Buying a House in Nunavut
In 2026, registering a $400,000 home in Nunavut costs $600 under the Land Titles tariff, while registering a $320,000 mortgage costs $320. Nunavut charges these Land Titles registration fees rather than a land transfer tax. Eligible buyers may also receive $15,000 to $80,000 through the Nunavut Down Payment Assistance Program (NDAP). The amount depends on household income, and you can have the loan forgiven over 10 years if you keep the home as your principal residence and remain in good standing with the Nunavut Housing Corporation and your lender.
Many homes sit on municipally leased land, so buying a home in Nunavut often means confirming the land lease, mortgage financing and any territorial assistance at the same time. The eight steps below take you from checking your readiness to closing with a lawyer, with the figures that matter at each stage of buying a home in Nunavut.
Key Takeaways
- Nunavut charges Land Titles registration fees: $1.50 per $1,000 of transfer value (minimum $60) and $1 per $1,000 of mortgage principal (minimum $40).
- NDAP provides $15,000 to $80,000, with the amount graduated by household income.
- The NDAP loan is a 10-year forgivable second mortgage: no forgiveness in years 1 to 5, then 20% forgiven on each anniversary in years 6 to 10, if you remain in the home and in good standing.
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How Do You Buy a House in Nunavut?
Buying a house in Nunavut involves eight steps. Confirm you’re ready, determine what you can afford, and save for the down payment and closing costs. Then choose a mortgage, get pre-approved, find a home, make an offer and close with a lawyer who registers the transfer at the Land Titles Office. The steps are the same for a single-family house, a duplex, a townhouse or a condo, although 3- or 4-unit residential properties may require a larger down payment, depending on whether the buyer occupies one of the units.
Step 1: Are You Ready to Buy a House in Nunavut?
You’re ready to buy when your income, debts, credit and savings meet a lender’s requirements, and you can cover the down payment and closing costs at the same time. Owning also brings costs a landlord used to carry, including repairs, property tax and home insurance, so build them into your budget first. For current listings in a specific area, check Realtor.ca.
How Do Income and Employment Affect Your Mortgage Application?
Lenders assess both the amount you earn and how consistently you earn it. Stable income is easier to confirm through your income documents and usually supports a stronger application. Salaried employees document income with pay stubs and an employment letter. Self-employed buyers use tax filings, and lenders often average 2 years of results because earnings swing more from month to month. Lenders assess commission and contract income using the same documentation standards.
What Debt Ratios Do Lenders Use?
Lenders assess affordability using two debt service ratios. Gross debt service (GDS) is the share of gross income that covers housing costs. Total debt service (TDS) adds every other debt payment to that share. For a mortgage insured by the Canada Mortgage and Housing Corporation (CMHC), the limits are 39% for GDS and 44% for TDS. CMHC-insured mortgages are assessed at the greater of your contract rate plus 2 percentage points or 5.25%. A payment that looks comfortable at today’s rate can therefore still fail the test, and individual lenders may set stricter limits. Our walkthrough of GDS and TDS calculations shows the formulas.
How Much Down Payment Do You Need in Nunavut?
The minimum down payment is 5% of the first $500,000 of the price plus 10% of the portion between $500,000 and $1.5 million. On a $300,000 home, that is $15,000. On a $600,000 home, it is $35,000: $25,000 on the first $500,000 and $10,000 on the remaining $100,000. Homes priced at $1.5 million or more cannot be insured and require at least 20% down on the full amount. A 3- or 4-unit residential property requires at least 10% down when the buyer occupies one of the units. If no unit is owner-occupied, the property is generally treated as an investment property and requires at least 20% down. Those are the CMHC Purchase eligibility rules for insured mortgages. A larger down payment reduces the amount borrowed. That can lower both the mortgage default insurance premium and the total interest paid over the amortization. Use nesto’s down payment calculator to understand how much you may need to set aside for your home purchase in Nunavut.
