Thunder Bay Real Estate Board

Sales of single detached homes in the City of Thunder Bay numbered 45 units in December 2024. This was a decrease of 13.5% (seven sales) from the same period in 2023.

Single detached home sales were 14.8% below the five-year average and 11.9% below the 10-year average for the month of December.

On an annual basis, single detached home sales totaled 934 units over the course of 2024, a moderate gain of 6.4% from 2023.

“2024 was quite an eventful year for our local market! There was a lot of buzz in the media about our region’s affordability and quality of life, but interestingly, it didn’t lead to a big shake up in sales or prices. That said, the median price still saw year-over-year growth in the City of Thunder Bay and across the board region in 2024,” said Wes Case, President of the Thunder Bay Real Estate Board. “With recent changes to mortgage rules and the potential for further rate cuts, demand could pick up as we head into 2025. The big question is whether buyers take the plunge during the typically quieter months of winter or wait for the spring. If you are thinking about buying or selling a home, now’s a great time to connect with a local REALTOR®. They can provide personalized insights and guide you through every step of the way on your homeownership journey.”

The median sale price for single detached homes sold in December 2024 was $365,375, increasing by 26% from December 2023.

The more comprehensive year-to-date median price was $355,000, a gain of 7.6% from all of 2023.

Single detached properties spent less time on the market before selling in December 2024 than they had a year earlier. The median number of days on market for single detached home sales was 14 in December 2024, down from the 19 days recorded in December 2023.

The dollar value of all single detached home sales in December 2024 was $16.9 million, down by 4.1% from the same month in 2023.