HomebuyingREPORT: Canadian mortgage rates and housing market trends 2020
Experts say we haven’t yet seen the full effects of COVID-19 on the housing market.
Compare the best current mortgage rates in Northwest Territories for free.
On average, Canadians save thousands of dollars per year by comparing rates with us.
What are you looking for? Compare the best mortgage rates in 3 minutes.
Compare mortgage rates in Northwest Territories.
Are you hunting for the lowest mortgage rates in the Northwest Territories? You’ve come to the right place. LowestRates.ca helps you find and compare the best rates from all the top mortgage brokers and banks in the region. Our free, no-obligation service makes shopping around for a mortgage rate fast and easy.
See how much you can save by comparing rates and find out more about the housing market in the Northwest Territories by taking a look at the charts below.
Lower rates = bigger savings.
How do we know you can save big just by comparing rates? We studied the numbers. Fixed rates on our site are averaging less than 2.5%, but posted bank rates average above 4.5%.
On a $400,000 mortgage, that difference in rates would result in more than $100,000 of savings over the life of your loan. Whether you’re house hunting in Yellowknife or in Hay River, savings like that can have a massive impact on your finances.
On average, LR.ca rates are more than 2 full percentage points lower than posted bank rates.On a $400,000 mortgage that’s an average savings of:
$439 Per Month
$5,264 Per Year
$131,596 In a Lifetime
5-year fixed mortgage rate from LowestRates.ca in Northwest Territories vs 5-year bank rate
| Month | Average LR.ca 5-year fixed rate | Average bank 5-year fixed rate |
|---|---|---|
| 02/18 | 3.01% | 5.14% |
| 03/18 | 3.07% | 5.14% |
| 04/18 | 3.08% | 5.14% |
| 05/18 | 3.18% | 5.34% |
| 06/18 | 3.16% | 5.34% |
| 07/18 | 3.14% | 5.34% |
| 08/18 | 3.19% | 5.34% |
| 09/18 | 3.17% | 5.34% |
| 10/18 | 3.29% | 5.34% |
| 11/18 | 3.37% | 5.34% |
| 12/18 | 3.42% | 5.34% |
| 01/19 | 3.33% | 5.34% |
Variable or fixed: which is lower?
Turns out, variable rates are lower. We compared LR.ca 5-year fixed rate mortgages to LR.ca 5-year variable rate mortgages and discovered that variable rates are consistently about half a percentage point lower.
On average, variable rates are almost half a percentage point lower than fixed rates.On a $400,000 mortgage that’s an average savings of:
$142 Per Month
$1,705 Per Year
$42,618 In a Lifetime
5-year fixed mortgage rate in Northwest Territories vs 5-year variable rate from LowestRates.ca
| Month | Our average 5-year fixed rate | Our average 5-year variable rate |
|---|---|---|
| 02/18 | 3.01% | 2.22% |
| 03/18 | 3.07% | 2.21% |
| 04/18 | 3.08% | 2.19% |
| 05/18 | 3.18% | 2.22% |
| 06/18 | 3.16% | 2.16% |
| 07/18 | 3.14% | 2.32% |
| 08/18 | 3.19% | 2.45% |
| 09/18 | 3.17% | 2.42% |
| 10/18 | 3.29% | 2.48% |
| 11/18 | 3.37% | 2.62% |
| 12/18 | 3.42% | 2.61% |
| 01/19 | 3.33% | 2.63% |
Focus On
Northwest Territories housing.
The real estate market in the Northwest Territories is driven almost entirely by the city of Yellowknife. According to the Canada Mortgage and Housing Corporation, developers continue to see high demand for housing starts in the city as more job creation encourages prospective buyers to sign on the dotted line. While construction of single-detached homes is flat to down, demand for lower-priced, multi-family housing starts is growing sharply. Average resale home prices in Yellowknife are healthy too, currently hovering around $380,000.
Resale Home Prices in Yellowknife
| Year | Yellowknife | Canada |
|---|---|---|
| 2012 | $387,900 | $363,483 |
| 2013 | $390,711 | $382,937 |
| 2014 | $415,344 | $408,411 |
| 2015 | $417,049 | $442,999 |
| 2016 | $384,900 | $474,200 |
Two-Storey Home and Condo Prices by Province
| Province | Two Storey | Condo |
|---|---|---|
| British Columbia | $749,500 | $319,400 |
| Alberta | $405,000 | $255,100 |
| Saskatchewan | $384,500 | $246,100 |
| Manitoba | $322,600 | $207,500 |
| Ontario | $528,900 | $280,800 |
| Québec | $323,700 | $201,400 |
| Canadian Average | $466,100 | $254,800 |
Your Northwest Territories mortgage questions, answered.
Variable or fixed: which is more popular?
Of the hundreds of thousands of Canadian borrowers who have shopped for a mortgage at LowestRates.ca since the start of 2014, most have taken variable rate loans. Of course, variable rates have been significantly lower than fixed rates, and look set to remain that way for the foreseeable future.
5-Year Fixed Rates vs. 5-Year Variable Rates in Canada: Who Takes What?✝
- of Canadians apply for 5-year variable mortgages
- 57%
- of Canadians apply for 5-year fixed mortgages
- 43%
✝Based on Canadian borrowers who applied for a mortgage at LowestRates.ca since 2014.
About Northwest Territories
Northwest Territories is one of three federal territories of Canada and is located between Nunavut and the Yukon. Spanning 1.17 million square kilometers, it is one of the continent's last great untamed wilderness areas and is largely uninhabited. The territory is made up mainly of mountains, forests, and tundra with thousands of rivers feeding thousands of lakes. Canada's largest lake entirely within the country, Great Bear Lake, and deepest lake, Great Slave Lake, lie ensconced in the remote landscape of the NWT. Yellowknife is the territory's capital and is home to approximately 19,000 people.
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