Borrowing in Arctic Bay, Nunavut

This page covers borrowing in Arctic Bay, Nunavut: the census facts, the provincial rules, and the products people compare.

The census figures for Arctic Bay

The 2021 Census counted 994 residents in Arctic Bay. The census records a land area of 245.2 square kilometres for Arctic Bay.

The arithmetic gives 4.1 people per square kilometre.

The 2021 Census population places it at rank 17 in the province.

Compared with the other 25 covered Nunavut places, Arctic Bay ranks 17 by population.

Products compared here

Among the 20 products compared here, these two are commonly used for the purposes described.

• Bad credit loans: Borrowing when the credit file is damaged, and what changes about price and security as a result.
• Home equity loans: Converting property equity into credit, and the difference between a lump sum and a revolving limit.

The Nunavut rules that apply

Licensing for consumer credit in Nunavut sits with the province or territory, and the Financial Consumer Agency of Canada maintains the public list of provincial and territorial regulators.

Payday lending in Nunavut is not covered by a territory-specific rule, according to the federal Payday Lending Regulations (SOR/2024-114), so the applicable cap should be confirmed with the territorial regulator.

The lowest band groups villages, rural municipalities and small towns, all read against the same provincial rulebook.

How borrowing works locally

A longer amortisation lowers each payment and raises the total interest paid over the life of the loan.

A mortgage is registered against the property, which is what gives the lender its claim. Variable-rate products move with a reference rate, while fixed-rate products set the price for a defined term.

For Arctic Bay, the two census fields above are the only local statistics used anywhere on the page.

Arctic Bay appears in the census record with 994 residents, and the density of 4.1 people per square kilometre follows from it.

At 994 residents in the 2021 Census, Arctic Bay is listed alongside the other covered places in Nunavut.

Where a figure for Arctic Bay could not be verified, the page names the publisher instead of printing a number.

Arctic Bay ranks 17 by 2021 Census population among the covered places in Nunavut.

Readers comparing Arctic Bay with another community can use the same four census fields.

The Arctic Bay page follows the same structure as every other place page, with population, land area, density and rank.

The land area recorded for Arctic Bay is 245.2 square kilometres, and the population is 994 residents in the 2021 Census.

Nothing on the Arctic Bay page is estimated; the population and land area come from Statistics Canada's 2021 Census of Population.

Arctic Bay is one of 25 covered Nunavut places, counted at 994 residents with a land area of 245.2 square kilometres.

Arctic Bay sits at rank 17 within Nunavut in this data set, and the provincial rules apply as they do elsewhere.

The density figure for Arctic Bay, 4.1 people per square kilometre, is calculated from the population and land area above.

loanmoose.ca is not a lender and does not make credit decisions. The lowest rates are only available to the most qualified applicants.

The 2021 Census of Population published by Statistics Canada is the source for population and land area; the federal Payday Lending Regulations (SOR/2024-114) are the source for payday rules.

Where a figure could not be verified, the page names the publisher instead of printing a number.