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.
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.
| Month | Average LR.ca 5-year fixed rate | Average bank 5-year fixed rate |
|---|---|---|
| Feb 2018 | 3.01% | 5.14% |
| Mar 2018 | 3.07% | 5.14% |
| Apr 2018 | 3.08% | 5.14% |
| May 2018 | 3.18% | 5.34% |
| Jun 2018 | 3.16% | 5.34% |
| Jul 2018 | 3.14% | 5.34% |
| Aug 2018 | 3.19% | 5.34% |
| Sep 2018 | 3.17% | 5.34% |
| Oct 2018 | 3.29% | 5.34% |
| Nov 2018 | 3.37% | 5.34% |
| Dec 2018 | 3.42% | 5.34% |
| Jan 2019 | 3.33% | 5.34% |
On a $400,000 mortgage that’s an average savings of:
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.
| Month | Average LR.ca 5-year fixed rate | Average LR.ca 5-year variable rate |
|---|---|---|
| Feb 2018 | 3.01% | 2.22% |
| Mar 2018 | 3.07% | 2.21% |
| Apr 2018 | 3.08% | 2.19% |
| May 2018 | 3.18% | 2.22% |
| Jun 2018 | 3.16% | 2.16% |
| Jul 2018 | 3.14% | 2.32% |
| Aug 2018 | 3.19% | 2.45% |
| Sep 2018 | 3.17% | 2.42% |
| Oct 2018 | 3.29% | 2.48% |
| Nov 2018 | 3.37% | 2.62% |
| Dec 2018 | 3.42% | 2.61% |
| Jan 2019 | 3.33% | 2.63% |
On a $400,000 mortgage that’s an average savings of:
Of the hundreds of thousands of borrowers who have shopped for a mortgage at LowestRates.ca since 2014, most are choosing variable rate loans. Why? Because variable rates are cheaper than fixed rates in the Northwest Territories — and everywhere else in Canada for that matter.
✝Based on Canadian borrowers who applied for a mortgage at LowestRates.ca since 2014.
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.
| Province and territory | Average home price (2016)* | Year- |
|---|---|---|
| Northwest Territories | $423,222 | -0.1% |
| Alberta | $395,648 | +2.7% |
| British Columbia | $625,871 | -6.4% |
| Manitoba | $282,511 | +4.2% |
| Newfoundland and Labrador | $265,395 | -2.4% |
| New Brunswick | $158,295 | +2.0% |
| Nova Scotia | $218,332 | +1.7% |
| Ontario | $571,696 | +21.2% |
| Prince Edward Island | $165,406 | +0.0% |
| Quebec | $291,232 | +2.6% |
| Saskatchewan | $292,303 | +0.4% |
| Yukon | $289,312 | -15.9% |
*Numbers courtesy of The Canadian Real Estate Association (CREA), November 2016
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.
