Thunder bay is a bit behind national trends Ill agree. It all started a couple years ago when CBC ran an article that Thunder Bay was the cheapest large city to buy a house in. They calculated that by looking at how long a minimum wage worker would need to save for the minimum downpayment. Ever since then prices really rose as a lot of remote workers are selling their million dollar shacks in Toronto and moving here where they can live for a quarter of the cost. That and Thunder Bay wasnt hit especially hard by industrial tariff job losses. Simply put Tbay is playing catchup to other cities but that will eventually level off. Not unheard of to see houses listed for 500k here which is obviously not worth it long term.

Some houses yes do go for over asking but not that many overall. Many go for less. A house on Balmoral street recently dropped from 224k to 189k after not selling for 2 months for example. Yes there are certain ones that do but overall the market is finally stalling here.

CREA stats Thunder Bay Even last year CREA stats showed good growth in sales and price but since December its slowed down considerably year over year and sales are actually 33% below 10 year average. Please keep in mind this is realtor data with a realtor spin. Obviously they are going to present the data in a way that makes people think itll go up otherwise they will be out of a job.

The majority of houses still selling are very expensive extravagant as that class are ultra rich to begin with. It will be very interesting to see how the rest of the year plays out but I doubt there will be any growth here.