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 | $420,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 1,500 |
| Previous Population (2020) | 1,450 |
| Population Change | 3.4% |
| Total Private Dwellings | 600 |
| Occupied Private Dwellings | 550 |
| Population Density (per km²) | 0.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Kimmirut, Nunavut is currently experiencing steady growth, with the median house price standing at $500,000, reflecting a year-over-year increase of 3.5%. The market for apartments is also showing positive momentum, with a median price of $300,000 and an annual appreciation rate of 2.1%. This suggests a stable and growing housing market that aligns with the overall population growth of 3.4%, bringing the current population to approximately 1,500 residents.
Investment Opportunities and Potential
In light of the consistent rise in property values, Kimmirut presents attractive investment opportunities. The steady increase in population indicates a potential for sustained demand in housing. Investors could capitalize on the upward trend in house prices by acquiring properties to rent or sell as the market matures. With apartment prices increasing at a slightly lower rate than houses, there may be untapped potential in this segment for investors looking for a more accessible entry point into the market.
Future Market Outlook
The future outlook for Kimmirut’s real estate market appears promising. Given the solid pace of population growth and the current trajectory of property value increases, it is reasonable to expect continued demand for both purchasing and renting properties. This demographic trend, coupled with limited housing supply inherent to Northern communities, may lead to further price appreciation. Investors and stakeholders should monitor infrastructure developments and government initiatives in the area, as these factors will play pivotal roles in shaping the long-term vitality of Kimmirut’s real estate market.
