Current Northwest Territories Mortgage Rates

About The Northwest Territories

Located in northern Canada, the territory borders Canada’s two other territories, Yukon to the west and Nunavut to the east, and three provinces – British Columbia to the southwest, and Alberta and Saskatchewan to the south. The Northwest Territories has a slightly warmer climate than Nunavut and is mostly boreal forest (taiga), although about half of the territory is north of the tree line.

Key facts about The Northwest Territories:

• Yellowknife, the regional capital, is located on the north shore of Great Slave Lake
• NWT includes the regions of Dehcho, North Slave, Sahtu, South Slave and Inuvik
• The remote landscape encompasses forests, mountains, Arctic tundra and islands in the Canadian Arctic Archipelago
• Dehcho’s Nahanni National Park Reserve is centred around the canyons of the South Nahanni River and 90m-high Virginia Falls, which is almost twice the height of Niagara Falls
• Two of the largest freshwater lakes (Great Slave Lake and Great Bear) and river systems (Mackenzie River) in North America are in NWT’s backyard
• Bison roam free in Wood Buffalo National Park, Canada’s largest national park

About The Northwest Territories Housing Market

The real estate market in The Northwest Territories is driven almost entirely by its capital city, Yellowknife. Canada Mortgage and Housing Corporation says developers continue to see high demand for housing starts in the city as job creation encourages prospective buyers. While construction of single-detached homes is pretty flat, demand for lower-priced, multi-family housing starts is growing sharply.

What are the Different Types of Mortgages?

• Fixed Mortgages. Fixed-rate mortgages make up 70% of all mortgages in Canada. A fixed-rate mortgage keeps your interest rate steady over the term of your mortgage (1-10 years). There’s no doubt that the five-year fixed-rate mortgage is the most common choice selected by Canadian homeowners. But, this isn’t the best option for everyone, regardless of its popularity. Fixed-rate mortgages appeal to homebuyers who are looking for a dependable payment schedule, manage a tight monthly budget or are generally more conservative. For instance, Millennials with large mortgages relative to their income may be better off opting for the peace of mind provided by a fixed rate and payments. 

• Variable Mortgages. A variable-rate mortgage fluctuates with the lender’s prime rate throughout your mortgage term. While your mortgage payment will remain the same over your term, your interest rate may change based on market conditions. So, if the prime rate rises or falls, this impacts the amount of principal you pay off each month. When rates on variable-rate mortgages drop, more of your payment is applied to your principal balance. And, conversely, if rates increase, more of your payment will go towards the interest portion of your mortgage. Historically, variable rates have paid off for Canadians over time.

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