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Nunavut may be the least populous of all of Canada’s provinces and territories, but there is still demand for housing and a need for home buyers to find affordable interest rates. When they want to find the best current mortgage rates, Nunavut home buyers come here. Our extensive resources and contacts with Canada’s top lenders allow us to get the most competitive Nunavut mortgage rates for every home buyer in the territory. You can quickly and easily apply for a mortgage from one of the Canadian banks, brokers, and lenders listed on the site. So, read on to find out more about housing market in Nunavut, and then choose a rate to begin the process of securing an affordable Nunavut mortgage.
Factors Affecting the Housing Market in Nunavut
The following factors exert the most influence on housing affordability, housing construction, and other elements of the housing market in Nunavut:
• Cost of Living — In comparison to the other Canadian provinces and territories, Nunavut’s cost of living is 1.5–3 times greater than the cost of living in Canada overall. This greater cost of living explains why such a large proportion of Nunavut’s residents are renters and not homeowners. Approximately 60 percent of those who live in Nunavut rent instead of owning a home outright.
• Economy — Nunavut’s economy is mostly dependent on government spending, but natural resources and fisheries make up a significant portion of economic activity as well. Tapping mineral and petroleum reserves is the best way to create jobs for Nunavut residents and stimulate housing demand. Mining should add jobs over the next several years, particularly the mining of gold and other metals. Fisheries also create jobs as long as the ice conditions are right. Fish production can vary from year to year because of the ice, which impacts economic growth and the development of new jobs. Tourism, which brings around 14,000 people to Nunavut every year, is becoming more significant to the economy.
• Population Growth — Nunavut has the highest rate of population growth in all of Canada. Although the population remains small (approximately 32,000 people), this growth means that the need for housing will increase in the years ahead. As long as you buy in the right area, this could mean that now is a great time to take advantage of the lowest mortgage rates in Nunavut and buy a home, as you may have many potential buyers in the future to whom you can sell your home.
The State of Housing in Nunavut
Due to Nunavut’s low population and remote location, it is difficult to attain up-to-date facts and figures on Nunavut’s housing market. Much of the housing in Nunavut is coordinated through the Nunavut Housing Corporation (NHC), a public agency that strives to create and manage affordable housing in the territory. The agency builds and runs public housing, helps people become homeowners, and much more. It administers the Nunavut Down Payment Assistance Program, which has helped many Nunavut residents acquire the funds they need to move toward home ownership. NHC also runs other Home Purchase Assistance Programs to help people who can afford a home find a residence and buy it. Those who use the form on this page to access affordable mortgage interest rates in Nunavut may be able to work also with the NHC to find appropriate housing.
Approximately 22 percent of the homes in Nunavut are privately owned. The rest are either government-provided homes or other rental properties. This indicates that individuals who are looking for income properties stand to benefit from low mortgage rates in Nunavut. Since the majority of the population is comprised of renters, owning rental property in the territory may be a great way to earn some extra money. Potential income property owners should understand, however, that maintenance costs for homes in Nunavut can be quite high because of the cold weather and other factors that increase the wear and tear on residences throughout the province.
Experts recommend the construction and restoration of 350–450 homes per year in Nunavut in order to keep up with demand. Current home mortgage interest rates run between 3 and 6 percent in Nunavut. For those who are interested in Nunavut real estate, this may be a great time to buy and take advantage of interest savings.
Where to Buy a Home in Nunavut
All of Nunavut’s towns and communities are quite small in terms of population, so there is virtually no end to good locations for buying a home if you want a quieter lifestyle. There are a few communities, however, that stand out when you are considering a home purchase:
• Iqaluit — Iqaluit is the largest municipality in Nunavut and the capital of the territory. Originally an airbase for the U.S.A., Iqaluit is a job center in the territory due to the large number of government agencies operating there.
• Rankin Inlet — Ranklin Inlet is the second largest community in Nunavut as far as total population. The town is known for its tourist industry, as many people visit the area to hunt and fish.
• Pond Inlet — Pond Inlet is one of the larger communities in Nunavut, and the municipality is expected to grow rapidly once the Mary River Iron Ore Mine is complete. This will create jobs and fuel the demand for housing. Pond Inlet is also a prime tourist destination because of its beautiful scenery.
Get The Best Nunavut Mortgage Rates
Now that you understand more about Nunavut and its real estate market, it is time to select the best mortgage rate for your home purchase. Choose a rate on this page or complete the online application form to speak to a mortgage expert and get access to the most competitive rates in the territory.
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