Iqaluit (Oct 16/06) - Downtown Iqaluit could soon be swarming with anxious movers, luggage and furniture.

The Inuksugait Plaza Phase Two is set to open to tenants Nov. 1, and 20 of the 28 suites have been rented, said Peter Rose president and chief executive officer with Nunavut Investment Group and NCC Development Ltd.

"It took six-and-a-half months to complete the project," he said.

The foundation for the building was poured in 2005 and actual construction of the four-storey building began this April, he said.

Sky high According to a recent Canadian Mortgage and Housing Corporation, Iqaluit has the highest two bedroom rent in Canada at $2,100. Bachelor $1,115 monthly One Bedroom $1,592 monthly Two Bedroom $2,100 monthly Three Bedroom $2,648 monthly Average $2,091 monthly

The first floor is to be for commercial tenants with Indian and Northern Affairs Canada already gobbling up 75 per cent of the space.

The residential units are on the upper levels, added Rose.

With its downtown location, across from the Canada Building, some residents will be literally be living at their office, said Rose.

"The idea is for people to work and live in the same place."

Suites come with a washer, dryer, dishwasher, fridge and stove, They range from 700 to 1,400 square feet. Rent for the one and two bedroom apartments will range between $1,800 to $3,000, said Rose.

More than 31,000 hours of total work experience for Inuit beneficiaries were done during the construction of Phase Two of the plaza.

Six Inuit apprentice carpenters worked on the project and a total of 20 beneficiaries were employed out of a workforce of 35, he said.

"Anybody can use brick and mortar to make a building, but we're building people," he said.

"This is a success and we're proud of that."

Plans to build Phase Three and Four of Inuksugait Plaza will be dictated by market conditions, he said.

According to a recent Canadian Mortgage and Housing Corporation survey on Iqaluit, two-thirds of residents rent compared to one-third nationally. The vacancy rate sits at virtually zero in the city.

But even with the

addition of Phase Two, the situation will likely remain the same, said Richard Goatcher senior market analyst CMHC.

"There is a housing crunch," he said. "There is a pent up demand."

The average rent for a two-bedroom unit is $2,100 which is the highest in Canada according to the survey.

The demand for housing is there, but construction awaits companies ready to fill the gap, he said.