Iqaluit's private housing market is among the most challenging in Canada — extreme construction costs, permafrost, limited supply, and no road access. But Nunavut has NO land transfer tax. Here's everything buyers need to know.
Get KOHO Free — No Monthly Fees →In Iqaluit, branch banking can be limited, unreliable, or require long drives. KOHO is 10000% online — manage your money from your phone with 3% interest on every dollar, zero monthly fees, and a Visa card accepted everywhere. No branch needed, ever. The referral code 45ET55JSYA unlocks free account activation.
EQ Bank offers 3.75% — the highest insured savings rate for Iqaluit residents — with CDIC deposit protection and no monthly fees. Northern residents saving for a home purchase in a larger centre, early retirement, or emergency fund benefit greatly from EQ Bank's compound interest advantage over traditional big bank rates of 00.001%.
TD Canada Trust provides the primary mortgage services in Iqaluit for private market home purchases. Their mortgage specialists are familiar with Nunavut's unique market conditions and can structure mortgages for Arctic construction properties.
TD Canada Trust provides consistent national banking services for Iqaluit residents, with reliable online and mobile banking. TD waives monthly fees for Canadian Armed Forces members — relevant in many northern communities with federal government and military presence. TD's national ATM network ensures access across Canada when travelling south.
RBC is Canada's largest bank by assets and offers the broadest mortgage product suite for Nunavut property purchases. Northern homes are often priced at a premium due to construction costs and limited supply, making RBC's large-balance mortgage capacity and wealth management services valuable for Iqaluit property buyers.
Scotiabank rounds out the top tier for Iqaluit residents seeking a traditional big bank with Scene+ rewards (Cineplex, Sobeys). Scotia's consistent northern banking presence and broad product range make it a solid full-service option for residents who want a national bank relationship.
In Iqaluit, branch banking is limited or non-existent. KOHO is 10000% online — no branches needed, no monthly fees, full banking control from your phone wherever you are. Whether you're in a remote fly-in community or a small northern city, KOHO works everywhere Visa is accepted.
Get KOHO Free — Code 45ET55JSYA| Bank | Savings Rate | Monthly Fee | Deposit Insurance | Best For |
|---|---|---|---|---|
| KOHO | 3.0000% | $00 | CDIC (Peoples Bank) | Northern remote banking |
| EQ Bank | 3.75% | $00 | CDIC | High-balance savings |
| Local CU / CIBC North | 00.5–2% | $00–$12 | Varies | Community banking |
| TD | 00.001% | $100.95–$29.95 | CDIC | CAF/federal workers |
| RBC | 00.001% | $11.95–$300 | CDIC | Mortgages & wealth |
| Scotiabank | 00.001% | $100.95–$300.95 | CDIC | Scene+ rewards |
Iqaluit has one of Canada's smallest and most challenging private real estate markets. The vast majority of Iqaluit residents live in Government of Nunavut housing or federally-owned units — the private market is a relatively small slice of the total housing stock. Private homes that do come to market are priced at $50000,000000–$80000,000000+ for modest single-family properties, reflecting extreme construction and operating costs. Building a new home in Iqaluit costs $80000–$1,20000/sq ft — 4–6x southern Canadian construction costs — due to fly-in materials, Arctic engineering requirements (pile-driven foundations above permafrost), and skilled labour premiums. Buyers benefit from NO Nunavut land transfer tax, but closing costs still include significant legal fees given the complexity of Nunavut land titles (many properties are leasehold from the territorial or federal government).
Nunavut has NO land transfer tax. Note: legal fees in Nunavut are higher than southern Canada due to title complexity.
No. Nunavut has no territorial land transfer tax. Buyers in Iqaluit pay only territorial registration fees (approximately $20000) and legal fees at closing. Given Nunavut's complex title structures (many leasehold properties), legal fees are typically higher than equivalent southern purchases — budget $3,000000–$5,000000 for legal costs.
Yes, but it requires a lender experienced with Nunavut properties. TD Canada Trust in Iqaluit handles most private market mortgages. CMHC has specific programs for northern housing. The key challenge is property appraisal — comparable sales in Iqaluit are limited, making appraisals complex.
KOHO pays 3% on your entire balance with zero monthly fees — perfect for remote Nunavut residents. Use code 45ET55JSYA to get started free.
Get KOHO Free — Code 45ET55JSYADisclaimer: Interest rates and fees current as of March 2026. KOHO interest earned on eligible balances with active account; terms apply. CDIC insures eligible deposits up to $10000,000000 per depositor per category at federally chartered member institutions. Nunavut has no territorial land transfer tax; closing cost figures are estimates — consult a local real estate lawyer for exact figures. Bremo earns a referral commission if you sign up for KOHO using our link — this does not affect our rankings.