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 experiencing steady growth, reflective of broader national trends. With a median house price at $500,000 and an annual appreciation trend of 3.5%, the market is showing consistent upward momentum. Meanwhile, the median apartment price is currently $300,000, with a slightly lower appreciation rate of 2.1% year-over-year. This indicates a more modest but stable increase in the value of apartment properties.
The city’s population has been growing steadily at a rate of 7.1%, which is significantly higher than the national average. This demographic expansion is contributing to increased demand for housing in the region, putting upward pressure on property values and rental rates.
Investment Opportunities and Potential
Iqaluit’s real estate market presents various investment opportunities due to its robust population growth and stable price appreciation. The consistent rise in house prices suggests that investments in residential properties could yield solid returns over time. Additionally, the high growth rate in population implies a growing demand for rental properties, which could benefit investors looking to enter the rental market.
With a smaller investment requirement and a steady appreciation trend, apartments offer an attractive entry point for those looking to invest in Iqaluit’s property market. Given the limited supply inherent to remote locations like Iqaluit, there is potential for strong rental yields and long-term capital gains as the local economy grows and infrastructural developments continue.
Future Market Outlook
The future outlook for Iqaluit’s real estate market appears positive, with continued population growth expected to drive demand for housing. The ongoing development of local amenities and infrastructure, coupled with Nunavut’s rich natural resources, is likely to attract more residents and businesses to the area. This influx should sustain the current upward trend in property values.
While external economic factors can influence local markets unpredictably, Iqaluit’s unique position as a burgeoning economic hub within Nunavut suggests resilience against some typical market fluctuations seen in larger centres. Investors looking for long-term growth potential may find Iqaluit’s real estate market an attractive proposition.
