Real Estate Market Update; Thunder Bay March 2022 - Danielle Wilson
Real Estate Market Update

Real Estate Market Update; Thunder Bay March 2022

This is the Thunder Bay Real Estate Market Update for March of 2022;

Intense, Heated, Extremely Competitive.

Multiple Offers, Offer Holdbacks, Extended Irrevocable Periods.

You’ve heard the hype…

The Thunder Bay housing market is pretty heated!   This Spring is looking similar to the 2021 housing market where we experienced a lack of housing inventory and a surplus of buyers.

In this blog post, I give a summary of the Thunder Bay Real Estate Market Update so that you can see what is contributing to the intensity.

Market Update- March 2022 (1st-18th)

58 detached residential homes have been listed both within the city as well as rural Thunder Bay this March.  Of that 58, 43 have sold with an average of 14 days on market.  The average selling price is $390,643.  If we were to look at the absorption rate, it would tell us that if conditions remained the same, it would take only 1 month and 11 days to sell all of the current inventory of houses on the market if no more houses were listed.  

February 2022

So, how does this compare to last month?  In February of this year, the absorption rate was .99, which means it would take only 27 days to sell out.  It would seem that our inventory is very slightly increasing, which is a step in the right direction.  

February 2021

When we look at where we were at last February, we had more inventory.  85 detached homes were listed as opposed to 69 this year.  

Average Increase- 2022 over 2021

Overall, at this point, we are seeing an increase of about 15% on the average price of a detached home this year to date over last year.  

So…

What you are seeing in the market is an issue of supply and demand.  Low levels of inventory combined with high demand (lot’s of buyers) is driving prices up.

If you have specific questions about the Thunder Bay Real Estate Market, and how it might impact you as a buyer or a seller, definitely reach out!

Definitely leave me a comment in the comment section with your thoughts and concerns about the current Thunder Bay Real Estate Market, or the Canadian Market in general!


4 Responses to Real Estate Market Update; Thunder Bay March 2022

  1. Rudy Bhola May 18, 2022 at 10:21 am #

    Hi, I have a son at Lakehead U and was thinking to purchase an investment property for him to live in and rent out rooms to his friends at university and then sell when he is done in 3 years time rather than have him rent. I am interested to know what you think of this strategy?

    • Danielle Wilson May 18, 2022 at 10:37 am #

      Hi Rudy,

      That’s always a smart idea and lot’s of parents do this and then exactly as you are saying, they rent out rooms to other students- it covers the mortgage and then at the end of his schooling you can sell the property and have the equity and increase in value to apply to something else. I’m happy to help if you decide to go this route- feel free to reach out- danielle@yourside.ca or text 807 627 3685

  2. Rudy May 18, 2022 at 4:50 pm #

    I saw you blog about market trend. I am concerned that the real estate market is starting to have a cooling or even a correction downward. I am not familiar with the real estate market in Thunder Bay, and would be interested in your thoughts regarding this.

    • Danielle Wilson May 19, 2022 at 1:56 pm #

      Hi Rudy,

      In my experience, the Real Estate Market in Thunder Bay is generally well insulated from the larger types of corrections that you see in the larger centres- in my 10+ years here the market has increased year over year.

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