Trending
A red, white, and black flag with a white background.

Neglected market feeling the worst effects of the affordability crisis

A hand holding a magnifying glass and a piggy bank next to a house.

Amid the far-reaching housing crisis, Iqaluit’s homeless are among the nation’s most burdened sectors.

The federal government has previously estimated that Nunavut needs more than 3,000 affordable units to accommodate current housing demand.

With over 4,900 individuals on the waiting list for low-cost housing, a significant proportion of the city’s homeless are Inuit forced to live in run-down homes. Many of these people are either elderly or stuck taking care of small children – and those who do have employment and incomes are not fortunate enough to be able to afford the market’s rental rates.

The Nunavut capital’s average monthly rent for a two-bedroom apartment stood at $2,648 in 2017, the latest CMHC reading for the oft-neglected market.

A recent announcement by Prime Minister Justin Trudeau might offer a semblance of hope: The federal government has vowed a $290-million, eight-year investment in developing and expanding Iqaluit’s social and community housing.

“We recognize that this is a big step forward that is going to make a huge difference in creating thousands of homes and we know this is really going to make a tangible impact in the lives of people here in the North,” Trudeau stated, as quoted by The Canadian Press.

However, while Nunavut Premier Joe Savikataaq and Iqaluit Mayor Madeleine Redfern welcomed the endowment, they stressed that the severity of the situation requires more drastic, immediate action.

“Nunavut is a cold and harsh environment and it’s no place for anyone to be homeless and we’re happy for this funding. We also need transitional housing and homeless shelter funding,” Savikataaq emphasized.

Average temperatures in Iqaluit have been measured to go as low as -27 °C.

“This is like the tip of the iceberg, but we are thankful for what we’re getting and we’ll be working with the federal government to come up with a good strategy in terms of how to alleviate more of our housing crisis here,” Savikataaq added.

About the Author

Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth. Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance. LinkedIn | Email  

Post a Comment

Related Articles

A June 2024 Edge Realty Analytics report has highlighted some notable shifts in Canadian building permit and construction trends. In a surprising turn of events,...

A June Edge Realty Analytics report has indicated that Canada’s population growth may be peaking. In the second quarter of 2024, Canada’s population saw an...

Most Trending News

A June 2024 Edge Realty Analytics report has highlighted some notable shifts in Canadian building permit and construction trends. In a surprising turn of events,...

A June Edge Realty Analytics report has indicated that Canada’s population growth may be peaking. In the second quarter of 2024, Canada’s population saw an...

Choosing the right realtor can significantly impact your real estate experience and the success of your transaction, whether you’re buying, selling, or investing. Calgary’s real...