Value of Nunavut residential property up 63 per cent over five years

Nunavut led the way, followed closely by Newfoundland, in the growth of total residential property values in Canada between 2008 and 2013, according to new data from Statistics Canada. Overall, the total value of residential properties in Canada rose by about 30 per cent in that time span while Nunavut’s value rose by nearly 63 per cent.

While Nunavut continues to suffer a housing crisis, the total value of privately-owned residential properties in the territory has increased faster than anywhere else in the country.

That’s according to new numbers released Aug. 30 by Statistics Canada in a report called “Residential property values, 2013.”

The report shows the total value of residential property in each of Canada’s provinces and territories between 2008 and 2013.

Nunavut leads the way in percentage growth in that time span: home property values increased nearly 63 per cent, from $767-million in 2008 to more than $1,248-million in 2013.

Newfoundland almost equaled Nunavut’s growth, also with an increase of nearly 63 per cent in that time span.

But Saskatchewan holds the next highest percentage increase in residential values at 49 per cent — more than 13 percentage points lower than Nunavut.

The average increase of residential values in Canadian jurisdictions between 2008 and 2013 sits at around 30 per cent.

Despite the huge increase to Nunavut’s overall residential property value in recent years, the housing shortage is still regularly raised by MLAs in the legislature.

In a March appearance before the Senate Standing Committee on Aboriginal Affairs, Nunavut Housing Corp. President Terry Audla said little has changed about Nunavut’s housing needs in 10 years.

That’s despite a 10-year plan designed by the housing corporation and Nunavut Tunngavik Inc. and over $500-million in housing investments, Audla said.

And Nunavut Senator Dennis Patterson toured a number of Inuit communities in April as part of the Senate Committee on Aboriginal People.

That committee aims to produce a northern housing report to table in the Senate this fall.

Patterson sat on the board of Northern Properties REIT, now called Northview Apartment REIT, a $3-billion real estate trust with 45 per cent of Iqaluit’s residential property share and the third largest real estate holding company in the country, although Patterson no longer sits on the company’s board.

Ontario residential properties amounted to $1.75-trillion in 2013 — by far the highest of any Canadian jurisdiction and over 40 per cent of Canada’s total residential property value.

Overall, the value of Canada’s residential properties grew about four per cent from 2012 to 2013.

According to Statistics Canada, the total value of residential properties in Nunavut increased from $767-million in 2008 to over $1.2-billion in 2013, which represents an increase of almost 63 per cent.