Thunder Bay a real-estate haven for 2nd straight year—report

A report released by MoneySense placed Thunder Bay as the best place in Canada for residential and real estate, marking the second year that the city has made the list.
“When it comes to identifying the best place to buy real estate in Canada, Thunder Bay has everything we look for,” MoneySense managing editor and report co-author Mark Brown said, as reported by NetNewsLedger.
The annual ranking, which evaluated 35 cities across the country, was based on purchasing power and income potential of rental homes. The study noted that Thunder Bay stood above the rest with a house-to-income ratio of 2.7, representing an average household income of $81,000 and a benchmark property price of $216,000.
Thunder Bay also boasts of a 23.35 Numbeo rent index, in contrast with other Canadian cities that have 30, 35, and even 40 in this metric. In addition, rent is incredibly profitable for investors and affordable for tenants, as rent accounts for approximately 106 per cent of the average mortgage in the city.
The city’s affordability stands in sharp contrast with the situation in Canada’s most inflamed urban markets. Would-be buyers in the millennial demographic would only need an estimated 10 years to save up for the required 20 per cent down payment on a new home in Thunder Bay, while those looking at residences in Toronto and Vancouver would need 15 and 23 years, respectively.
Most importantly, the report stated that Thunder Bay benefits from rock-bottom unemployment rates and strong performance indicators in the long term.
“Although the market has been growing quickly, prices haven’t gone up so high as to price anyone out of the market. At the same time there is strong rental demand which makes it attractive to investors looking to own an income property,” Brown explained.

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