After a slow winter, Thunder Bay has anticipating a busy spring market in 2020, however the true impacts of COVID-19 remain to be seen. Looking back at 2019 and early 2020, a balanced market was anticipated this year, with an influx of medical professionals driving market activity. Affordability hasn’t been a concern in the region, which cannot be said for many of Canada’s other housing markets. The typical demographics of prospective buyers and current residents is “city lovers” with and without kids, as well as Baby Boomers/retirees.
So, what are the best neighbourhoods in Thunder Bay to buy a house? RE/MAX explores more than 300 of Canada’s most liveable hot spots in the new 2020 Liveability Report. Here are our top picks for Thunder Bay.
10 Most Liveable Neighbourhoods in Thunder Bay
- River Terrace
- Sherwood Estates
- Mariday Park
- Mount Forest
- Maplewood Estates
- College Park
- Edgewater Park
Other highly liveable neighbourhoods in Thunder Bay include Mariday Park, River Terrace and Sherwood Estates, due to their close proximity to green spaces, preferred schools, and health or medical services. Green space and medical services are also cited as the main liveability factors present in the more luxurious neighbourhoods, including River Terrace, Whitewater and Maplewood Estates.
Thunder Bay’s Future Liveability
Affordable homes will continue to fuel demand in the region. Thunder Bay real estate is expected to see stable and balanced conditions in the next few years, due to its affordability. Many of the more affordable neighbourhoods are within the $200,000 price range, including Westfort, Current River and Northwood.
Best Places to Live in Canada
Liveability is about quality of life at a local level. A neighbourhood’s dynamism, or lack thereof, involves a delicate convergence between independent small businesses, public institutions, arts and culture, green spaces and housing, to name a few. The COVID-19 tragedy will impact neighbourhood ecosystems differently across the country, just as the virus itself has. Yet, civic/local pride has been proliferating throughout this crisis in inspiring ways, giving Canadians hope that micro-economies, including real estate, have the resilience to be restored in the near and mid-term.
To learn more about liveability in Canada’s biggest housing markets, read the RE/MAX 2020 Liveability Report.