Arviat, 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 Arviat, Nunavut presents a stable growth environment, as indicated by the year-over-year trends. The median house price in this community is currently at $500,000, with a healthy appreciation rate of 3.5%. This suggests a robust market that is consistently gaining value. The median apartment price stands at $300,000, with a slightly lower growth rate of 2.1% year-over-year. This variation in growth rates between housing types may reflect a more significant demand and value retention for single-family homes in the region.
Investment Opportunities and Potential
Given the population of Arviat standing at 15,000 and experiencing an impressive growth rate of 7.1%, there is potential for real estate investment to meet the needs of an expanding community. The steady increase in property values coupled with the population surge suggests that demand for housing will continue to grow, thereby providing fruitful opportunities for both developers and investors. Single-family homes appear to be particularly promising given their higher appreciation rate.
Future Market Outlook
The future real estate market outlook for Arviat is optimistic based on current data. With continued population growth projected at a substantial rate, demand for housing is expected to rise accordingly. Should the economic conditions remain favorable and supportive of the current trends, investors can anticipate sustained or potentially increased returns on investment in both the residential housing and apartment sectors. However, market stakeholders should keep an eye on regional economic policies, infrastructure developments, and employment rates as these factors could influence market dynamics moving forward.
