THUNDER BAY -- According to a national magazine, this city is among the best in the country to purchase real estate.
MoneySense magazine examined 25 major Canadian cities to come up with the real estate rankings.
The rankings were based on a city’s average home price, the amount of time it takes to save up to buy a home, five year price appreciation and the average five-year rent increase.
It shows Thunder Bay has an average home price of around $208,705, takes 2.7 years, an 8.5 per cent price increase and its rental prices have increased 21 per cent. Compare that to last-ranked Sherbrooke at $224,222, 3.4 years, 1.5 per cent and ten per cent.
MoneySense says the city has been quietly rebuilding as a regional medical, commercial and government hub.
"The city’s average home price is just under $209,000 and the average household income is just over $78,000, so you have a population with plenty of disposable income and lots of cheap housing.
Compare this with Toronto’s average income of almost $105,000 and average home price of just over $589,000—it doesn’t take a math genius to see that it takes almost twice as long to buy a home in Toronto as it does in Thunder Bay," the article says.
The full article can be read online here.
