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 | $450,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $320,000 |
| 3 bedrooms | $400,000 |
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
In Umingmaktok, Nunavut, the real estate market is currently experiencing a period of modest growth. The median house price in the region stands at $500,000, with a year-over-year increase of 3.5%. This indicates a steady upward trend in property values, reflecting a healthy demand for single-family homes. Similarly, the median apartment price has been marked at $300,000, with a growth of 2.1% over the past year. Despite the smaller increment compared to houses, apartments are also gaining value, suggesting a balanced appreciation across different types of residential real estate.
The population of Umingmaktok has reached approximately 15,000 residents, with an impressive growth rate of 7.1%. Such demographic expansion is likely contributing to the increased demand for housing and could be an underlying factor driving the price trends observed in the market.
Investment Opportunities and Potential
The current market trends in Umingmaktok present several investment opportunities. The consistent rise in home values offers potential for capital gains for investors targeting long-term property holdings. Particularly, investing in single-family homes may yield more significant returns given the stronger growth rate compared to apartments.
Apart from direct property investment, there is potential for development projects aimed at accommodating the growing population. Investors might explore constructing new residential units or renovating existing properties to meet modern standards and preferences.
Given that local market prices are on an upward trajectory but remain relatively moderate compared to major urban centers, Umingmaktok could attract first-time homebuyers or those seeking affordable housing options, thereby sustaining investor interest.
Future Market Outlook
Looking ahead, Umingmaktok’s real estate market shows promise of continued growth. The robust population increase implies a sustained demand for housing which should support further appreciation of property values. Assuming consistent economic conditions and investment in local infrastructure and amenities by municipal authorities, the market outlook remains positive.
If current trends persist, both median house and apartment prices are expected to rise steadily over time. However, as with any market forecast, it is important for investors and homebuyers to stay informed about local and national economic factors that could impact these projections.
In conclusion, Umingmaktok represents a burgeoning market with potential for investors seeking growth and stability within Canada’s northern regions.
