Tuktoyaktuk, Northwest Territories Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.5% |
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 | $420,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,700 |
| 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, currently presents a median house price of $500,000, experiencing a year-over-year increase of 4%. This suggests a steady upward trend in the housing sector, reflecting healthy demand and possibly limited supply. The median apartment price stands at $320,000, with a slightly lower year-over-year growth of 2.5%. This difference in growth rates may indicate that houses are in higher demand than apartments, or that the housing stock is diversifying to meet different levels of affordability.
Investment Opportunities and Potential
With a population of 15,000 and an above-average population growth rate of 3.4%, Tuktoyaktuk’s real estate market shows potential for investment, particularly in the residential sector. The consistent rise in property values suggests that investments made today could yield positive returns due to appreciation alone. Furthermore, the growing population may lead to increased demand for rental properties, making buy-to-let investments particularly attractive. Given the current trends, investors might focus on single-family homes due to their stronger appreciation rate compared to apartments.
Future Market Outlook
The outlook for Tuktoyaktuk’s real estate market appears promising. Assuming current economic conditions hold and the population continues to grow at its current pace or faster, demand for housing is likely to drive further price increases. However, investors should also consider the impact of broader economic factors such as employment rates, infrastructure development, and regional industry health when assessing long-term prospects. Given the steady growth trends observed in both housing and apartment sectors, coupled with robust population growth, it would be reasonable to anticipate continued real estate market expansion in Tuktoyaktuk over the coming years.
