Melissa Tilbury of Royal LePage Lannon Realty provided us with a statistical analysis of the Thunder Bay housing market.
Successful selling is a story about supply and demand. How long your house stays on the market is a function of demand, the quicker the turnover, the higher the demand. Compared to the Ontario housing market, the Thunder Bay market is small, so rather than using an average price, statistics for Thunder Bay are calculated using a median price. Using data from December 2019, we learned that the median sale price of a single family detached unit in Thunder Bay was $218,000, up 3% from December 2018. The annual median price was $238, 950, a 4.5% increase. The good news, if you are a home owner and looking to sell, prices appear to be improving. However, there are many more factors to consider when you are thinking of listing your home. House sales tend to be seasonal, with summer and spring being the busiest and less in fall and winter. If you are buying a house, you may need a mortgage. There are many regulations, rates, stress test - do your homework and shop around for the best deal for your situation.