Cost of Living

Discover Affordable Living in Thunder Bay

This is a place for people that are looking to expand their horizons, their careers and themselves. A place for those looking to leave behind a high stress lifestyle with hours spent in commuter traffic and the financial pressures of exorbitant house prices. A single detached home in Thunder Bay can be purchased for under $200,000.

People come here from all over the world. They arrive for the adventure and frontier opportunities, they stay because of the lifestyle, the friends they've made and the fresh, raw beauty of the natural environment.

Thunder Bayans are modern, happy, proud and hardworking with a history of welcoming newcomers and enfolding them in their circle of friends.

Leave your high stress lifestyle behind, explore waterfront living opportunities and start a new adventure. Go To Thunder Bay. For Life.

Where's the Best Place to Buy Real Estate in Canada?

According to MoneySense magazine:

"Yes, Thunder Bay. In the last five years, real estate prices in this Northern Ontario city of just over 100,000 have appreciated faster than in any other city in Canada." Take a look at the full ranking report and video.

For the second straight year, MoneySense ranked Thunder Bay as Canada's top city to buy real estate.

HGTV agrees:

"The largest city in Northwestern Ontario, Thunder Bay is a centre for healthcare, business and education services. In the five years up to 2016, average house prices appreciated by 8.4% while average rents increased by 22.5%. With the average home costing 2.7 times the average income, buying here is still affordable too." See the full article.

Snapshot of how the top 5 cities compare:

City Average Home Price (2015) Average Income to Home Price 5 year price appreciation
1 Thunder Bay (Ont.) $215,922 2.7  8.4%
2 Hamilton (Ont.) $442,493 4.9  7.3%
3 Brantford (Ont.) $293,059 3.7

5.0%

4 Guelph (Ont.) $378,573 4.0  5.1%
5 Vancouver (B.C.) $902,801 9.8  6.0%

Source – MoneySense “Canada’s Top Cities to Buy Real Estate In”

Comparing Average Rental Rates
City      1 Bedroom 2 Bedroom 3 Bedroom[OP4]
Thunder Bay $759 $925 $1173
Hamilton $832 $1039 $1253
Brantford $780 $893 $1034
Guelph $902 $1030 $1190
Vancouver $1079 $1373 $1610

Source: Table 027-0040 – Canada Mortgage and Housing Corporation, average rents for areas with a population of 10,000 and over, annual (dollars)

Cost of Living Resources

Houses for Sale or Rent

Utilities – Visit the following websites to learn about the services offered and pricing on utilities in Thunder Bay

Why Thunder Bay

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Compared with Canada's largest cities, Thunder Bay has a significantly lower cost of living, especially in the areas of housing and transportation. For example, renting a one-bedroom apartment downtown is $883 per month in Thunder Bay compared to $1,520 per month in Toronto.

Testimonials

"I went to (Toronto to) do what I had to do, I sewed with some of the best people in the business. Then it was time to come home where housing is affordable, people are friendly and there’s a great quality of life." - Valarie Midgley, Owner, The Whole Nine Yards Read the full story

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