18
Jan
Yellowknife Real Estate: A Look Back At 2021
It will come as no surprise to anyone following our Yellowknife real estate market that, upon close review, 2021 turns out to have been a very busy year. The number of sales was up by …
This morning the CMHC released its Spring 2015 Rental Market Statistics Report. Amazingly, Yellowknife’s rental apartment and townhouse vacancy rate was slashed from 5.3% a year ago to 2.4% this spring. And the reduction would have been even greater had an additional 52 units not been added to the inventory.
To get a sense of how surprising these numbers are one doesn’t has to look too far. Just a week ago CMHC released its Northern Housing Outlook Report, in which it predicted a decrease in the vacancy rate in 2015 to 3.5%.
All of this is good news for investment property owners and bad news for renters. But does it mean we’ll be making a return to our traditionally stingy vacancy rates? There are currently more than 200 apartment condos under construction and/or pre-sales in our city, which could theoretically draw tenants out of 10% of the total rental universe. We also have a couple of large rental apartment buildings sitting vacant while being renovated. Granted, we did just lose one downtown apartment building to a fire over the weekend, but on the balance I would expect rental rates to relax between now and this time next year.
Vacancy Rates (%) in Privately Initiated Rental Row and Apartment Structures of Three Units and Over | ||
Year | Vacancy Rate (%) | Total Units |
1998 | 0.1 | |
1999 | 0.1 | |
2000 | 0 | |
2001 | 0.1 | |
2002 | 0.3 | |
2003 | 1.8 | |
2004 | 3.1 | |
2005 | 3.4 | |
2006 | 3.4 | |
2007 – Spring | 2.8 | 1,921 |
2007 – Fall | 1.2 | 1,946 |
2008 – Spring | 0.6 | 2,004 |
2008 – Fall | 0.9 | 2,005 |
2009 – Spring | 2.9 | 2,003 |
2009 – Fall | 5.3 | 2,138 |
2010 – Spring | 1.3 | 2,125 |
2010 – Fall | 0.9 | 2,120 |
2011 – Spring | 0.7 | 2,119 |
2011 – Fall | 1.3 | 2,103 |
2012 – Spring | 2.4 | 2,110 |
2012 – Fall | 3.2 | 2,121 |
2013 – Spring | 3.6 | not available |
2013 – Fall | 3.6 | 2,080 |
2014 – Spring | 5.3 | 1,928 |
2014 – Fall | 4.8 | 1,943 |
2015 – Spring | 2.4 | 1,980 |
15
Jun