According to CMHC or Canada Mortgage and Housing Corporation, the real estate market in Thunder Bay will start to decrease a little bit for up to 230 units this year because of a fewer apartment, then will increase for up to 255 units the following year.
A demand for new homes is going to soften this year because of the more selection on the resale market, and the lack for job growth. A little improvement in the conditions of employment next year is going to lead for a greater demand for housing and thus, it will start to edge up.
The sales are going to elevate by only 1.2 percent to the 1460 homes that will be sold this year, and it will be stable again at 1450 homes that will be sold next year. The tight resale market in Thunder Bay will be more balance for the next years to come, due to the fact that there is a greater growth in the new listings compared to those that are in sale. As an outcome, the average price growth is going to be moderate from 8.1 percent last year to 4.7 percent in this year and 2.9 percent next year.
On the other hand, Thunder Bay is still the best city where you can buy a real estate in Canada, based on MoneySense.as the real estate prices in Vancouver and Toronto hit their record values, potential homeowners will always want to expand the search listings for the greatest deals in the real estate that can be found in Canada.
The updated edition of Money Sense Magazine that has looked up for the top 35 cities from Canada where you can buy a real estate, suggested that looking north will be a very good way where you can start searching.
Thunder Bay got the top spot for the best deals in Canada’s real estate market, based on the price momentum, housing value, rental income potential, and the economic strength as well.
Thunder Bay Real Estate is an opportunity in a city that strives. It was a decade ago when they opened Northern Ontario School of Medicine and this is one of the reasons why students want to go to this city.
It has also driven several professionals due to the fact that there are a lot of people who are studying in the city and eventually they begin to love this city and they will always end up staying in Thunder Bay. The survey also shows that this city has an average home price which is under $200,000 and an average income in a household is more than $78,000, therefore, you are going to have a population with several disposable income and plenty of inexpensive housing.
Compared to the average income in Toronto that is almost $100,000 and an average home price of more than $589,000, it will not even take a genius in math to see that it will take twice as long so you can buy your home in Toronto as it will in Thunder Bay.