Big city residents fleeing ever-rising home prices have flocked to markets in Northern Ontario, a trend aided by still-prevalent remote working conditions. Some of the province`s most affordable housing markets, like Thunder Bay, have experienced a flood of former big-city inhabitants seeking cheaper homes, an urban exodus jumpstarting local economies but also raising existing residents' concerns of being priced out of the market.
Home prices in Thunder Bay appear to be climbing at an even faster pace than sales, with the median price of a single-detached home in the city up by 18. 6 per cent to $350K and the year-to-date median price up 19. 4 per cent from 2021 to $345K.
These conditions will not be improved by the lack of new supply entering the Thunder Bay market. According to the latest figures from Canada Mortgage and Housing Corporation, there were no housing starts in the city in April, compared to twelve in the same period in 2021.Locals may grumble at the rise in house prices, but RE/MAX experts say the surge in urban investment in the region, coupled with the provincial government's current interest in investing in its rural pool.Wu and small towns provide a "unique opportunity for a generation." opportunity" for places like Thunder Bay to get their long-awaited glow.Even if Doug Ford doesn't really know the difference between Thunder Bay and North Bay.