HomebuyingAll the different ways to access equity in your home
Your home’s equity can come in handy when you need to pay for renovations, consolidate debt, or maybe just make ends meet.
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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 mortgage rates = bigger savings.
There are so many types of mortgages out there that it’s easy to get confused. To get you started, you’ll need to consider your down payment. If you’re able to put down more than 20% of the value of the home as a down payment, you’ll be offered a conventional mortgage contract. On the other hand, if you put down less than 20% of the purchase price of the home as a down payment, you’ll be offered a high ratio mortgage contract. You can get both on LowestRates.ca. We’ve also pulled a sample of rates to show you the difference between high ratio and conventional mortgages. Keep in mind that homebuyers with high ratio mortgages are required to purchase mortgage insurance from the CMHC, which means rates are often lower.
Conventional mortgage rates vs. high ratio mortgage rates in Northwest Territories.
| Month | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 04/20 | 3.14% | 2.91% |
| 05/20 | 3.01% | 2.76% |
| 06/20 | 2.85% | 2.60% |
| 07/20 | 2.66% | 2.46% |
| 08/20 | 2.49% | 2.29% |
| 09/20 | 2.49% | 1.99% |
| 10/20 | 2.49% | 1.99% |
Last Updated: November 9, 2020
Variable or fixed mortgage rates: which one is best?
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 lower.
5-year fixed vs. 5-year variable Mortgage rates in Northwest Territories
| Month | Fixed Rate | Variable Rate |
|---|---|---|
| 08/19 | 2.59% | 2.20% |
| 09/19 | 2.59% | 2.20% |
| 10/19 | 2.59% | 2.20% |
| 11/19 | 2.59% | 2.20% |
| 12/19 | 2.59% | 2.20% |
| 01/20 | 2.59% | 2.20% |
| 02/20 | 2.64% | 2.20% |
| 03/20 | 2.64% | 2.20% |
| 04/20 | 2.64% | 2.20% |
| 05/20 | 2.94% | 2.55% |
| 06/20 | 2.69% | 2.55% |
| 07/20 | 2.69% | 2.55% |
Last Updated: October 9, 2020
Focus On
Northwest Territories’ housing market.
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 |
Last Updated: October 9th, 2020
Two-Storey Home and Condo Prices by Province
| Province | Two-Storey Home | 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 |
Last Updated: October 9th, 2020
Your Northwest Territories mortgage questions, answered.
Looking for mortgage info? Check out our Home Buyers Guide.
Variable or fixed: which is more popular?
When it comes to choosing your rate structure, variable rate loans have been known to yield more savings for homebuyers than fixed rate loans. While recent economic activity means fixed and variable rates are closer than ever before, this still holds true. No matter which type of mortgage rate you go with, you’ll get a great deal when you compare rates on LowestRates.ca.
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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