City of Thunder Bay MLS® single detached home sales virtually unchanged from January
Sales of single detached homes in the City of Thunder Bay numbered 39 units in February 2025. This was a sharp decrease of 26.4% (14 sales) from the same period in 2024.
Single detached home sales were 25% below the five-year average and 33.4% below the 10-year average for the month of February.
On a year-to-date basis, single detached home sales totaled 78 units over the first two months of the year. This was down by 11.4% (10 sales) from the same period in 2024.
"Sales of single detached homes listed on MLS® in the City of Thunder Bay remained flat compared to January and a notable drop from February 2024, falling below the long-term averages for the month. When considering all housing types, sales ticked up slightly from last month but still lagged the 5- and 10-year averages. On a broader scale, board-wide sales increased from January and edged up slightly from the same period last year,” said Spencer Smith, President of the Thunder Bay Real Estate Board. “However, the looming US tariffs cast a shadow over Thunder Bay and its surrounding areas. The forestry sector, a cornerstone of the local economy, is particularly vulnerable. The Ontario Forest Industries Association recently highlighted that Ontario trades 97% of its lumber products to the US, and the 25% tariff could have a $2 billion impact. Additionally, local government officials have stated that up to 7,000 jobs in Thunder Bay could be at risk. These developments underscore the potential economic challenges ahead for our region.”
The median sale price for single detached homes sold in February 2025 was $360,000, an increase of 4.3% from February 2024.
The more comprehensive year-to-date median price was $360,000, a gain of 13.7% from the first two months of 2024.
Single detached properties spent less time on the market before selling in February 2025 than they had a year earlier. The median number of days on market for single detached home sales was 15 in February 2025, down from the 16 days recorded in February 2024.
The dollar value of all single detached home sales in February 2025 was $14.3 million, a substantial decline of 26.6% from the same month in 2024.
BOARD & ASSOCIATION INFORMATION
The Thunder Bay Real Estate Board today has 270 member REALTORS® providing a variety of professional real estate services. Our members are located in Thunder Bay, Marathon, Terrace Bay, Manitouwadge, Geraldton, Sioux Lookout, Dryden, Kenora, Sioux Narrows, Fort Frances and Atikokan. You can contact any one of them by using the convenient REALTOR® search feature on this web site. Information from the residential property listings, industrial property and business listings, submitted to the Board can also be found online on www.realtor.ca.
THUNDER BAY REAL ESTATE BOARD
Contact info:
1135 Barton St
Thunder Bay, ON P7B 5N3
P 807-623-8422
F 807-623-0375
info@thunderbay-mls.on.ca
Spencer Smith
