Real Estate Market Shifting to Buyer’s Market
THUNDER BAY – BUSINESS – The real estate market in Thunder Bay is shifting. There is some good news for potential buyers, as the market is evolving more into a buyer’s market. Over the past several years, Thunder Bay has been a seller’s market.
The market has seen some very impressive increases in the price of homes, allowing sellers to command higher prices.
RE/MAX First Choice Broker Vince Mirabelli says that the shift in the market presents opportunities for both sellers and buyers. Right now is a time that as the market makes the transition, that sellers can take advantage of the market.
The spring, heading into June 30th, which is the busiest day for real estate closing is a busy time in the real estate market.
Vince Mirabelli says, “Now is a good opportunity to sell, because it is hard to say how long the market will stay the way it has been”.
For many investors, Thunder Bay has been one of the marketplaces that has proven a solid one for a good return on their investments. MoneySense Magazine recently ranked Thunder Bay as the top place in Canada for property investors.
While some in Thunder Bay have thought prices for real estate are high, when compared to other communities across Canada, prices in Thunder Bay remain affordable. A tight market for rental properties has generated a great deal of investor interest, in particular from Toronto.
“Half of my clients are from out of town,” stated Mirabelli in an interview with NetNewsLedger.
Over the past eight years, the real estate market in Thunder Bay has been a definite seller’s market, with significant price gains and even bidding wars on some of the more prime properties across the city, as that market starts shifting, it is likely to encourage more investors looking for property to make their way to the city.
Mirabelli says that Bombardier, the Thunder Bay Regional Health Sciences Centre, and Lakehead University have helped drive the marketplace in Thunder Bay over recent years.