Methodology: nesto calculated the minimum down payment using CMHC’s published rule for owner-occupied homes with 1 to 4 units: 5% of the first $500,000 of the lending value and 10% of the remainder. The examples use the purchase price as the lending value. They exclude closing costs and default insurance premiums.
What Credit Score Do You Need to Buy a House?
CMHC requires a minimum credit score of 600 for at least one borrower on an insured mortgage. Each lender sets its own minimum, and a higher score generally gives you more lending options and better rates. If your score is below a lender’s cutoff, you may still qualify for a different product at a higher rate. Our explainer on mortgage credit scores explains how credit reporting agencies use your credit history to build your score.
Step 2: How Much House Can You Afford in Nunavut?
Your affordable home price is the lowest of three limits. Income sets the first through the GDS and TDS ratios, savings set the second through the down payment and closing costs, and your comfort with the monthly payment sets the third. Nesto’s mortgage affordability calculator can help you estimate your purchasing power, so you don’t shop above your budget.
Step 3: What Does It Cost to Buy a House in Nunavut?
Budget for the down payment, Land Titles fees for your transfer and mortgage, insurance, legal fees and other closing costs. The fees are small, and the programs below can reduce the cash you need for the down payment.
How Much Does It Cost to Register a House Purchase in Nunavut?
Registering a transfer in Nunavut costs $1.50 for each $1,000 of value, with a $60 minimum, for values of $1 million or less. Where the value exceeds $1 million, the first $1 million is charged at $1.50 per $1,000, and each additional $1,000 is charged at $1. A mortgage costs $1 for each $1,000 of principal secured, with a $40 minimum. These figures come from the Land Titles Tariff of Fees Regulations. Nunavut charges these Land Titles fees rather than a land transfer tax, and the Government of Nunavut’s tax rate sheet lists none.
Take an illustrative $400,000 home bought with a $320,000 mortgage.
| Item | Base | Formula | Fee |
|---|---|---|---|
| Transfer | $400,000 | 400 × $1.50 | $600 |
| Mortgage | $320,000 | 320 × $1 | $320 |
| Total | $920 |
Methodology: nesto used items 1 and 2 of the Schedule to the Land Titles Tariff of Fees Regulations. The regulation’s consolidation is dated 2015, and the amendments registered since then, in 2021 and 2022, do not change those items. The example assumes an illustrative $400,000 value and a $320,000 mortgage, not a typical Nunavut price. The figures exclude legal fees, insurance and other closing costs.
Estimate the fees you may need to save for with nesto’s Nunavut land transfer tax calculator, a tool that calculates the territory’s Land Titles registration fees.
How Does Land Work in Nunavut?
Many homes in Nunavut sit on municipally leased land. Before you make an offer, confirm that the lease is valid, transferable and acceptable to your lender and, if applicable, to the NHC program you are using. For NDAP, the names on the land lease must match the names on the program agreement and the mortgage documents. Ask the municipality about lot pricing and terms.
What Other Closing Costs Should You Expect?
Beyond the Land Titles fees, budget for your lawyer’s fees, a home inspection, property tax adjustments and home insurance. NDAP requires broad-form homeowners insurance for the full replacement cost, with the Nunavut Housing Corporation as loss payee. If your down payment is under 20%, lenders add a default insurance premium to your mortgage. Not every lender lends in every Nunavut community, so confirm lender availability, property eligibility and appraisal requirements before you make an offer.
Step 4: How Do You Choose a Mortgage Rate Type and Term?
You’ll need to choose between a fixed rate that stays the same for the whole term and a variable rate that moves with your lender’s prime rate. For reference, nesto’s 5-year fixed insured rate is currently 4.59%, and our 5-year variable insured rate is 3.41%. Rates change often, so check the live figures on our mortgage rates page and read our rate forecast for where they may be heading.
You can borrow from a lender directly or work with a mortgage professional who compares several lenders for you. Before you compare offers, settle five questions:
- How long do you want the term and amortization?
