THUNDER BAY – REAL ESTATE – Moneysense Magazine says that Thunder Bay is the best place to buy real estate. “It’s nice to see that Moneysense has put Thunder Bay in the spotlight for a good reason. We just returned from OGRA and every Minister we met with talked about how Thunder Bay is a growing vibrant city and how we are accomplishing great things. We just need to convince our own residents,” stated Mayor Keith Hobbs.
Moneysense reported, “This year when we ran the numbers, we had a bit of a surprise. If you’re looking for real estate, it turns out that the best city to buy in is, of all places, Thunder Bay.
“This northern Ontario city of just over 108,000 has been quietly and actively rebuilding after losing its prominence as an important stop on the trade route from western Canada to the eastern provinces. But the effort to rebuild has paid off. Thunder Bay is now a centre for medical, commercial and governmental departments that service all of northern Ontario.
“Still, a city can’t grow if it can’t attract young talent. To do this, Thunder Bay has invested in its post-secondary schools, including the 2005 opening of the Northern Ontario School of Medicine, the first medical school to service the region. Not only did it attract and retain more medical personnel, the consistent influx of students propped up rental rates—with a 21% rental increase over the last five years—and kept the city’s vacancy rate relatively low.”
Thunder Bay’s real estate market has remained hot over the past several years.
Minister Michael Gravelle on Local and Regional Economy
Doug Murray, from the Thunder Bay Community Economic Development Commission (CEDC) says “We’re very pleased that a national magazine has identified and published what we already knew, Thunder Bay is a great, affordable place to own your own home faster and acquire business properties at a reasonable price versus other locations in Canada. We will be using this report and others to market Thunder Bay as a good place to do business and also for families to move here for employment.”
Low rental vacancy rates and low prices have attracted investors to Thunder Bay. The opportunities in the city are there for those willing to take a chance.
Mario Tegola from Re/Max First Choice Realty Ltd in Thunder Bay says, “I am happy that somebody has finally recognized the fact the Thunder Bay is the hub of Northern Ontario and a good place to buy a home and settle down. We are affordable and always have been. I would like to see our Government designate us as the Capital City of Northern Ontario”.
Many older buildings with retail on the main floors, and residential above in the downtown areas provide the opportunity for real changes as well.
Both downtown areas have many buildings for sale. There are building owners and developers who are already moving forward renovating and planning major upgrades to their buildings.