THUNDER BAY — Home buyers can expect to pay just slightly more for a single detached house in the Thunder Bay market next year, while total sales are likely to increase.
That's according to a new report on the housing market outlook for cities across the country, produced by RE/MAX Canada,
It forecasts that local prices will increase by two per cent in 2024, and total unit sales will go up by five per cent after a year in which unit sales fell.
According to Thunder Bay Real Estate Board data, the median price for single-family detached homes sold in the city between Jan. 1 and Nov. 30 was $330,000.
This means half the houses sold so far this year cost more than $330,000, and half cost less than that amount.
Board chair Wes Case said the median selling price was 3.0 per cent higher than last year in the same period.
At the same time, the number of single-family detached homes sold in the city dropped to 828 units up to Nov. 30 this year, down from 983 units last year at the same time.
Case said Thunder Bay is still considered a seller's market, as defined by the ratio of sales to listings.
"The range has been about 63 to 73 over the past six months or so. If you're over 60 or over 70, it's a seller's market. Anything under 40 is more of a buyer's market.. Thunder Bay has been a seller's market for a few years, during the pandemic and everything."
As of this week, there were 109 active listings in the city.
The RE/MAX report anticipates that average residential sale prices in 61 per cent of the markets it analyzed will rise between 2.0 and 7.5 per cent next year, while most of the remaining markets will experience either no change or a decline in prices of 2.0 to 5.0 per cent.
