Northwest Territories is one of three northern territories in Canada, located between Nunavut and the Yukon. The Northwest Territories is famous for its vast national parks, lakes, forests, and Arctic tundra, bringing many visitors every year. The capital city, Yellowknife, is located on the shore of the Great Slave Lake and is the economic center of the territory.
The territory is popular for its incredible landscapes, lakes for fishing and exploring the northern lights, and hot summer weather. It’s physically large and offers excellent space to visit by camping, driving, hiking, cycling, kayaking, and canoeing.
The Northwest Territories has one of the deepest and largest lakes in North America, with over 2,000 feet of depth, next to Yellowknife, making the Great Slave Lake a significant attraction for Canadians and global tourists.
The Northwest Territories has one of the best average personal incomes in the country, and a strong economy in natural resources, including precious metals, such as gold, zinc, lead, and uranium.
It’s also a top place for diamond mining and has grown significantly in the 1990s. Today, the territory is also booming in the tourism industry, and related services include art galleries and exhibits, sporting events, cultural events, hotels, retreats, and outdoor excursions.
The territory is popular as a destination for outdoor enthusiasts, and there are many tourism services available to Canadians and international visitors to the Northwest Territories. While Yellowknife is the top economic center that provides the bulk of financial, retail, and food services, there are much smaller, remote communities that provide a more authentic tour experience.
These communities offer services that provide a thriving economy for their residents, including bed and breakfast accommodations, equipment for hiking and outdoor excursions, guided tours, and local entertainment and cultural events.
Local tour companies and services are available to book directly online. In more recent years, tourism has significantly increased, with many visitors from Asia and the US booking their vacation in this vast, uniquely beautiful territory.
Smaller, newer companies are typically more successful in Yellowknife, where there is more direct access to local banking, financial and insurance management, and retail shops. There are many online services that offer indigenous art and authentic products to customers worldwide, with international shipping.
The Northwest Territories offers a strong economy in natural resources and tourism while offering a higher-than-average income and great business potential for new residents moving to Yellowknife and nearby communities.
While the territory is large and can provide some challenges in traveling by car, local airlines provide access to remote communities throughout the Northwest Territories.
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There is a lot of potential to enjoy a decent cost of living and start a new company. The level of success in any business largely depends on the demand and customer base. In this territory, guided tours, restaurants, bed and breakfasts, and attractions cater to the sizable tourism industry.
Yes. There have been some changes in the industry, though overall, mining, fishing, hunting, and forestry, are expected to remain strong in the foreseeable future.
Yes. The territory is physically expansive, making it expensive to travel by long road trips or air. While there are roads in the territory, they are limited to specific regions, and air travel is often used to reach most remote communities.
It’s more commonly used in the Northwest Territories due to the need to access remote towns and communities. While it can be an expensive service, it’s often required for shipments, food, travel, and commuting, which provides regular income to pilots and air travel providers.