Thunder Bay Real Estate Market Report

The Thunder Bay, Ontario real estate market is currently classified as a balanced market. The median asking price is $450K.

There are currently 188 active listings. Inventory has increased 67.9% compared to last month.

Currently, listings spend an average of 49 days on market and the average price per square foot is $482.

Detached properties make up the largest share of the Thunder Bay market at 89% of active listings with an average price of $560K. Condo listings follow at 11% (avg $589K).

Sales Activity & Absorption

Volume

188
Active
49
Avg DOM
91
New (30d)
33
New (7d)

Market Signals

0
Price Cuts (30d)
33
New (7d)
0
Price Cuts
33
New (7d)

91 new listings appeared in the past month.

Thunder Bay Real Estate Board Monthly Report

Sales of single detached homes in the City of Thunder Bay numbered 114 units in June 2026. This was down modestly by 2.6% (three sales) from the same period in 2025.

Single detached home sales were 1.2% above the five-year average and 0.5% above the 10-year average for the month of June.

On a year-to-date basis, single detached home sales totaled 399 units over the first six months of the year. This was a decrease of 9.3% from the same period in 2025.

“Although still down from the same period last year, June delivered a strong burst of momentum. Sales surged from May and returned to levels we would normally expect for this time of year. It was a welcome end to the traditionally busy spring market, as we saw buyers finally coming off the sidelines across our region. Newly listed properties rose for the sixth consecutive month, giving buyers more choice and adding fresh energy to local markets,” said Karen Hill, President of the Thunder Bay Real Estate Board. “Thunder Bay accelerated its “missing middle” housing strategy in June by selling surplus land, advancing the 100-acre Central Avenue development, and streamlining zoning bylaws for medium-density infill projects. These updates aim to increase housing supply across urban neighborhoods.”

The median sale price for single detached homes sold in June 2026 was $439,500, a moderate gain of 8.5% from June 2025.

The more comprehensive year-to-date median price was $420,000, increasing by 8.2% from the first six months of 2025.

Single detached properties spent about the same amount of time on the market before selling in June 2026 than they had a year earlier. The median number of days on market for single detached home sales was 14 in June 2026, in line with the 14 days recorded in June 2025.

The dollar value of all single detached home sales in June 2026 was $52.4 million, a gain of 4% from the same month in 2025. This was also a new record for the month of June.

Source: Thunder Bay Real Estate Board, June 2026

Neighborhoods

AreaListingsAvg Price
Thunder Bay5$4.1M
Avg 2 schools nearbyAvg 5 parks nearby

Interest Rates & Affordability

Current Rates

Bank of Canada Policy Rate2.25%
Prime Rate4.45%
Est. Variable Rate (Prime + 0.5%)4.95%

Lower rates increase purchasing power. The Bank of Canada sets the policy rate which influences prime rates across lenders.

Estimated Monthly Payment

Based on median price of $450K, 20% down, 25yr amortization
$2,094/mo
at 4.95% variable rate

This is an estimate only. Actual rates and payments will vary based on your credit profile, lender, and mortgage terms.

Market Outlook

The market is relatively balanced between buyers and sellers. The Thunder Bay market currently has 188 active listings with a median price of $450K.

  • Low price reduction rate (0% of listings)
  • Slow-moving market (49 avg days on market)
  • Average price per square foot is $482

For Buyers

The Thunder Bay market is balanced. You have reasonable options, but well-priced homes will still draw interest. Get pre-approved and stay informed on new listings. There were 33 new listings in the past week.

For Sellers

Price your home realistically based on recent sales. Focus on presentation and highlight unique features. Well-priced properties are still selling within reasonable timeframes.

Data sourced from CREA DDF® active and sold listings. Metrics computed from listing data updated daily. Prepared by Karina Morgan with AI assistance, reviewed by our team.

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Market data is calculated from active and recently sold MLS® listings as of July 2026. Past performance does not guarantee future results. Consult a real estate professional for specific advice.

Data provided by CREA DDF. The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA). Information deemed reliable but not guaranteed.

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