The best mortgage rates in Nunavut? Get ‘em right here!

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Best Variable Rate
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Variable Closed
Rate 3.30%
Best Fixed Rate
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Fixed Closed
Rate 2.87%
BMO Bank of Montreal

BMO Bank of Montreal

Term 3 Year
Type Fixed Closed
Rate 2.92%
BMO Bank of Montreal

BMO Bank of Montreal

Term 4 Year
Type Fixed Closed
Rate 3.14%
BMO Bank of Montreal

BMO Bank of Montreal

Term 2 Year
Type Fixed Closed
Rate 3.24%
BMO Bank of Montreal

BMO Bank of Montreal

Term 1 Year
Type Fixed Closed
Rate 3.59%
Scotiabank

Scotiabank

Term 5 Year
Type Fixed Closed
Rate 5.19%
Scotiabank

Scotiabank

Term 1 Year
Type Fixed Closed
Rate 3.64%
Scotiabank

Scotiabank

Term 2 Year
Type Fixed Closed
Rate 3.74%

Compare mortgage rates in Nunavut.

Shopping for a mortgage rate in Nunavut? LowestRates.ca has you covered. With our free, no obligation service, we can help you find and compare the best rates from the top mortgage brokers and banks in the region.

Check out the charts below to see how much you can save by comparing rates and to find out more about the housing market in Nunavut.

Lower rates = bigger savings.

Nunavut borrowers can save big when they shop around for mortgage rates. The proof is in the numbers: our rates have consistently been more than 2 full percentage points lower than posted bank rates.

On a $400,000 mortgage, that difference would result in more than $100,000 of savings over the life of your loan. Whether you’re house hunting in Iqaluit or in Arviat, savings like that can have a massive impact on your finances.

On average, LR.ca rates are more than 2 full percentage points lower than posted bank rates.On a $400,000 mortgage that’s an average savings of:

$439 Per Month
$5,264 Per Year
$131,596 In a Lifetime

5-year fixed mortgage rate from LowestRates.ca in Nunavut vs 5-year bank rate

MonthAverage LR.ca 5-year fixed rateAverage bank 5-year fixed rate
02/183.01%5.14%
03/183.07%5.14%
04/183.08%5.14%
05/183.18%5.34%
06/183.16%5.34%
07/183.14%5.34%
08/183.19%5.34%
09/183.17%5.34%
10/183.29%5.34%
11/183.37%5.34%
12/183.42%5.34%
01/193.33%5.34%

Variable or fixed: which is lower?

How do the best variable rates stack up against the best fixed rates? We compared LR.ca 5-year fixed rate mortgages and LR.ca 5-year variable rate mortgages that Canadians have applied for on our site to find out. Turns out, variable rates are almost half a percentage point lower. For Nunavut borrowers looking for the lowest rate, variable is the way to go. If you want your payments and interest rates to stay the same for the entire mortgage term, then fixed is a better option.

On average, variable rates are almost half a percentage point lower than fixed rates.On a $400,000 mortgage that’s an average savings of:

$142 Per Month
$1,705 Per Year
$42,618 In a Lifetime

5-year fixed mortgage rate in Nunavut vs 5-year variable rate from LowestRates.ca

MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
02/183.01%2.22%
03/183.07%2.21%
04/183.08%2.19%
05/183.18%2.22%
06/183.16%2.16%
07/183.14%2.32%
08/183.19%2.45%
09/183.17%2.42%
10/183.29%2.48%
11/183.37%2.62%
12/183.42%2.61%
01/193.33%2.63%

Focus On

Nunavut housing.

Economic expansion and employment gains are giving the Nunavut housing market a boost — especially in Iqaluit. The city saw average home prices rise to just under $500,000 in 2015 — higher than the Canadian average.

Resale Home Prices in Iqaluit

 IqaluitCanada
2011$335,456$362,368
2012$410,073$363,483
2013$433,951$382,937
2014$473,080$408,411
2015$493,281$442,999

Two-Storey Home and Condo Prices by Province

ProvinceTwo StoreyCondo
British Columbia$749,500$319,400
Alberta$405,000$255,100
Saskatchewan$384,500$246,100
Manitoba$322,600$207,500
Ontario$528,900$280,800
Québec$323,700$201,400
Canadian Average$466,100$254,800

Your Nunavut mortgage questions, answered.

Variable or fixed: which is more popular?

Of the hundreds of thousands of Canadian borrowers who have shopped for a mortgage at LowestRates.ca since the start of 2014, most have taken variable rate loans. Of course, variable rates have been significantly lower than fixed rates, and look set to remain that way for the foreseeable future.

5-Year Fixed Rates vs. 5-Year Variable Rates in Canada: Who Takes What?✝

of Canadians apply for 5-year variable mortgages
57%
of Canadians apply for 5-year fixed mortgages
43%

✝Based on Canadian borrowers who applied for a mortgage at LowestRates.ca since 2014.

About Nunavut

Officially separated from the Northwest Territories in 1999, Nunavut is a place that lends itself to superlatives: it is the newest, largest, and least populated territory or province. It's also a place that gives new meaning to the word sparse: for each person living in the territory there are 65 square kilometers. Nunavut is so remote that it is usually only accessible by air or sea. The capital, Iqaluit, is located on Baffin Island, just north of Quebec. The territory is home to the northernmost permanently inhabited place in the world, Alert, a military installation about 800 kilometers from the North Pole. Approximately 70% of the population speak an Inuit language as their mother tongue.

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