Iqaluit, 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 Iqaluit, Nunavut is currently experiencing moderate growth. The median house price stands at $500,000, reflecting a year-over-year increase of 3.5%. This steady growth is indicative of a healthy demand for housing in the region. On the other hand, the apartment sector displays a slightly slower pace with a median price of $300,000 and an annual growth rate of 2.1%. The positive trends in both housing segments are underpinned by Iqaluit’s growing population, which has seen a significant surge of 7.1%, thereby increasing the demand for residential properties.
Investment Opportunities and Potential
Investors considering the Iqaluit real estate market will find opportunities primarily within residential sectors. The consistent rise in median house prices suggests a stable investment environment with potential for capital gains over time. Apartments offer a more accessible entry point for investors at $300,000 with a continuous, albeit more modest appreciation trend. The substantial population growth further reinforces the potential for rental investments as more people seek accommodation in this expanding northern city.
Future Market Outlook
Looking ahead, the Iqaluit real estate market appears poised for continued growth. The consistent upward trends in property values are likely to persist, driven by ongoing population expansion and economic development in the area. While current median prices show sustained increases, they remain relatively affordable compared to many southern Canadian markets, suggesting room for further appreciation. Investors and homebuyers can remain cautiously optimistic about the future market outlook in Iqaluit as long-term demographic and economic factors suggest a continuing demand for housing.
