Kimmirut, 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 Kimmirut, Nunavut, is currently characterized by steady growth. The median house price sits at approximately $500,000, with a positive year-over-year trend of 3.5%. This indicates a healthy demand for housing in the area, likely driven by the region’s robust population growth of 7.1%. Similarly, the median apartment price stands at about $300,000, experiencing a more moderate year-over-year increase of 2.1%. The diverging growth rates between houses and apartments may reflect a market where buyers are showing a preference for more spacious living accommodations or where inventory fluctuations are more pronounced in the detached housing market.
Investment Opportunities and Potential
The demographic momentum of Kimmirut’s population, currently around 15,000 residents and growing, presents several investment opportunities. The consistent appreciation in property values suggests that investments in residential real estate could yield attractive returns over time. Given the steady housing price increase outpacing that of apartments, investors might particularly consider single-family homes as a priority for their portfolios. Additionally, with population growth outstripping national averages, there may be opportunities for new development projects to meet the increasing housing demand. However, potential investors should also be cognizant of local economic factors and infrastructural considerations unique to Northern communities.
Future Market Outlook
The outlook for the Kimmirut real estate market remains optimistic given the current trends and population growth metrics. Should these trends persist, we can anticipate ongoing increases in property values—albeit potentially at varying rates for houses and apartments. Long-term investors could benefit from the region’s demographic growth trajectory; however, it’s important to monitor how regional economic development and government policies might impact future market conditions. Stakeholders should also remain aware of environmental challenges and sustainability issues that could influence housing supply and infrastructure development in this northern community.
