Nunavut Mortgage Payments
Mortgage rates, average home prices, and payment calculations for Nunavut (NU). Updated for 2026.
Monthly Payment
$2,176.53
at 4.59% fixed
Avg. Home Price
$420,000.00
Best Fixed Rate
4.59%
Best Variable Rate
4.25%
Current Mortgage Rates in Nunavut
| Rate Type | Posted Rate | Best Available | Discount |
|---|---|---|---|
| 5-Year Fixed | 6.49% | 4.59% | -1.90% |
| 5-Year Variable | 5.45% | 4.25% | -1.20% |
Rates are approximate and updated periodically. Always confirm with your lender.
Mortgage on the Average Nunavut Home
$420,000.00 home with 10% down ($42,000.00) at 4.59% over 25 years
Payment Frequency Comparison
How different payment schedules affect your mortgage at 4.59%
| Frequency | Payment | Total Interest | Total Cost | Interest Saved |
|---|---|---|---|---|
| Monthly | $2,176.53 | $263,239.65 | $652,957.65 | -- |
| Bi-Weekly | $1,004.55 | $263,239.65 | $652,957.65 | $0.00 |
| Accelerated Bi-Weekly | $1,088.26 | $317,652.79 | $707,370.79 | -$54,413.14 |
Fixed vs. Variable Rate
Monthly payment comparison for $420,000.00 home with 10% down
| Rate Type | Rate | Monthly Payment | Total Interest (25 yr) | Difference |
|---|---|---|---|---|
| 5-Year Fixed | 4.59% | $2,176.53 | $263,239.65 | -- |
| 5-Year Variable | 4.25% | $2,103.15 | $241,227.84 | $73.37/mo less |
Property Costs in Nunavut
Excludes utilities, home insurance, and maintenance. Property tax based on 0.98% average rate.
Mortgage Payments Across Canada
Average home with 10% down, 25-year amortization at best available fixed rate
| Province | Avg. Home Price | Rate | Down (10%) | Monthly Payment |
|---|---|---|---|---|
| Newfoundland and Labrador (NL) | $280,000.00 | 4.39% | $28,000.00 | $1,422.14 |
| New Brunswick (NB) | $310,000.00 | 4.29% | $31,000.00 | $1,558.65 |
| Saskatchewan (SK) | $315,000.00 | 4.29% | $31,500.00 | $1,583.79 |
| Manitoba (MB) | $355,000.00 | 4.29% | $35,500.00 | $1,784.91 |
| Prince Edward Island (PE) | $370,000.00 | 4.39% | $37,000.00 | $1,879.26 |
| Northwest Territories (NT) | $380,000.00 | 4.49% | $38,000.00 | $1,949.60 |
| Nova Scotia (NS) | $420,000.00 | 4.29% | $42,000.00 | $2,111.72 |
| Nunavut (NU) | $420,000.00 | 4.59% | $42,000.00 | $2,176.53 |
| Alberta (AB) | $470,000.00 | 4.29% | $47,000.00 | $2,363.12 |
| Quebec (QC) | $510,000.00 | 4.29% | $51,000.00 | $2,564.23 |
| Yukon (YT) | $530,000.00 | 4.49% | $53,000.00 | $2,719.17 |
| Ontario (ON) | $880,000.00 | 4.29% | $88,000.00 | $4,424.56 |
| British Columbia (BC) | $960,000.00 | 4.39% | $96,000.00 | $4,875.92 |
Housing Market in Nunavut
Nunavut has the most unique housing market in Canada. A significant portion of the housing stock is government-owned or social housing, and the private real estate market is very small. Construction costs are extremely high due to the remote location, short building season, and the need to ship all materials by sealift or air cargo. The territory does not charge a land transfer tax.
There is no land transfer tax in Nunavut. The private housing market in Iqaluit, the territorial capital, is the most active. Property values can be high relative to comparable homes in southern Canada due to extreme construction costs. Mortgage availability can be limited, with fewer lenders willing to extend credit in remote northern communities. Property tax rates are moderate, and many residents live in government-subsidized housing.
Nunavut's housing market is fundamentally different from southern Canada. The territorial government is the largest housing provider, and a severe housing shortage has been a longstanding issue. Federal and territorial investments in housing construction are ongoing but have not kept pace with population growth. For the small number of private-market buyers, the lack of land transfer tax and relatively low property taxes provide some cost relief against the backdrop of very high construction and maintenance costs.