YELLOWKNIFE - The Yellowknife real estate market is active, and some agents can't find enough houses to keep up with the demand.

"There are more buyers than houses," said James Clark, owner and agent of Homelife Sunrise Real Estate.

James Clark, owner and agent of Homelife Sunrise Real Estates, estimates that city house prices have increased by 15 per cent in the last year. - Stephanie McDonald/NNSL photo

"There's certainly a shortage of supply."

Clark said although he was busy last year, this spring he has been "extremely busy."

He attributes the housing demand to a booming northern economy, and workers moving into town.

Ken Pearman, president of the Yellowknife Real Estate Board and co-owner of Coldwell Banker, has also noticed a recent upward push on the market.

"With spring and warmer temperatures, definitely there's more people out looking," Pearman said.

He also attributes the recent demand to people looking for new homes with the approach of the end of the school year.

Summer is traditionally the time for people to move.

"A couple months before the school year ends, they'll start listing their houses. And once the listings happen, the buyers come," Pearman said.

A lot of listed houses are getting two to four offers at one time.

"They usually sell within days once they are on the market," Clark said.

Clark guesses that house prices have jumped by more than 15 per cent in the last year, due to demand.

The average price of a single-wide mobile home is $250,000 to $260,000 and a 1,600 square-foot stick-built house with an attached garage sells for between $380,000 and $410,000, according to Clark.

A 2,200 to 2,400 square foot house with a double-car attached garage sells for $400,000 to $600,000.

Townhouses sell for between $245,000 and $310,000.

"Prices have really really jumped," Clark said. "They've probably jumped more than 15 per cent."

Pearman said that the $250,000 to $400,000 bracket is currently the most active price range to be in.

The number of buyers and sellers are more in balance for houses in the higher price range, he said.