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MARKET GUIDE
Thunder Bay market information
relating to economic, housing, and real estate issues.
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| ABOUT
THUNDER BAY |
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- The population of Thunder Bay in
1996 was 113,662
- The Canada - US border is 32 miles
south of the city. Minneapolis, MN is the closest major US centre
- Within a 500-mile radius of Thunder
Bay, there market area population is an astounding 21.5 million
people
- The consolidated forestry sector
is important to the economic foundation of Thunder Bay and employs
10% of the local workforce
- 1.4 million visitors generate $350
million for the local economy annually
- Entrepreneurship is growing 4%
faster in Thunder Bay than in Canada
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HOUSING
COSTS FOR AVERAGE STARTER HOME
(back to top) |
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| Urban
Centre |
Required
Family Income |
Home
Prices |
Monthly
Carrying Costs |
| Calgary |
$36,709 |
$127,418 |
$979 |
| Edmonton |
$32,379 |
$108,456 |
$863 |
| Halifax |
$31,965 |
$102,327 |
$852 |
| London |
$37,910 |
$125,515 |
$1,011 |
| Montreal |
$34,434 |
$101,000 |
$918 |
| Ottawa |
$43,581 |
$132,648 |
$1,162 |
| Quebec
City |
$31,741 |
$87,148 |
$846 |
| Regina |
$27,874 |
$80,056 |
$743 |
| St.
John's |
$29,076 |
$90,250 |
$775 |
| Thunder Bay |
$34,435 |
$112,000 |
$918 |
| Toronto |
$52,673 |
$113,046 |
$1,405 |
| Vancouver |
$54,663 |
$201,888 |
$1,590 |
| Winnipeg |
$30,055 |
$82,676 |
$801 |
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REAL
ESTATE SUMMARY (back to top)
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- Thunder Bay is experiencing an overall "buyer's market", where
the number of homes on the market outnumber the number of potential
buyers. This is a result of an economic downturn in the region.
Developments in the new millennium may improve local conditions.
- Even in an overall buyer's market, some niches may be found
where a seller's market exist. For example, some regions in a
city may be in greater demand than others.
- Average time to sell a unit is approximately 65 days
- Selling price to list price ratios are hovering around 94.3%
- CHMC's rental marketing survey from 1999 shows improved vacancy
rates of 7.5% from 9.3% in 1998. New developments, like the Charity
Casino, are expected to lower it even more.
- Sales activity has been weak since 1997, with the first-time
home buyer being hit especially hard. Weak employment and subsequent
youth out-migration has affected the low-end of the resale market
and been a key reason for prolonged rental market weakness.
- Total number of private occupied dwellings is 44,845, at an
average value of $134,766
- 2000 was the weakest year for residential construction in the
city's modern history with the total housing starts for the third
quarter numbering 121 compared to 169 in the third quarter, September
30, 1999.
- Thunder Bay resale market remains weak despite falling listing
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EDUCATIONAL INSTITUTIONS
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| MAJOR EMPLOYER LIST
(back to top) |
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- City of Thunder Bay, 3000
- Government of Ontario, 2113
- Thunder Bay Regional Hospital, 2026
- Lakehead Board of Education, 2000
- Lakehead University, 1600
- Bowater Pulp & Paper Canada Inc., 1300
- Buchanen Group, 1245
- Thunder Bay Catholic District School Board, 1000
- Bombardier Transportation, 800
- Confederation College, 718
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