Thunder Bay Housing Market Report

Thunder Bay Housing Market Summary | October 2024

The median home price in Thunder Bay is $324,000 — which is a year-over-year decrease of 0.30%.
The average home price in Thunder Bay is $326,068 — which is a year-over-year decrease of 10.30%.
Home sales of single-detached homes in Thunder Bay were 98 in October 2024 — this is a 11.40% year-over-year increase.

Market Activity

Home sales of single-detached homes were 98 in October 2024 which is a year-over-year increase of 11.40%. In the third quarter of 2024 home sales totalled 558 which is up 8 sales on the same period the prior year.

Months of inventory in Thunder Bay reached 2.5 months at the end Q3 2024 — which is a slight decrease from 2.8 months of inventory recorded at the end of Q3 2023.

Home prices in Thunder Bay

The average home price in Thunder Bay is $326,068 as of October 2024. The historical average home price in Thunder Bay the year prior was $363,574 on October 2023. The average home price in Thunder Bay is decreasing with a 10.30% year-over-year decrease.

The median home price of a single-detached home saw a year-over-year decrease of 0.30% — with the price of a single-detached home in Thunder Bay of $324,000.

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 209 from January to September 2024. Of these home starts 76 were for single-detached homes with the remaining relating to all other home starts.

Thunder Bay Housing Market Report