Thunder Bay Real Estate Market Report

Sales of single detached homes in the City of Thunder Bay numbered 109 units in September 2026. This was an increase of 11.2% (11 sales) from the same period in 2025. Single detached home sales haven’t hit this level in the month of September in more than five years. Single detached home sales were 18.2% above the five-year average and 12.6% above the 10-year average for the month of September. On a year-to-date basis, single detached home sales totaled 740 units over the first nine months of the year. This was a moderate decrease of 8.6% from the same period in 2025. “September was another solid month across our board, with sales continuing to build momentum, performing well above the same period last year and stronger than typical for the month. Available inventory tightened as both new listings and overall inventory declined from August,” said Karen Hill, President of the Thunder Bay Real Estate Board. “Prices softened again, and overall market conditions moved somewhat further in buyers’ favour. It is too early, however, to call this a meaningful shift. One month does not make a trend, so the next few months will tell us whether this is the beginning of a change or simply a temporary blip as we move into the traditionally slow months of fall and winter.” The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $384,900 in September 2026, a minor decrease of 2.8% compared to September 2025. The benchmark price for single-family homes was $386,100, a small reduction of 3.3% on a year-over-year basis in September., while the benchmark apartment price was $344,000, a gain of 15.5% from year-ago levels. The median sale price for single detached homes sold in September 2026 was $395,000, decreasing by 1.3% from September 2025. The more comprehensive year-to-date median price was $413,750, a modest gain of 2.2% from the first nine months of 2025. Single detached properties spent more time on the market before selling in September 2026 than they had a year earlier. The median number of days on market for single detached home sales was 18 in September 2026, up from the 14 days recorded in September 2025. The dollar value of all single detached home sales in September 2026 was $47 million, up by 14.5% from the same month in 2025. This was also a new record for the month of September.