Thunder Bay Real Estate Board

Sales of single detached homes in the City of Thunder Bay numbered 98 units in October 2024. This was an increase of 11.4% (10 sales) from the same period in 2023.

Single detached home sales were 3.2% below the five-year average and 1.9% below the 10-year average for the month of October.

On a year-to-date basis, single detached home sales totaled 801 units over the first 10 months of the year. This was a moderate gain of 6.1% from the same period in 2023.

“After a quick dip in September, sales came roaring back in October. Sellers jumped in with an above-average number of new listings, betting that recent interest rate cuts would lure eager buyers back to the market,” said Wes Case, President of the Thunder Bay Real Estate Board. “While the usual seasonal slowdown may still be on the horizon as winter approaches, there is a chance we will see a fresh surge of activity if rates continue to slide faster than expected through the close of 2024 and into 2025.”

The median sale price for single detached homes sold in October 2024 was $363,850, increasing by 19.3% from October 2023.

The more comprehensive year-to-date median price was $355,000, a gain of 7.6% from the first 10 months of 2023.

Single detached properties spent less time on the market before selling in October 2024 than they had a year earlier. The median number of days on market for single detached home sales was 14 in October 2024, down from the 14.5 days recorded in October 2023.

The dollar value of all single detached home sales in October 2024 was $39.4 million, up sharply by 37% from the same month in 2023. This was also a new record for the month of October.