estate Association, here’s a preview of what trends you can expect in 2019:

• Steady home sales despite rising interest rates – National home sales are expected to remain unchanged in 2019 versus year ago. However, Global News is reporting that interest rates are expected to increase between 2.25 and 2.75%.
• A new reality – popular technologies such as virtual reality (VR) and drones will be used more in real estate making it easier for home buyers in 2019. Drones can show you a bird’s eye view of a potential property, while VR lets you explore the inside of a new home all from your computer or mobile device.
• More “smart” homes – Currently, 13.9% of Canadian homes are “smart,” but this is expected to grow to 35% by 2023. A “smart” home means various parts of the home are connected to the Internet, including security systems, heating and cooling, lighting, appliances and more. Products like Amazon Echo, Google Home and Apple Homekit act as automation control hubs where you can then operate everything from your smartphone.
• Becoming more environmentally-friendly – The environment is becoming more of a priority in 2019 even for homeowners. This trend includes the use of sustainable building materials that have a smaller carbon footprint, using alternative/renewable energy sources (e.g. solar panels), and buying and using energy-efficient materials and items (e.g. appliances).

If you are looking to make some upgrades to your home or looking to buy/sell in 2019, these are some things to consider.

 

Coldwell Banker has a proud tradition of giving back to our community where we live and work. In 2018 Coldwell Banker was honoured to support the following organizations who are making a difference:

Alzheimer Society
Aven Manor
City of Yellowknife Recreational Facilities
Duck’s Unlimited
Festival on Franklin
Food First Foundation
Hockey NWT
MacDonald’s McHappy Day
NWT Disabilities Council
NWT Soccer Association
RCMP Charity Golf
Ryfan Electric Woman’s Charity Golf
Sir John Franklin High School
St. Patrick’s High School Dry Grad
YK Food Bank
YK Oldtimers Hockey
YWCA

As Yellowknife’s longest established and most experienced real estate company, Coldwell Banker provides support that you can count on. Thank you for a wonderful 2018 and we look forward to the New Year!

This winter is forecasted by the Farmers’ Almanac to be cold…very cold. Although it is nothing we Northerners haven’t experienced before, it is always a good idea to be prepared, especially when it comes to your home. Here are some tips to winterize your home this year. 40 below zero? No problem.

Protect Your Pipes
When water freezes, it expands. So, if water inside your pipes freeze then the pipes may expand and burst, which can cause massive damage. Here are some things you can do to avoid this potential catastrophe. First, you’ll want to drain water from any outdoor faucets or pipes and disconnect and store outdoor hoses. Then, it is a good idea to cover outdoor faucets with foam insulators and protect any water pipes that run through unheated areas of your home with insulation. Finally, if you are leaving your home during a cold snap, you will want to have someone come into your home to run a good amount of hot water and flush the toilets at least once/day.

Get Your Heat Source Ready
Getting your pellet stove, fireplace insert, furnace or boiler ready for the heating season is essential.
If you have a pellet stove or fireplace insert, you’ll need to do a thorough cleaning and inspect it to ensure that everything is in working order. Every stove/insert make and model is different so you should refer to your owners manual for specific guidelines and maintenance instructions.

As for your furnace, HVAC experts say an annual inspection/service can prolong the life of the system and save energy. Be sure to change your furnace filter at the start of the season and then every 2-4 months. Clogged or dirty filters are much less efficient. You also will want to make sure circulating pumps are turned on and working correctly. Finally, you might consider installing a programmable thermostat and program it to be cooler at night and when you are not at home to save costs.

Prevent Heat from Escaping
You will want to minimize the amount of heat escaping from your home. Be sure to caulk around windows and install window stripping around doors if needed. There are also commercially-available plastic window films (like plastic wrap) that can be attached to the window; it acts similarly to another pane of glass by providing another barrier. Window treatments can also help. Finally, if the windows and doors are older, you may want to consider replacing them with more efficient ones.

Have Cold-weather Essentials on Hand
With winter storms often come power outages. You will want to be prepared for those special emergencies. Here are some items that every household should have:
– An emergency kit which includes flashlights, indoor candles, matches/lighter and batteries
– A working, fully charged fire extinguisher
– An alternative heat source such as a generator, wood-burning or pellet stove, fireplace
– A snow shovel and sand/gravel

In completing these tasks, you can be assured that you and your home are well on your way to face Mother Nature this winter.

There are lots of different ways you can add value to your home without breaking the bank. We share 10 easy ways to get you started.

1. Create curb appeal–paint your front door; update the front door fixture; replace dated house numbers.
2. Give your walls a fresh coat of paint–if you are thinking of selling, select neutral colours.
3. Caulk around windows, tubs and counters–give your home’s surfaces a clean and protective finish against water damage.
4. Add a metal insulated entry door–this change can boost value, durability and security.
5. Give kitchen cabinets a facelift–if your cabinets are looking a bit dated, you may want to explore a fresh coat of paint and new hardware.
6. Remove popcorn ceilings–this was popular from the 1950 to 1980’s so having it will often outdate a home.
7. Replace old fixtures–consider replacing your kitchen and bathroom faucets and lighting fixtures, especially if they are older.
8. Add more storage-consider adding wire and laminate closet systems and/or shelving units to enhance storage and organization.
9. Clean or update the flooring–if you have wall-to-wall carpeting, have it professionally cleaned and if the carpet is covering hardwood flooring, then you might consider getting rid of it.
10. Hire an inspector–it isn’t as exciting as some of the other tips but having a professional check your home can be worth the investment. They may discover hidden problems that could negatively affect your home’s value and could be minor if caught early.

Check out some high-level statistics about Yellowknife’s real estate market:

There was a total of 219 homes sold in Yellowknife by a realtor last year (2017).

The average Yellowknife personal income is $67,629 versus $42,447 for Canada. The average family income in Yellowknife is $145,706 versus $92,610.*

According to the 2013 Infrastructure report, there are 5,913 private homes in Yellowknife.

(*2011 census)

Congratulations to Emilia Cornelissen Winner of the Coldwell Banker Trade Show Draw.

Ontario’s provincial government is seeking industry input on the issue of multiple representation.

Here is my background. I have been a full-time Realtor for over 36 years. I have owned and operated small and large independent and franchised brokerages. I currently co-own and operate a large brokerage with over 900 salespeople and multiple locations across the Greater Toronto Area. I have served on Professional Standards and Discipline committees for various boards and the Real Estate Council of Ontario.

I have first-hand knowledge of the types of complaints and consumer concerns that arise from multiple representation transactions. I have a lot of experience and perspective on this issue from all sides and all stakeholders, and therefore my views are not just those of a “self-serving Realtor”.

Read More…

A big congratulations going out to SHERRY HOWSE the winner of our “celebrate our new website contest” She is the proud new owner of a Coleman Revolution 3 Burner Propane BBQ valued at over $600.00