Real Estate Matters

The Yellowknife real estate market has abruptly woken from its winter slumber with a large amount of buyer activity & new listings. While the last week or so has been incredibly busy for sellers & buyers alike, lets look at what the first Quarter of 2025 brought. Slightly reduced sales activity in the first quarter is noted with 3% less sales than Q1 2024, not a concern as Q1 is often the slowest period of the year. While sales were down prices are up with a 15% increase on average prices of home in the market as compared to this time last year. We saw an increase in listing activity year over year with 71 new listings during Jan 1 – March 31 & an increase on the length of time it took to sell homes year over year by 50%. With less than 40 sales during this period these numbers likely wont be the trend through the rest of 2025. We are seeing elevated activity levels coming out of spring break with 21 new listings over the last 8 days. 11 conditional sales & 7 firm sales in that same period of time. With inventory finally arriving to bring buyers to look at we expect the spring buying season to be busy as expected and encourage both buyers & sellers to begin working with an agent so they dont miss the homes that catch their eye or are beginning the process of preparing their homes for sale so they dont miss the rush. Military & RCMP home hunting trips have begun, interest rates have been reduced & some tumultuous activity south of the border causing many Canadians to stay close to home are all reasons why activity levels may stay elevated for the near future.