If you’re keeping an eye on the real estate scene in 2025, one thing is crystal clear: Thunder Bay’s market is heating up! Once known as a quiet, affordable market, this Northern Ontario gem is gaining serious traction among first-time home buyers, investors and out of town re-locators and the momentum isn’t slowing down. With rising property values, increasing rental demand, and new developments on the horizon, now is the perfect time to engage with the city’s evolving landscape.
Why Thunder Bay?
Once viewed as a quiet northern city tucked away by Lake Superior, Thunder Bay is now drawing attention for all the right reasons. With the population steadily growing and infrastructure investments on the rise, the city is becoming a hotspot for opportunity.
Housing Market Highlights:
- Surging Home Prices: The median sale price for single-detached homes reached $373,000 in April 2025, marking a 6.8% increase from the previous year.
- Seller’s Market Prevails: With homes spending a median of just 14 days on the market, Thunder Bay continues to favor sellers, indicating strong demand and very limited inventory.
- Strong Rental Market: Rental properties are in high demand with low vacancy rates and rising rental prices, making it an attractive market for investors.
- Developmental Projects: Several new residential development projects are underway. Key initiatives include over 1,200 new homes planned along Central Avenue, $20.7 million In funding to fast-track affordable housing, and major upgrades to public transit and infrastructure. The Port of Thunder Bay is expanding to boost trade capacity, while revitalization of the Waterfront District is enhancing the city’s cultural and recreational appeal. Investments in transitional housing and the twinning of Highway 11/17 are also underway, improving accessibility and community support. Together, these projects signal a thriving future for Thunder Bay’s real estate and economic landscape.
Ready to ride the wave?
Whether you’re buying, renting or investing, Thunder Bay is a market on the rise- and the time to act is now!
Contact Legacy today to learn how we can help you make the most of Thunder Bay real estate.