Thunder Bay Housing Market Update (Fall 2025)

Trends in the Thunder Bay Housing Market 

The Thunder Bay housing market expects to see an increase in sale price of a further nine per cent, with number of sales expected to also increase, by 12 per cent. Thunder Bay in Q4 2024 experienced a seller’s market with low inventory, multiple offers and low average days on market. More listings are selling than new listings coming to market. The region has become much more active since last year around this time, and is projected to be steady seller’s market into fall. Although there are new listings coming to market, there still is not enough to accommodate the amount of demand. 

New Canadians, investment buyers, families and couples continue to drive sales in Thunder Bay, which is expected to remain the same throughout the year. Retirees and second time homebuyers are also becoming more active in the region. In this competitive market, sellers are often able to achieve multiple offers, with properly marketed homes frequently selling above the listing price. The area is diverse in many employment fields, as of now we have not seen major job losses or tariff issues affecting the housing market. 

First-time homebuyers in the region generally range from 22 to 30 years old. Many receive support from parents, either through deposits or co-signing, particularly when the property offers income potential, such as homes with in-law suites. The market is quite active and is seeing multiple offers, with many offers free of conditions. Rarely is an offer with a house sale condition accepted. 

There are some up-and-coming neighbourhoods in Thunder Bay that are attracting interest. Parkdale is a newer development that has released new building lots that are actively selling. Semi-rural properties on the outskirts of Thunder Bay are also a thriving market. With larger properties, more privacy and less hustle and bustle of the city the demand is increasing year over year.