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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 mortgage rates = bigger savings.


Conventional mortgage rates vs. high ratio mortgage rates in Nunavut

MonthAverage Conventional RateAverage High Ratio Rate
04/203.14%2.91%
05/203.01%2.76%
06/202.85%2.60%
07/202.66%2.46%
08/202.49%2.29%
09/202.49%2.29%
10/202.49%2.29%

Last Updated: November 10, 2020

Variable or fixed mortgage rates: which one is best?

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 just a bit 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.

5-year fixed vs. 5-year variable Mortgage rates in Nunavut

MonthFixed RateVariable Rate
08/192.69%2.35%
09/192.69%2.35%
10/192.69%2.35%
11/192.69%2.35%
12/192.69%2.35%
01/202.69%2.35%
02/202.69%2.35%
03/202.69%2.35%
04/202.69%2.35%
05/202.69%2.35%
06/202.69%2.35%
07/202.69%2.35%

Last Updated: October 9th, 2020

Focus On

Nunavut’s housing market.

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 over $500,000 in 2019 — less than the Canadian average.

Resale Home Prices in Iqaluit

 IqaluitCanada
2016$376,640$498,100
2017$408,290$579,100
2018$448,721$558,600
2019$509,542$567,900

Last Updated: October 9th, 2020

Average Home Prices by Province

Province20192020
British Columbia$788,900$778,500
Alberta$421,900$379,500
Saskatchewan$322,200$307,500
Manitoba$306,000$299,500
Ontario$631,100$647,000
Québec$361,100$367,400
Canadian Average$567,900$572,900

Last Updated: October 9th, 2020

Your Nunavut mortgage questions, answered.

Looking for mortgage info? Check out our Home Buyers Guide.

Variable or fixed: which is more popular?

After you’ve determined how much money you’re able to put down to purchase your home, you’ll then need to decide whether you prefer a variable or fixed rate structure. While variable rates have been known to yield more savings for homebuyers, there are a number of factors to consider when making the decision. For instance, your risk tolerance might influence whether a fixed or variable rate is more appropriate for you.

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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