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There are a few subtle yet amazing facts that people do not know about Nunavut. For instance, did you know that Nunavut is the fifth largest country subdivision in the world? Well, now you do. The province comprises part of the Arctic Islands that lie northeast of the treeline and a large chunk of the Canadian mainland. Its neighborhoods comprise a variety of upscale suburban developments, spectacular multimillion dollar acreages especially on the mainland and most importantly, but very few apartments to rent.
Originally a settlement of the Inuktitut from the Eastern Artic, Nunavut still cherishes her roots yet growth has brought uncountable changes. Dozens of new apartments, condos and townhomes line busier streets and affluent neighborhoods. There are also old apartments most of which have been renovated or are undergoing renovation.
With the increased arrival of immigrants and young educated professionals scrambling to take advantage of Nunavut’s few rental apartments, the province is slowly turning into a hotcake for both local and international investors. Rent depends on a number of factors such as whether the apartments is furnished or unfurnished and how close it is to amenities. Home seekers should however note that last year, CMHC rated Nunavut as Canada’s most expensive rental market. According to the national housing agency, renters in Iqaluit, which is Nunavut’s capital, paid an average of $2,265 a month in the rental market for two bedroom apartments. The report also revealed that Nunavut has the highest core housing needs in Canada. Fortunately, the province is making an earnest effort to catch up with her competitors. Its annual household growth now sits at 9.5%, which is approximately two percentage points ahead of the national average.