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<\/a><\/p>\n51 listings is still not a ton of selection.\u00a0 In fact, it is less than two months of inventory, which is lower than most markets.\u00a0 But it’s a lot more than we became used to during the pandemic.<\/p>\n
Given all the recent interest rate increases, it is fair to ask why things haven’t slowed down even further?\u00a0 We believe there are two main reasons.\u00a0 The first affects markets from coast to coast.\u00a0 When rates started rising, many people locked in at a rate that is lower than what is available today.\u00a0 So, unless they are planning to leave the country or move into rental housing, they have little incentive to sell now, because this would mean buying another home at a much higher rate.\u00a0 Until these homeowners are close to the end of their mortgage terms and are staring down rate increases regardless of selling or staying put, they have a compelling reason to stay put.\u00a0 In other words, interest rate increases can take a lot longer to affect markets than people realize.<\/p>\n
And the second reason is very local – employment and workforce participation levels remain high<\/a> in Yellowknife and there are a lot of vacant jobs waiting to be filled.\u00a0 We need more housing in order to fill these positions, but there is no vacant land for sale in our city.\u00a0 So demand for existing houses remains very high.<\/p>\n