Thunder Bay Housing Market Report

Thunder Bay Housing Market Summary | July 2024

The median home price in Thunder Bay is $350,050 — which is a year-over-year increase of 1.50%.
The average home price in Thunder Bay is $374,111 — which is a year-over-year decrease of 0.50%.
Home sales of single-detached homes in Thunder Bay were 106 in July 2024 — this is a 2.90% year-over-year increase.
Year-to-date home starts total 136.

Market Activity

Home sales of single-detached homes were 106 in July 2024 which is a year-over-year increase of 2.90%. On a year-to-date basis total home sales were 525 which is an increase of 5.60% over the same period the prior year.

Homes in Thunder Bay were on the market for a median of 15 days in July 2024 — this matches the days on market in July 2023.

Months of inventory in Thunder Bay reached 2.4 months at the end Q2 2024 — which is a slight increase from 2.3 months of inventory recorded at the end of Q2 2023.

Home prices in Thunder Bay

The average home price in Thunder Bay is $374,111 as of July 2024. The historical average home price in Thunder Bay the year prior was $375,930 on July 2023. The average home price in Thunder Bay is decreasing with a 0.50% year-over-year decrease.

The median home price of a single-detached home saw a year-over-year increase of 1.50% — with the price of a single-detached home in Thunder Bay of $350,050. The median home price in Thunder Bay from January to July 2024 was $350,000 which is a 6.10% increase from the same period the prior year.

Affordable housing in Thunder Bay

Thunder Bay has some of the most affordable housing in Ontario. Thunder Bay was ranked as the second cheapest city in Ontario to purchase a home.

Home starts

Thunder Bay total home starts of 75 in July 2024. Of these home starts 11 were for single-detached homes with the remaining 64 relating to all other home starts. From the period of January to July 2024 total home starts were 136 with 34 of these home starts relating to single-deatched homes — home starts are substantially higher than total home starts of 43 in the same period the prior year.

Thunder Bay Housing Market Report