Northern Housing Report

PDF - Publication

Description

CMHC’s Northern Housing Report focuses on housing market conditions across the 3 major centres in the Territories:

Whitehorse
Yellowknife
Iqaluit

Key Highlights indicate that affordability remains an issue

Affordability remains the main issue in Northern housing, with higher costs of labour and land driving up prices.

Notably Whitehorse shows moderated rental demand and a persistent sellers’ market

An aging population and a slowdown in international migration has moderated rental demand in Whitehorse.
Low resale inventory and persistent sellers’ market conditions have supported price gains across many housing forms.

Yellowknife indicates a decrease in young adults and improvement in employment

Improvement in employment among young adults has resulted in increased demand for rental units.
Decrease in the population of young adults, high cost of construction, as well as land availability issues has resulted in a decline in housing starts.

We see growing populations and strong rental demand in Iqaluit

A growing population in Nunavut is contributing to housing demand across the Territory. However, supports are needed to ensure the availability of both public housing and market units.
Rental demand remains strong with vacancy rates near zero in both market rentals and social and affordable housing units.

Author:: CMHC
Document Type:: PDF
Date Published:: October 29, 2020
ID Number:: 69680

Download

We want your feedback!

Take this short survey and tell us how we can make the Northern Housing Report insights better.

As of October 29, 2020 the Northern Housing Report will no longer provide forecasts. It is now separate from the Housing Market Outlook series. This is due to the limited data available from the areas outside the 3 major centres. To view past editions of the Northern Housing Outlook please visit the Housing Market Outlook page.

About the Northern Housing Report

Previously, the Northern Housing report was part of the Housing Market Outlook series.

Unlike the rest of Canada, a large proportion of housing in the North is provided through Territorial Housing providers:

Yukon Housing Corporation
Northwest Territories Housing Corporation
Nunavut Housing Corporation

Housing affordability challenges continue to be the most pressing issues facing housing markets in the North. This analysis is based on Canada Mortgage and Housing Corporation’s (CMHC) Northern Housing Report, released today.

In 2020, the COVID-19 pandemic has created volatility in employment, incomes, and migration throughout the North. This report does not focus on the precise impacts of the pandemic on housing fundamentals for the North. However, the severity and duration of COVID-19 continues to pose a major risk to housing markets in the region.

We understands the need to report on all spectrums of housing, and not just market housing. New to this year’s report is:

enhanced affordability measures
insights from CMHC’s new survey on Social and Affordable Housing — Rental Structures
initiatives from the National Housing Strategy (NHS)