Home values in Thunder Bay, Ontario
Modeled estimates · market notes as of October 19, 2026
On our model, a typical two-storey detached home of 2,000 sq ft in Thunder Bay is worth about $685,000, which puts the city 45th of the 60 largest Canadian cities on this site by that measure.
Size matters less than people expect: the price per square foot falls from about $420 for a 1,200 sq ft detached home to about $291 for a 3,000 sq ft one, because each extra square foot adds less value than the one before.
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Detached homes in Thunder Bay: one storey vs two
| Floor area | One storey | Two storeys |
|---|---|---|
| 1,200 sq ft | $540,000 | $504,000 |
| 1,600 sq ft | $641,000 | $599,000 |
| 2,000 sq ft | $733,000 | $685,000 |
| 2,500 sq ft | $838,000 | $783,000 |
| 3,000 sq ft | $935,000 | $874,000 |
Bungalows and other one-storey homes are modeled at about 7% above two-storey homes of the same floor area. Our data has no storey field, so this is an adjustment based on how the market usually prices them, not an observed price in Thunder Bay.
Semi-detached homes in Thunder Bay
| Floor area | Estimate | Range |
|---|---|---|
| 1,000 sq ft | $319,000 | $303,000 – $335,000 |
| 1,300 sq ft | $383,000 | $364,000 – $403,000 |
| 1,600 sq ft | $443,000 | $421,000 – $466,000 |
| 2,000 sq ft | $518,000 | $492,000 – $544,000 |
We show no condo prices for Thunder Bay: the data does not hold enough comparable condo apartments there for a reliable figure.
How these numbers are built
The starting point is Statistics Canada’s 2024 property assessment data for Thunder Bay, which covers about 33,285 comparable detached homes. Assessed values trail market prices, so each one is raised to a market value using the CREA MLS® Home Price Index for the same region and property type (latest reading: July 2026). Size is applied with the same curve as our calculator, so a bigger home costs more in total but less per square foot.
These are modeled estimates for an average home of its type, not appraisals, sale prices or listings. The range on each line is 5% either side. Storeys are an adjustment, as explained above. Real homes differ with the street, lot, condition and renovations. For this city the data behind the estimate is thinner than usual, so the real figure could sit further from these numbers.
Market trends: Thunder Bay (Thunder Bay Real Estate Board), September 2026
- Activity in September 2026: 109 sales (up 11.2% from a year earlier).[1]
- Prices in September 2026: the MLS® HPI composite benchmark was $384,900 (down 2.8% year over year); the median sale price was $395,000 (down 1.3% from a year earlier).[1]
- Sales and the median price are for single-detached homes; the single-family benchmark was $386,100 (−3.3% year over year).[1]
- National backdrop: in September 2026 Canadian home sales were down 7.7% year over year, the average price was $666,538 (−1.6%), and the CREA price index was down 3.4% from a year earlier. CREA cut its 2026 sales forecast for the third time this year (−5.2%).[2]
Board figures describe the whole board area, which can be larger than the city, and each source reports a different month. Averages and benchmarks across all homes in a board area, including smaller and older ones, will not match the model figures above for a home of a specific size. Read these notes for the direction of the market, not as the price any one home will sell for.
Sources
- CREA board statistics: Thunder Bay Real Estate Board
- CREA national statistics for September 2026 (Canadian Press, Oct 16, 2026)
Planning a move in Thunder Bay?
- Mortgage calculator: payments and what you can afford
- Rent or buy: which is cheaper over the long run?
- Land transfer tax in Ontario
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For information only. Not an appraisal and not financial or legal advice. Prices are modeled estimates and may differ from what a home actually sells for.