Thunder Bay Real Estate Board

Sales of single detached homes in the City of Thunder Bay numbered 116 units in June 2024. This was an increase of 20.8% from the same period in 2023.

Single detached home sales were 0.3% above the five-year average and 2.3% below the 10-year average for the month of June.

On a year-to-date basis, single detached home sales totaled 420 units over the first six months of the year. This was a moderate gain of 6.6% from the same period in 2023.

“MLS® home sales continued their upward trend in June, marking the fifth consecutive month of increases and reaching the highest single month total since late summer 2023. Despite sales lagging behind newly listed properties, recent recognition of our local market as one of the most affordable places to buy a home has spurred increased demand,” said Wes Case, President of the Thunder Bay Real Estate Board. "However, this affordability presents a double-edged sword. Properties are being snapped up almost immediately upon listing, posing a significant challenge for potential home buyers who must act quickly to secure a purchase. Additionally, there are growing concerns that some buyers are acquiring local homes as investment properties in order to take advantage of rising rental rates, further exasperating the supply crunch. The potential for interest rate cuts in the next few months is likely causing some buyers to hold off until the Bank of Canada provides clear forward guidance. If sidelined buyers decide to enter the market once intentions are clarified it will likely create additional upward pressure on prices, making our local market less affordable.”

The median sale price for single detached homes sold in June 2024 was a record $375,539, increasing by 12.6% from June 2023.

The more comprehensive year-to-date median price was $350,000, a gain of 7.7% from the first six months of 2023.

Single detached properties spent about the same amount of time on the market before selling in June 2024 than they had a year earlier. The median number of days on market for single detached home sales was 13 in June 2024, in line with the 13 days recorded in June 2023.

The dollar value of all single detached home sales in June 2024 was $45.4 million, up by 29.2% from the same month in 2023. This was a new record for the month of June and was also the largest dollar value of homes sold for any month in history.