Best Variable Rate
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Variable Closed
Rate 4.10%
Best Fixed Rate
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Fixed Closed
Rate 3.69%
BMO Bank of Montreal

BMO Bank of Montreal

Term 6 Months
Type Fixed Closed
Rate 4.20%
BMO Bank of Montreal

BMO Bank of Montreal

Term 1 Year
Type Fixed Closed
Rate 3.79%
BMO Bank of Montreal

BMO Bank of Montreal

Term 2 Year
Type Fixed Closed
Rate 3.99%
Scotiabank

Scotiabank

Term 5 Year
Type Fixed Closed
Rate 5.44%
TD Canada Trust

TD Canada Trust

Term 5 Year
Type Fixed Closed
Rate 5.59%

Nunavut mortgage rates

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 = huge 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.

Mortgage Interest Savings in Canada:
5-year fixed from LR.ca vs. 5-year fixed posted bank rate
MonthAverage LR.ca 5-year fixed rateAverage bank 5-year fixed rate
Nov 2017 2.79% 4.99%
Dec 2017 2.71% 4.99%
Jan 2018 2.93% 5.14%
Feb 2018 3.01% 5.14%
Mar 2018 3.07% 5.14%
Apr 2018 3.08% 5.14%
May 2018 3.18% 5.34%
Jun 2018 3.16% 5.34%
Jul 2018 3.14% 5.34%
Aug 2018 3.19% 5.34%
Sep 2018 3.17% 5.34%
Oct 2018 3.29% 5.34%
Average LR.ca 5-year fixed rate Average bank 5-year fixed rate 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5%
  • Nov 2017
  • Dec 2017
  • Jan 2018
  • Feb 2018
  • Mar 2018
  • Apr 2018
  • May 2018
  • Jun 2018
  • Jul 2018
  • Aug 2018
  • Sep 2018
  • Oct 2018
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:

$437
Per month
$5,239
Per year
$130,974
Per lifetime

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.

Mortgage Interest Savings in Canada:
5-year variable vs. 5-year fixed from LR.ca
MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
Nov 2017 2.79% 2.04%
Dec 2017 2.71% 1.93%
Jan 2018 2.93% 2.11%
Feb 2018 3.01% 2.22%
Mar 2018 3.07% 2.21%
Apr 2018 3.08% 2.19%
May 2018 3.18% 2.22%
Jun 2018 3.16% 2.16%
Jul 2018 3.14% 2.32%
Aug 2018 3.19% 2.45%
Sep 2018 3.17% 2.42%
Oct 2018 3.29% 2.48%
Average LR.ca 5-year fixed rate Average LR.ca 5-year variable rate 1.5% 2.0% 2.5% 3.0% 3.5%
  • Nov 2017
  • Dec 2017
  • Jan 2018
  • Feb 2018
  • Mar 2018
  • Apr 2018
  • May 2018
  • Jun 2018
  • Jul 2018
  • Aug 2018
  • Sep 2018
  • Oct 2018
On average, our variable rates are almost half a percent lower than our fixed rates.

On a $400,000 mortgage that’s an average savings of:

$102
Per month
$1,222
Per year
$30,548
Per lifetime

Variable or fixed: which is more popular?

Of the hundreds of thousands of borrowers who have shopped for a mortgage at LowestRates.ca since 2014, most have taken variable rate loans. Variable rates have been significantly lower than fixed rates over the last few years and are likely to remain that way into 2017.

5-Year Fixed Rates vs. 5-Year Variable Rates in Canada: Who Takes What?✝
57%
of Canadians apply for 5-year variable mortgages
43%
of Canadians apply for 5-year fixed mortgages

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

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
Iqaluit
Canada
2011 2012 2013 2014 2015 $200k $400k $600k $493,281 $442,999

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.

More ways to find a great rate