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 were opened to all Nunavummiut and were no longer limited to Government of Nunavut employees. This program prioritizes Nunavut Inuit, supporting the GN's Inuit Employment Plan and Article 23 of the Nunavut Agreement.
The application deadline was September 30,2024. NHC is not accepting new applications at this time.
Next Steps:
• NHC is reviewing all applications to establish an eligibility list based on a points system (link to points system info).
• After the list is established, applicants will be invited to view the available units and begin the purchasing process.
• If an applicant withdraws from the process, an opportunity will be extended to the next eligible applicant on the list.
Please note, this process may take several months to complete. Applicants who may not be selected initially may still be invited to participate at a later date if previously invited applicants do not proceed with a purchase.
For any questions, please contact condo.program@nunavuthousing.ca or call 867-975-7233.
| Building Address | Unit Type | Suite Sizes | Built | Price |
|---|---|---|---|---|
| 5196 & 5196B Qajisarvik Road | 2-bedroom | 930 sq. ft. | 2012 | $249,900 |
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.
- Applicants or their spouses or common law spouses must not own property at the time of the application.
- 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.
