The price of Thunder Bay real estate is on the rise. Traditionally the city was home to some of the most affordable homes in the country, but market conditions have changed and prices are climbing.
The president of the Thunder Bay Real Estate Board says home prices in the city are up four to five percent from last year and the shortage of homes on the market is largely responsible.
John Litt says the average price for a house in Thunder Bay right now is in the $120,000 range and people who already have houses seem to be content with what they have and are sitting tight.
So it's the best of times of times and the worst of times depending on whether you are trying to buy or trying to sell a home.
Thunder Bay's housing market has become a major seller's marketplace and those looking to buy a house are finding a lack of good, affordable homes or are encountering an all-out bidding war or must rush to close a deal. And with market analysts predicting current trends to continue, that's forcing prospective buyers to think later or be left in the dust. Article
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