Pangnirtung, 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 Pangnirtung, Nunavut is currently characterized by a steady growth pattern. The median house price in the region stands at $500,000, with an annual increase of 3.5%. This suggests a stable and gradually appreciating housing market. Similarly, the apartment sector is experiencing growth with a median price of $300,000 and a year-over-year trend of 2.1% increase.
The population of Pangnirtung has reached approximately 15,000 residents, with a notable growth rate of 7.1%. This demographic expansion is contributing to the increased demand for housing, which in turn supports the positive trends in property values.
Investment Opportunities and Potential
In light of the current market conditions, Pangnirtung presents several attractive investment opportunities. The consistent growth in property values indicates that investors could expect continued appreciation over time. The increasing population also points to a potential rise in demand for both rental and owner-occupied properties.
Investors might consider diversifying their portfolios by acquiring both residential houses and apartments to cater to different segments of the market. Given the slower yet steady rise in apartment prices, this segment may offer long-term gains with lower entry costs.
Future Market Outlook
The future outlook for Pangnirtung’s real estate market remains optimistic. Assuming the continuation of current economic conditions and population trends, we can anticipate ongoing moderate growth in property prices. The robust 7.1% population increase is likely to sustain demand for housing, thereby supporting both the rental and sales markets.
However, investors should remain aware of local economic factors that could influence the market. Infrastructure developments, employment opportunities, and regional policies are key elements that could affect future market conditions.
In conclusion, while individual investment decisions should be made based on comprehensive due diligence and tailored advice, Pangnirtung’s real estate market offers promising opportunities underpinned by stable growth trends and demographic expansion.
