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Nunavut is a massive, sparsely populated territory of northern Canada, forming most of the Canadian Arctic Archipelago. Its islands have expanses of tundra, craggy mountains and remote villages – accessible only by plane or boat. It’s known for its indigenous Inuit people’s artwork, carvings and handmade clothing. Inuit art is displayed at the Nunatta Sunakkutaangit Museum in the capital, Iqaluit, on Baffin Island.
Key facts about Nunavut:
- Became Canada’s newest territory in 1999
- Canada’s largest territory/province – with a land mass covering more than one fifth of the country’s total land mass
- If Nunavut were a country, it would be the 15th largest country in the world
- The most common languages spoken are Inuktitut, Inuinnaqtun, English and French
- Iqaluit has the largest population. In fact, it’s the only community that’s large enough to be considered a ‘city’. Other large communities include Rankin Inlet, Arviat, Baker Lake, Cambridge Bay, Igloolik, Kugluktuk, Pangnirtung, and Cape Dorset
- Home to the world’s northernmost permanently inhabited place, Alert
- The entire territory has just under 32 km of paved road. To get to communities, people use planes, boats and snowmobiles
- The earliest sunset is on December 17th at 1:40 pm. The latest sunrise is December 24th at 9:25 am. But, in the summertime, there’s plenty of sunlight. On June 20th, Iqaluit gets 20.5 hours of daylight
About the Nunavut Housing Market
While Iqaluit experienced a 15.5% increase in population from 2011 to 2016, there are still plenty of opportunities for future real estate purchase on a quiet street with an amazing view of the back country. Homes vary from old to modern renovations, so you can find something that suits your needs. Remote and surrounded by wilderness, Iqaluit holds the majority of Nunavut’s population, with more than half of its residents identifying as Inuit. Although Iqaluit is small, it has a mix of amenities such as hospitals, banks, courts, schools, recreational programs and service hubs.
What are the Different Types of Mortgages?
- Fixed Mortgages. Fixed-rate mortgages make up 70% of all mortgages in Canada. A fixed-rate mortgage keeps your interest rate steady over the term of your mortgage (1-10 years). There’s no doubt that the five-year fixed-rate mortgage is the most common choice selected by Canadian homeowners. But, this isn’t the best option for everyone, regardless of its popularity. Fixed-rate mortgages appeal to homebuyers who are looking for a dependable payment schedule, manage a tight monthly budget or are generally more conservative. For instance, Millennials with large mortgages relative to their income may be better off opting for the peace of mind provided by a fixed rate and payments.
- Variable Mortgages. A variable-rate mortgage fluctuates with the lender’s prime rate throughout your mortgage term. While your mortgage payment will remain the same over your term, your interest rate may change based on market conditions. So, if the prime rate rises or falls, this impacts the amount of principal you pay off each month. When rates on variable-rate mortgages drop, more of your payment is applied to your principal balance. And, conversely, if rates increase, more of your payment will go towards the interest portion of your mortgage. Historically, variable rates have paid off for Canadians over time.
How nesto Works
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