- Do you want a fixed or a variable rate?
- If you choose a variable rate, ensure you want a true variable rate vs an adjustable rate.
- Do you need an insured or an uninsured mortgage?
- How often do you want to make payments?
With a high-ratio insured mortgage, CMHC Home Start may offer a 30-year amortization if at least one borrower is a first-time homebuyer or the home is newly built and has never been occupied for residential purposes. Not every lender offers it, so confirm availability before you rely on it. A longer amortization lowers your monthly payment but increases the total interest you pay. A lawyer can review your mortgage terms for any unusual clauses before you sign.
Step 5: How Do You Get Pre-Approved for a Mortgage?
You get pre-approved by submitting required mortgage documents showing your income, debts and assets to a lender or mortgage professional, who then confirms how much you can borrow and at what rate. A pre-approval lets you bid on homes with a firm price ceiling. Expect to provide bank and investment statements, proof of income, debt details and government identification. A pre-approval tells you:
- The mortgage rate available to you
- Your maximum monthly payment
- The price range you can afford
A pre-approval isn’t final, since the lender still reviews the property before closing. Read nesto’s guide to the differences between a pre-approval and a pre-qualification to make sure you choose the right option for your needs and the housing market.
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Step 6: Where Should You Look for a House in Nunavut?
Start with communities that fit your pre-approval price ceiling and commute needs, then broaden your search if home prices run above budget. You can work with a real estate agent or search listings yourself. Lender availability, appraisal logistics and land lease terms can vary by community, especially outside Iqaluit. Five communities buyers often compare:
- Iqaluit: Nunavut’s capital and largest community, at the southern tip of Baffin Island.
- Rankin Inlet: a hamlet on Hudson Bay’s west coast.
- Arviat: the southernmost mainland community in Nunavut.
- Baker Lake: an inland hamlet at the mouth of the Thelon River.
- Igloolik: a hamlet on a small island in Foxe Basin.
Step 7: How Do You Make an Offer on a House in Nunavut?
In Nunavut, you make an offer by submitting a written agreement of purchase and sale, usually conditional on financing and a satisfactory inspection. Once the seller accepts and your conditions are met, the agreement becomes binding, and your lawyer starts the title work.
Step 8: How Do You Close on a House in Nunavut?
In Nunavut, you close by signing the mortgage and transfer documents with a lawyer. The Law Society of Nunavut lists lawyers who handle property purchases and sales and register documents, and the Nunavut Housing Corporation sends down payment funds to your lawyer in trust. The lawyer registers the documents at the Land Titles Office and adjusts property taxes between you and the seller.
What First-Time Home Buyer Help Is Available in Nunavut?
First-time buyers in Nunavut can use territorial programs and several federal tools.
- Nunavut Down Payment Assistance Program (NDAP): a forgivable second mortgage of $15,000 to $80,000, described below.
- Interim Financing Program: a short-term, interest-free, non-forgivable loan of up to 85% of the approved mortgage for building a new home, due within 18 months of the first advance.
- CMHC Home Start: the 30-year amortization option described in Step 4, for eligible first-time buyers and buyers of newly built homes.
- Federal home buyers’ amount: a nonrefundable tax credit worth up to $1,400 for 2026, claimed on your federal return. It is 14% of a $10,000 claim amount.
- First Home Savings Account (FHSA): a registered account for tax-free saving toward a first home, up to $8,000 a year and $40,000 over your lifetime. Read nesto’s FHSA guide for the rules.
- Home Buyers’ Plan (HBP): lets you withdraw up to $60,000 from your registered retirement savings plans (RRSPs) and repay it over 15 years. If you make your first withdrawal in 2026, 2027 or 2028, repayment generally begins in the fifth calendar year after that first withdrawal. Nesto’s HBP explainer covers how to use it.
How Does the Nunavut Down Payment Assistance Program Work?
