Thunder Bay Real Estate Board

Sales of single detached homes in the City of Thunder Bay numbered 55 units in March 2025. This decreased by 3.5% (two sales) from the same period in 2024.

Single detached home sales were 22.8% below the five-year average and 25.6% below the 10-year average for the month of March.

On a year-to-date basis, single detached home sales totaled 133 units over the first three months of the year. This was a decline of 8.3% (12 sales) from the same period in 2024.

“Home sales are still trending below average levels as many buyers wait out the impacts of trade war uncertainty and the upcoming election on the sidelines,” said Spencer Smith, President of the Thunder Bay Real Estate Board. “Despite the muted demand, prices were up to record levels in March and the number of days spent on market for sold listings remains at some of the shortest in history. This suggests that although the market may not be as active compared to previous years, there is still competition among buyers who are willing to commit to making their purchases.”

The median sale price for single detached homes sold in March 2025 was a record $377,500, up by 4.9% from March 2024.

The more comprehensive year-to-date median price was $361,265, an increase of 6.9% from the first three months of 2024.

Single detached properties spent about the same amount of time on the market before selling in March 2025 than they had a year earlier. The median number of days on market for single detached home sales was 13 in March 2025, in line with the 13 days recorded in March 2024.

The dollar value of all single detached home sales in March 2025 was $22.3 million, a moderate gain of 8.3% from the same month in 2024.