Thunder Bay, Ontario Real Estate Market Report
Northern Ontario, Ontario, Canada · Market data as of
Seller's MarketThunder Bay is currently a seller’s market with 2.2 months of inventory and a 12-month median sale price of $410K. Low inventory means sellers have more leverage, and well-priced homes are selling quickly.
Price Trajectory
How Thunder Bay's median sold price is moving — year-over-year, by property type, and most recently.
Recent sales are tracking close to the trailing-year benchmark.
| Property Type | Median | YoY |
|---|---|---|
| Freehold | $410K | — |
| Condo | $427K | — |
Sold residential · trailing 12 months · aggregated MLS data. Property types with fewer than 10 sales are omitted.
Most market reports are old by the time you read them. Boards publish monthly, usually two weeks after the month closes. Every figure on this page is calculated daily from live MLS data, so you're seeing today's market, not last month's summary.
Based on 350 sales and 211active listings · Data refreshes every morning
BWhat This Means for Buyers
With only 2.2 months of inventory, Thunder Bay is a seller's market. Buyers should be prepared to act quickly and come in with strong offers.
Homes are averaging 25 days on market, so well-priced properties move fast.
Consider getting pre-approved and having your offer strategy ready before you start viewing.
SWhat This Means for Sellers
Sellers are in a strong position. Low inventory means your home will get more attention.
65% of homes sold above asking price, so strategic pricing could trigger competitive offers.
The average sale-to-list ratio is 107%, meaning homes are selling above their list price.
Filters apply to statistics and charts below. Other sections show all property types.
Prices have been trending downward over the past 12 months. Here's how that breaks down across price ranges and time.
How fast are homes selling?
Average days on market over time. Lower numbers mean homes are selling faster.
| Period | Avg Days on Market |
|---|---|
| 2026-06 | 16 days |
| 2026-07 | 21 days |
| 2026-08 | 25 days |
| 2026-09 | 37 days |
How does this month compare?
Month-over-month and year-over-year changes in key metrics.
| Metric | Current | Last Month | MoM | Same Month Last Year | YoY |
|---|---|---|---|---|---|
| Median Price | $401K | $407K | -1.5% | -- | -- |
| Sales Count | 54 | 103 | -47.6% | -- | -- |
| Avg DOM | 37 | 25 | +48% | -- | -- |
What's selling?
Breakdown of sales by property type over the past 12 months.
| Property Type | Count | Share |
|---|---|---|
| Residential Freehold | 180 | 85% |
| Residential Condo & Other | 31 | 15% |
The monthly stats tell one story. The daily trajectory tells another — here's how inventory is moving day by day.
Daily Market Trajectory
Updated dailyMost market reports use 30-day rolling averages. By the time you see a shift, it already happened weeks ago. This chart tracks inventory daily so you can spot trajectory changes as they happen.
Last 30 days · updated daily
Speed and competitiveness are two sides of the same coin. Here's how aggressively homes are trading.
How competitive is this market?
Absorption rate and sale-to-list price ratio show how aggressively homes are trading.
Last 30 days · updated daily
Just Listed
Just Sold
Want a Detailed Analysis?
Contact Jeff Chisholm for a personalized market analysis of Thunder Bay and surrounding areas.
Jeff Chisholm, Sales Representative
Chisholm Real Estate Team
Direct Realty Ltd., Brokerage
Top Rated Schools
Source: EQAO provincial assessment results
Demographics
Age Distribution
Source: Statistics Canada, Census 2021 (Open Government Licence)
How does Thunder Bay compare?
Key metrics for nearby cities in Northern Ontario. All figures are for residential properties over the past 12 months.
Rental Market
Rental data: Statistics Canada, Open Government Licence
Market Pulse Score
Driving factor: Absorption rate (0.4)
Frequently Asked Questions
What is the average home price in Thunder Bay, Ontario?
Is Thunder Bay a buyer's or seller's market?
How long do homes take to sell in Thunder Bay?
What is the months of inventory in Thunder Bay?
How much do homes sell above or below asking in Thunder Bay?
What are the real estate market trends in Thunder Bay, Ontario?
Current Mortgage Rates in Ontario
1 year fixed
2.50%
Bank of Canada Posted Rate
3 year fixed
5.19%
Bank of Canada Posted Rate
5 year fixed
6.09%
Bank of Canada Posted Rate
Prime (variable)
2.65%
Posted rates from Bank of Canada · Updated September 17, 2026
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How We Calculate These Statistics
Data source: Statistics are calculated from MLS listing data provided under license from the Canadian Real Estate Association (CREA) and participating Real Estate boards.
Months of Inventory (MOI):Active listings divided by the monthly sales rate for the selected period (1, 3, 6, or 12 months). Under 4 months generally indicates a seller's market; over 6 months indicates a buyer's market.
SP/LP Ratio: Sale Price to List Price ratio calculated as the median of (sale price / list price) across all sold properties with valid pricing data.
Home Price Index (HPI):CREA's aggregate composite benchmark index tracking price changes for a typical home, adjusted for property mix differences over time.
Update frequency: Data refreshes every 30 minutes via Incremental Static Regeneration (ISR). Daily snapshot metrics update once per day.
Coverage: Includes all residential property types listed on the MLS for Thunder Bay and surrounding areas.
Jeff Chisholm, Sales Representative
Chisholm Real Estate Team at Direct Realty Ltd., Brokerage
Premium Real Estate tools and market intelligence powered by REintel
Data provided by REintel. Statistics are aggregated from MLS data under license. Reproduction or redistribution of this data is prohibited without written consent. The listing data is deemed reliable but is not guaranteed accurate by the Canadian Real Estate Association (CREA).
REALTOR, REALTORS, and the REALTOR logo are controlled by The Canadian Real Estate Association (CREA) and identify Real Estate professionals who are members of CREA. The trademarks MLS, Multiple Listing Service and the associated logos are owned by CREA and identify the quality of services provided by Real Estate professionals who are members of CREA.