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Rates Updated May 25, 2013 09:30:51
Best Closed Mortgage Rates
| Best Fixed Rates | Best Variable Rates | |||||
|---|---|---|---|---|---|---|
| 6 Mo |
|
3.95%
|
||||
| 1 Year |
|
2.69%
|
|
2.80%
|
||
| 2 Years |
|
2.49%
|
||||
| 3 Years |
|
2.75%
|
|
3.20%
|
||
| 4 Years |
|
2.69%
|
||||
| 5 Years |
|
2.84%
|
|
2.70%
|
||
| 6 Years |
|
5.79%
|
||||
| 7 Years |
|
3.40%
|
||||
| 8 Years |
|
6.55%
|
||||
| 9 Years |
|
6.55%
|
||||
| 10 Years |
|
3.69%
|
||||
| 25 Years |
|
8.75%
|
||||
Best HELOC Mortgage Rates
| HELOC |
|
3.65%
|
Best Open Mortgage Rates
| Best Fixed Rates | Best Variable Rates | |||||
|---|---|---|---|---|---|---|
| 6 Mo |
|
6.20%
|
||||
| 1 Year |
|
4.00%
|
||||
| 3 Years |
|
3.80%
|
||||
| 5 Years |
|
3.50%
|
||||
More About Nunavut
Nunavut Housing and Mortgage Overview
Nunavut experienced economic growth in 2011 as GDP grew by 7.7% - a trend forecasted to continue in 2012 and 2013. Nunavut's main industry, mining, was boosted in 2011 due to the opening of Agnico- Eagles Meadowbank gold mine, which produced over 300,000 ounces of gold. Other mining projects accrued spending levels of $400 million within the sector, with $568.8 million forecasted in spending intentions for 2012. Global demand for metals will continue to support the economy in this upward trend.
Increased consumer spending in addition to wage growth in all industries contributed greatly to economic growth, along with investment in the housing market. Investment in single-detached units, semis, rows, apartments, conversions and renovations increased 51% to $112 million in 2011 from $74 million in 2010, with semi detached units investment increasing the most at 51% to 112 million in 2011 from 74 million in 2010 at an average price of $279,038.
Source: CMHC
Nunavut Key Stats
Source: Stats Canada
|
Metric |
Nunavut |
Canada |
||
| Population (2011) | 33,3000 | 34,482,800 | ||
| Consumer Price Index (2011) (2002=100) |
113.8 | 119.9 | ||
| Average Earnings (2011) (Per Week, $) |
$901.91 | $874.76 | ||
| Unemployment Rate (2012) (SA, %) |
15.7% | 7.2% | ||
| Housing Starts (2011) | 193,950 | |||
| Average Residential Resale Price (annual % change) |
2009(A*) | $349,168 | $339,042% 5.8% |
|
| 2010 | $344,008 | $348,900* 2.9% |
||
| 2011 | $335,456 | $358,200* 2.7% |
||
| 2011 A = stated by the CMHC Data based on application received date Mortgage approval data are gross and may not fully capture lending activities of credit unions, caisses populaires, other smaller institutions and privately-insured loans in some areas |
||||
Local Market Indicators
|
Census Metropolitan Area |
Total Housing Starts |
MLS Sales |
MLS Average Price |
|
| Inqaluit | 2009 | 37 | $335,456 | |
| 2010 | 43 | $335,456 | ||
| 2011 | 60 | $335,456 | ||
| Sources: CMHC, Canadian Real Estate Association, Local Real Estate Boards, Statistics Canada MLS = Multiple Listings Service * Last updated July 2012 |
||||
Rate and product information are subject to change at any time and does not constitute financial advice. Please contact supplier for complete details.