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Thunder Bay Real Estate Market Dips

By Katie Nicholls Aug 19, 2022 | 12:00 AM

Maria Ziegler / Unsplash

When comparing the housing market in Thunder Bay for July 2021 to July 2022, there’s barely a difference. Two sales to be exact.

However, if you look at single detached home sales, they were below the five-year average by seven per cent and more than 10 per cent below a decade’s long average for July.

In July 2020, the housing market was booming as it was a very strong “seller’s” market. Looking at a year-to-date comparison, there were 595 single dwellings sold in 2021 by July. This took a dip by 8.5 per cent this July.

An average home in the city was selling for $301,500 in July 2022, according to the Canadian Real Estate Association (CREA). It’s a slight increase of 5.8 per cent from last July.

And when it comes to the length of time that a house in Thunder Bay is staying on the market has been steady when comparing it year-over-year from last July. An average of 15 days was how long a single home would be listed.

If you look at the market nationally, houses are selling for an average price of $629,971. British Columbia takes the cake for having the most expensive homes, with an average price of $915,841 compared to Canada’s least expensive province, New Brunswick, where homes have been selling for less than $300,000.


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