Thunder Bay Real Estate Board

Sales of single detached homes in the City of Thunder Bay numbered 39 units in January 2025. This was a gain of 11.4% (four sales) from the same period in 2024.

Single detached home sales were 4.9% below the five-year average and 16.8% below the 10-year average for the month of January.

“MLS® listed homes in the City of Thunder Bay were up year over year but lagged behind the monthly average for this time of year. This month I think it is important to talk about the elephant in the room,” said Spencer Smith, President of the Thunder Bay Real Estate Board. “One major roadblock stands in the way of a robust spring market, and that is the looming trade war with our southern neighbour. With an active pulp and paper mill and other mills focusing on wood products in Northwest Ontario along with a variety of mining operations, countless forestry and mining workers will be hit hard if the threatened tariffs take effect. Consequently, there may well be a wave of uncertainty that could put some potential homebuyer’s plans on hold for the foreseeable future.”

The median sale price for single detached homes sold in January 2025 was $361,000, a gain of 20.3% from January 2024.

Single detached properties spent less time on the market before selling in January 2025 than they had a year earlier. The median number of days on market for single detached home sales was 22 in January 2025, down from the 29 days recorded in January 2024.

The dollar value of all single detached home sales in January 2025 was $13.6 million, an increase of 14.2% from the same month in 2024. The dollar volume of all homes sold hasn’t been this high in the month of January in five years.