Nunavut Mortgage Rates

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About Nunavut

More About: Living In Nunavut

Nunavut is the largest, most northerly, and newest of the three Canadian territories, having just been established officially in 1999. Here are some more fun facts about Nunavut:

  • Nunavut accounts for one fifth of Canada's land mass
  • The capital of Nunavut is Iqaluit, which has a population of roughly 8,000
  • There are 25 communities in Nunavut, but no roads that connect them – residents use small planes as a means to get from one place to another. Boats can also be used to reach some communities
  • Due to its high latitude, Nunavut experiences a polar climate in most regions
  • Nunavut's birth rate is significantly higher than the Canadian average, and this has resulted in years of high population growth rates. However, many native Inuit residents end up leaving the territory for better opportunities elsewhere, meaning that Nunavut often experiences negative net migration

5 Things You Need To Know About Buying In Nunavut

  1. The average home price in the capital city of Iqaluit is around $435,000 – that's about $30,000 more than the national average
  2. There is typically only a small pool of homes for sales at any given time, and these will often stay on the market for two to three months
  3. Housing demand in Nunavut is stagnant due to low (or negative) net migration levels
  4. A lottery system is in place for lots on which to construct a new home. You must first acquire a permit to build, and once a lot becomes available, a draw will be held should there be one that one interested party. First time homeowners usually get preference in these instances
  5. Mortgage interest rates are expected to increase, as Canadian exports, investments, job growth and incomes improve. Once the economy is back to a comfortable, healthy place, we should see mortgage rates start to rise

Frequently Asked Question: Are groceries really expensive in Nunavut?

Because most items (aside from fish and some poultry) needs to be flown in, groceries are exorbitantly expensive compared to the rest of Canada – and they're also hard to get. Stock is often inconsistent and unreliable, and many people stock up for months at a time when big shipments come in. You can expect to pay $12 just for a 2L carton of milk. Many people in Nunavut cannot afford these prices, and this has resulted in a growing concern for the Nunavut population living in poverty.

Nunavut Housing Statistics

Nunavut is an expensive place to live, but it offers a landscape and culture you simply cannot find anywhere else.

Property Prices: High Quality of Life Index: Low
Cost of Living: High Traffic Index: Low

Buying Property in the Nunavut – Important Links

Thinking of buying a home in Nunavut? Here are some important links to help you learn more about the province and get you started on your mortgage journey in Nunavut:

Get Nunavut regional housing statistics from the Canada Mortgage and Housing Corporation.

Ever wonder what everyday items will cost you in Nunavut? You can compare the cost of living across Canada and around the world here.

Health care varies from province to province. Find out all you need to know about Nunavut's health care system and how to qualify for coverage here.

Get up to speed on provincial politics – learn more about the Nunavut government here.

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Blog: MoneyWise


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