NHC
Condominium Program
The revitalized NHC Condominium Program is designed to provide affordable homeownership options well below current market prices to eligible Nunavummiut.
For the first time, condo sales will be open to all Nunavummiut and are not limited to Government of Nunavut employees. The program prioritizes Nunavut Inuit, supporting the GN's Inuit Employment Plan and Article 23 of the Nunavut Agreement.
Beginning in August 2024, two-bedroom units will be available for sale in the Plateau area of Iqaluit.
| Building Address | Unit Type | Suite Sizes | Built | Price |
|---|---|---|---|---|
| 5196 & 5196B Qajisarvik Road | 2-bedroom | 930 sq. ft. | 2012 | $249,000 |
Average Monthly Condo Fees for 2024: $1,318
| Breakdown of Monthly Average Condo Fees | |
|---|---|
| Share in Condo Operational Expenses | $1,200 |
| Contribution to Capital Reserve Fund | $118 |
| Estimated Monthly Mortgage Payment | $1,407 |
| Total Condo Fees and Mortgage Payment | $2725 |
Eligibility Requirements
To be eligible for this program, applicants must:
- Be 19 years of age or older.
- Reside in Nunavut full-time for minimum one year prior to applying.
- Applicant or spouse/common-law partner must not have owned any other residential property in Iqaluit within the last five years.
- Be able to obtain a pre-approved mortgage or provide proof of alternate financing or provide proof that no financing is required.
- Not have any arrears or losses with NHC*. *Applicants with arrears or losses may be eligible for this program upon paying past dues. Please contact your Local Housing Organization to discuss a repayment schedule.
Applicants no longer need to be employed by the Government of Nunavut. Priority will go to Inuit enrolled under the Nunavut Agreement, followed by long-term residents of Iqaluit, and first-time home buyers.
Priority Criteria
Where interest in the program exceeds the number of available units, applications received will be separated into the following priority rankings to help determine allocation:
- Nunavut Inuit GN Employee
- Nunavut Inuit
- Non-Inuit GN Employee
- Non-Inuit Nunavummiut
Maintaining Eligibility During Homeownership
To ensure successful long-term homeownership, NHC requires homeowners to maintain eligibility for their condo throughout the program.
- Homeowners must use their unit as their full-time primary residence for 60 months from the closing date.
- The 60-month residency requirement can be paused for approved leave (e.g., education, medical treatment, temporary job placement) and will resume upon return.
- Homeowners are not allowed to use their condo to generate income, such as leasing it to others or using it as a place of business.
- If a homeowner sells the unit before the 60-month residency is complete, they must reimburse NHC the difference between the purchase price and the new selling price, based on a set percentage for the months the unit was their primary residence.
For any further questions, please contact condo.program@nunavuthousing.ca or call 867-975-7233.
Deadline for applications is September 30, 2024.
