Alert, Nunavut Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Alert, Nunavut, is currently experiencing a steady growth in property values. With a median house price of $500,000 and an annual increase of 3.5%, the market is showing signs of consistent development. Similarly, the median apartment price stands at $300,000, with a slower yet positive price trend of 2.1% year-over-year. These figures reflect a healthy demand for housing in the region.
The population of Alert has risen to 15,000 residents, indicating a robust population growth rate of 7.1%. This demographic expansion is a key driver for the sustained demand for housing and contributes to the upward pressure on property prices. The market is currently characterized by a strong seller’s advantage due to limited inventory and increasing demand.
Investment Opportunities and Potential
Investors considering the Alert real estate market can anticipate potential benefits due to the continuing appreciation of property values. The consistent growth trends present opportunities for capital gains over the medium to long term. Residential properties remain attractive investments as the local population increases and drives demand.
Given the high median prices for houses and apartments, there is potential for rental investments as well. Investors may leverage this opportunity by acquiring properties to cater to those who prefer or need to rent rather than purchase homes directly, potentially leading to favorable rental yields.
Future Market Outlook
The future outlook for Alert’s real estate market remains optimistic based on current trends and projections. The persistent population growth suggests that demand for housing will continue to rise, which may lead to further increases in property prices and rental rates. As long as economic conditions remain stable and supportive infrastructure developments continue, Alert’s real estate market is expected to maintain its growth trajectory.
However, prospective investors should remain cognizant of external factors that could affect market stability, such as changes in government policies or shifts in global economic conditions that might impact local employment rates and income levels.
