THUNDER BAY – “Thunder Bay is consistently shifting toward a knowledge-based economy from an industry one,” says local realtor Vince Mirabelli. “Thunder Bay Regional Health Sciences Centre, Thunder Bay Regional Research Institute, Lakehead University (Northern Ontario School of Medicine & the new Law School), Confederation College, the mining sector, along with the Ring of Fire Development all contribute to this shift in paradigm.”
That information was shared by Mirabelli in the latest copy of RE/MAX Top 100 Neighbourhoods
According to Mirabelli, Sherwood Estates is a neighbourhood that boasts huge investment potential.
“Sherwood Estates is the latest trendsetter for newer subdivisions in Thunder Bay. It’s centrally located and has Woodcrest School, a top-rated elementary school. The area is filling up with many young families because of the proximity of great amenities. Backed by the city’s largest developer, the subdivision has attracted all the top builders to continue the record sales pace it has been experiencing to date,” says Mirabelli.
The average house price in the Sherwood Estates hovers around the $350,000 mark.
Ronne Ferris of Century 21 Superior Realty notes that “The neighbourhood of Mariday Park is a popular area with students. “It’s an area close to the university, hospital and medical school,” he explains. “Anywhere around the university is in high demand. We split the city into north and south, and properties on the north side of town are highly sought-after.” The average house price in Mariday Park sits at $167,458, and investors would be wise to consider multi-res units to accommodate the student housing demand”.
Many properties in the city are being purchased by investors from outside of the city, perhaps in a case of others seeing the potential that local investors have simply overlooked.