Kugaaruk, 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
In Kugaaruk, Nunavut, the real estate market is currently experiencing steady growth. The median house price stands at $500,000, reflecting a healthy year-over-year increase of 3.5%. This suggests a stable market with consistent demand for housing. The median apartment price is currently $300,000 with a slightly lower year-over-year growth of 2.1%. This indicates that while apartments are appreciating in value, they are doing so at a slower pace compared to houses.
The population of Kugaaruk has reached approximately 15,000 residents, with substantial growth reported at 7.1%. This significant population increase is likely contributing to the demand for housing, thereby supporting the growth in property values observed in the market.
Investment Opportunities and Potential
Considering the upward trend in property values and the robust population growth, Kugaaruk presents attractive investment opportunities. Investors could benefit from both capital appreciation and potential rental income as more people move to the region seeking housing. The stronger growth in house prices compared to apartment prices suggests that single-family homes may offer a higher potential for appreciation. However, apartments might be an excellent entry point for investors due to their lower median price point and could appeal to a broader rental market.
Future Market Outlook
The future outlook for Kugaaruk’s real estate market appears positive. Given the current trends of increasing property values and significant population growth, it is reasonable to anticipate continued demand for housing which should support ongoing appreciation in property values. The key factors likely to influence future trends include local economic development initiatives, infrastructural improvements, and demographic shifts.
If these factors remain favorable and the population continues to grow at its current or higher rate, the real estate market in Kugaaruk could see sustained or potentially increased rates of growth. Investors and homebuyers looking for long-term value retention or appreciation should monitor these trends closely when making decisions in this market.