Who qualifies: the Nunavut Housing Corporation’s homeownership program is for buyers aged 19 or older who have lived in Nunavut for at least one year, have owned no residential property in the community now or in the past 5 years and have never received NDAP assistance. You need a pre-approved mortgage from a CMHC-approved lender or another lender acceptable to the Nunavut Housing Corporation. The program does not set a maximum income for eligibility, but assistance amounts are graduated based on household income. Eligible applicants may receive between $15,000 and $80,000.
How to apply: contact the Nunavut Housing Corporation at 844-413-9355 or homeownership@nunavuthousing.ca to confirm current funding, application steps and community eligibility before you commit to a purchase or construction timeline. Applications are processed in the order received until all program funds are allocated.
How the benefit works: NDAP is a forgivable second mortgage registered against the home. The 10-year forgiveness period begins on the day the occupancy permit is issued. No monthly payments are required, but you still owe the principal throughout the term. The loan cannot be forgiven in the first 5 years. In years 6 to 10, 20% of the loan is forgiven on each anniversary, provided you continue to live in the home as your principal residence and remain in good standing with the Nunavut Housing Corporation and your lender. If the home is no longer your principal residence, the outstanding balance becomes due in full, although the Nunavut Housing Corporation may waive the residency requirement for education, employment or medical reasons with prior approval.
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Frequently Asked Questions (FAQ) About Buying a House in Nunavut
How much does it cost to register a house purchase in Nunavut?
Registering a $400,000 home in Nunavut costs $600 in transfer fees. A $320,000 mortgage adds $320, bringing the Land Titles fees to $920 before legal and other closing costs.
How are Land Titles fees calculated in Nunavut?
Nunavut Land Titles fees are $1.50 for each $1,000 of value for a transfer and $1 for each $1,000 secured for a mortgage. Minimums are $60 and $40.
Does Nunavut have a land transfer tax?
Nunavut charges Land Titles registration fees rather than a land transfer tax, and the Government of Nunavut’s tax rate sheet lists none. Buyers pay fees based on the transfer value and the mortgage principal.
How does the Nunavut Down Payment Assistance Program work?
The Nunavut Down Payment Assistance Program (NDAP) provides $15,000 to $80,000 as a forgivable second mortgage, based on household income. No forgiveness is earned in the first 5 years, and 20% is forgiven on each anniversary in years 6 to 10 if residency and good standing conditions are met.
Who qualifies for the Nunavut Down Payment Assistance Program?
The Nunavut Down Payment Assistance Program requires buyers aged 19 or older who have lived in Nunavut for a year and have not owned residential property in the community in the past 5 years. You need a pre-approved mortgage from a lender acceptable to the Nunavut Housing Corporation, and the assistance is graduated by household income.
Do you own the land when you buy a house in Nunavut?
In many Nunavut communities, the homeowner buys the home but leases the land from the municipality. Before you make an offer, confirm that the land lease is valid, transferable and acceptable to your lender, because NDAP requires a lease in your name.
Do you need a lawyer to buy a house in Nunavut?
Nunavut buyers typically use a lawyer to close. The lawyer holds your down payment funds in trust and registers the documents at the Land Titles Office.
Final Thoughts
Buying a home in Nunavut begins with a land lease and a pre-approval, because NDAP needs both. Confirm your lease terms early and apply for NDAP before you commit to a closing date.
The calculators and examples on this page show how the pieces fit together, but they don’t replace a lender’s assessment of your file. If a purchase in Nunavut is part of your homeownership plans, how you structure your down payment, term and rate type affects your cash flow and flexibility for years. Speak with nesto mortgage experts to compare options, review your homebuying strategy and find the approach that best fits your needs.
The information in our blog is for general discussion only and is not legal, tax or real estate advice. Nesto provides mortgage guidance. A Nunavut lawyer can confirm how Land Titles fees, land leases and insurance apply to your purchase, a qualified tax professional can confirm how tax credits apply to your situation, and a licensed real estate professional can advise on listings and pricing.
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