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 experiencing a steady growth. With a median house price of $500,000 and an upward trend of 3.5% year-over-year, the market shows healthy activity. The median apartment price stands at $300,000, with a slightly lower growth rate of 2.1% year-over-year. This suggests that while the market for houses is growing more rapidly than that for apartments, both sectors are appreciating at a consistent pace. The population growth of 7.1% in the area is quite significant and likely contributes to the demand for housing, which in turn affects prices.
Investment Opportunities and Potential
Given the robust population growth and consistent appreciation in property values, Pangnirtung presents promising investment opportunities. The higher growth rate in house prices compared to apartments indicates that single-family homes may be particularly attractive as investment properties or for resale in the future. Additionally, with the population increasing rapidly, there is potential for rental properties to meet the demand from those who are not ready or able to purchase homes.
Future Market Outlook
The outlook for Pangnirtung’s real estate market appears optimistic. Assuming the current trends continue, and with the ongoing population increase, demand for housing is expected to remain strong. This could lead to continued appreciation in property values across both houses and apartments. Investors and homeowners should monitor factors such as local economic development initiatives, employment rates, and infrastructure improvements, all of which could further impact the future market positively.
