Thunder Bay Real Estate Market
THUNDER BAY – Real Estate News – Thunder Bays tight rental market is a little looser according to the Canada Mortgage and Housing Corporation. “This Fall, the factors exerting upward pressure on vacancies included movement from rental to ownership and softening in the mining exploration sector given weaker commodity prices. Also, the movement of the seniors’ population from rentals into various retirement home accommodations, which are not counted as part of the traditional rental market, contributed to the softening of the vacancy rate” observed Warren Philp, Market Analyst at CMHC’s Thunder Bay Office.
In a media statement the CMHC says, “The rental apartment vacancy rate in the Thunder Bay Census Metropolitan Area (CMA) was 2.6 per cent in October, 2013, up from 1.1 per cent in October, 2012 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation”.
On the basis of a sample of structures common to both the 2012 and 2013 surveys, the average two-bedroom rent increased by 4.6 per cent in Thunder Bay.
Rental prices in the Thunder Bay market remain fairly high. The Hot Housing Market has many homes currently selling over the market asking price.
The apartment vacancy rate in both zones in Thunder Bay increased from the previous year. For instance, the North Ward, home to primarily newer rental stock and structures generally closer to Lakehead University, continued to have the lowest vacancy rates. But, the vacancy rate in the North Ward still increased reaching 2.1 per cent in October 2013. This was up from 0.8 per cent in October 2012.