Tuktoyaktuk, Northwest Territories Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $320,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $480,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Tuktoyaktuk, Northwest Territories, is currently exhibiting steady growth. With a median house price of $525,000 and an annual increase of 4%, the market is showing consistent appreciation. Similarly, the median apartment price stands at $320,000, with a slightly lower year-over-year growth rate of 2.5%. This suggests a healthy demand for housing in the area.
The population of Tuktoyaktuk has grown to 15,500, with a robust growth rate of 3.3%. The increasing population is likely contributing to the sustained demand for housing and could be an indicator of a vibrant local economy that attracts residents to the area.
Investment Opportunities and Potential
In light of these statistics, Tuktoyaktuk presents several investment opportunities. The continuous rise in property values indicates strong potential for capital gains over the long term. Investors looking to enter the market could consider single-family homes due to their higher appreciation rate or apartments for those seeking a lower entry point and potentially higher rental yield.
The ongoing population growth also suggests that rental properties may be in demand, offering investors an opportunity to generate steady income streams. With economic activities possibly driving this demographic trend, new developments or renovations may appeal to incoming residents looking for modern living spaces.
Future Market Outlook
The future real estate market outlook for Tuktoyaktuk appears optimistic. Assuming current trends continue, property values are likely to keep increasing, albeit at a moderate pace. The positive population growth trend bodes well for the demand in housing, supporting both the resale market and rental sector.
Investors should monitor factors such as employment rates, regional economic health, and government housing policies, as these will influence the market’s trajectory. Careful consideration of these elements can help stakeholders make informed decisions and capitalize on Tuktoyaktuk’s growing real estate market.
