Happy New Year Yellowknifers!
What happened in the Yellowknife Real Estate market in 2025 and what’s to come in 2026?
Yellowknife Real Estate in 2025 was busy! It was the most active year for sales in Yellowknife since 2022 with 285 total sales just in Yellowknife. Our average price for sold properties in Yellowknife rose 6.5% to $542,075 up from $509,055 in 2024. On average properties sold at over 99% of their listed price meaning there was overall very little room for negotiation with sellers in large part getting what they asked for. This new elevated average sale price is a 30% increase from 2020! We at Coldwell Banker accounted for 40% of the sales activity in 2025 with a total of 253 closed sales, an average of over 30% more than either of our competitors. We are so grateful for all our loyal clients who make it possible for us to continue to serve as Yellowknife’s #1 Real Estate brokerage.
So with an amazing 2025 in the rear-view mirror what is to come in 2026? With a substantial amount of Canadian mortgages up for renewal this calendar year CREA is expecting it to be a busy year for listing activity as Canadians come to term on their mortgages bought in 2021-2023 at much lower interest rates. Renewing at a new, much higher interest rate may spur many to sell who bought during the covid years at ground level interest rates. We are seeing new mortgages getting booked at 3.95-4.15% currently, whereas interest rates were 2.25% or lower in 2021-2022.
Yellowknife has seen some shake ups in 2025 with mine closures at the forefront of our minds. This will affect our economy in general more than it will affect the housing market, in my opinion. Obviously broader economic affects will play into the housing market, but I don’t see a massive influx of listings coming from this wind down of the mines, to be confirmed. We are no longer a mining town. We are a Government City with many of our mine workers living down South or outside of Yellowknife. We have seen a handful of new rentals come online filling a void in the housing market for renters and newcomers, emphasis on filling a void. We have seen very few new single-family construction in the last couple years which will continue to hold values elevated of homes in Yellowknife.
All that said what’s to come in 2026? I see a busy market with steady price growth on par with what we’ve seen these last couple years. The right properties with correct pricing will continue to see elevated attention levels. I foresee a balanced market overall with another year of high listing activity as we saw last year. Interest rates should hold or drop slightly, but the big banks are no longer predicting multiple interest rate drops from the Bank Of Canada.
All this to say, 2025 was amazing and 2026 should shape up to be no less exciting! Happy 2026 to all!
All data comes from the NWTAR MLS system.
