Homebuyers in Thunder Bay are not only looking at affordability, but outdoor living spaces and waterfront properties too are becoming increasingly more desirable, for the natural beauty of living on the lake. Mariday Park is considered one of the best neighbourhoods in Thunder Bay, well-established with character homes, in close proximity of Hillcrest Park, with excellent views of Lake Superior and the city.
Housing demand in Thunder Bay is primarily being driven by city lovers with kids, suburban families/move-up buyers and first-time homebuyers.
We asked RE/MAX brokers and agents to weigh in on their market, and help identify some trends and the best neighbourhoods in Thunder Bay. Here’s what they said.
Top concerns for homebuyers in Thunder Bay are:
- Low housing supply
- Affordability
- Crime rate
Top 3 liveability qualities buyers seek in Thunder Bay:
- Affordability
- Green space
- Diversity of people and space
Best Neighbourhoods in Thunder Bay
Most affordable neighbourhoods:
- Westfort
- Current River
- East End
Top up-and-coming neighbourhoods:
- Sherwood Estates
- Parkdale
- Whitewater
Most luxurious neighbourhoods:
- Mariday Park
- River Terrace
- Sherwood Estates
Advice to homebuyers
“Get prequalified with your bank and get your finances in order before looking at homes. Work with a realtor who knows the city and the market to help you navigate your decision-making and purchase of the new home can help with this,” says Mario Tegola, President, RE/MAX First Choice Realty, based in Thunder Bay.
Mario adds, “Be prepared to compete with multiple offers, given the competitiveness of the market.”
