THUNDER BAY — RE/MAX Canada expects Thunder Bay house prices to increase at a slightly faster pace in 2020 compared with this year.
In its national housing market outlook, the company estimates the average residential sale price in the city next year will grow by two per cent.
The average price this year has been $254,000, which is half of one per cent better than the 2018 average selling price of $252,800.
The average selling price in 17 of Ontario's largest population centres so far this year is $495,000.
RE/MAX used data from local real estate boards and from its own brokerages to compile the report.
The company believes double-digit percentage increases this year in several southern Ontario markets–including Windsor, London, Niagara and Ottawa–are unlikely to be repeated in 2020.
Those centres are expected to see the rate of increase slow down to between five and nine per cent.
