Thunder Bay Real Estate Board

Sales of single detached homes in the City of Thunder Bay numbered 88 units in November 2024. This was a gain of 23.9% from the same period in 2023. Single detached home sales haven’t hit this level in the month of November in more than five years.

Single detached home sales were 9.5% above the five-year average and 7.6% above the 10-year average for the month of November.

On a year-to-date basis, single detached home sales totaled 889 units over the first 11 months of the year. This was up by 7.6% from the same period in 2023.

“Sales showed a notable increase compared to the same period last year, signaling a continued strength in demand. The number of newly listed properties across the entire board was in line with seasonal expectations. With sales and new listings at a 1 to 1 ratio in November, market conditions were little changed, remaining in favour of buyers as it has been for several months,” said Wes Case, President of the Thunder Bay Real Estate Board. “Looking ahead, the market’s trajectory remains uncertain. It will be interesting to see if regulatory changes and potential interest rate cuts entice buyers off the sidelines in larger numbers during the traditionally slower winter months or if they wait for the spring to make their move.”

The median sale price for single detached homes sold in November 2024 was $359,600, an increase of 7.3% from November 2023.

The more comprehensive year-to-date median price was $355,000, a moderate gain of 7.6% from the first 11 months of 2023.

Single detached properties spent less time on the market before selling in November 2024 than they had a year earlier. The median number of days on market for single detached home sales was 14.5 in November 2024, down from the 21 days recorded in November 2023.

The dollar value of all single detached home sales in November 2024 was $33.8 million, a substantial gain of 32.2% from the same month in 2023. This was also a new record for the month of November.