Umingmaktok, 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 Umingmaktok, Nunavut, is currently experiencing a period of modest growth. The median house price stands at $500,000, which represents a year-over-year increase of 3.5%. This suggests a stable and slightly appreciating housing market. The market for apartments is also showing an upward trend, with the median apartment price at $300,000 and a growth rate of 2.1% over the past year. These trends are bolstered by a significant population increase, with Umingmaktok seeing a 7.1% population growth. This growth is likely contributing to the demand for housing and can be expected to continue supporting real estate values.
Investment Opportunities and Potential
In light of the current market conditions, there are notable investment opportunities within Umingmaktok’s real estate sector. Investors might find particular value in the single-family home segment given its higher growth rate compared to apartments. The consistent rise in property values indicates room for capital appreciation over time. Additionally, the strong population growth rate implies an increasing demand for rental properties, making buy-to-let investments particularly attractive for those looking to capitalize on rising rents and low vacancy rates.
Future Market Outlook
The future outlook of Umingmaktok’s real estate market appears cautiously optimistic. Given the steady increase in both house and apartment prices coupled with robust population growth, it is reasonable to forecast continued appreciation in property values. However, investors should also consider potential risks such as economic fluctuations or changes in regional policies that may impact the housing market. Monitoring local economic drivers and maintaining awareness of infrastructural developments will be key for stakeholders to maximize their investment potential in Umingmaktok’s promising real estate landscape.
