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Gradual five-year decline predicted for Thunder Bay house prices

Moody's Analytics has issued a five-year forecast for 33 cities.
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THUNDER BAY — A new forecast reiterates analysts' observations last fall that house prices in Thunder Bay between the third quarters of 2018 and 2023 will slip gradually.

The difference from the previous prediction is that the downward trend will be marginally quicker.

Moody's Analytics, using data from RPS Real Property Solutions, now expects Thunder Bay-area house prices will fall at an average annualized rate of 0.8 per cent over the next five years.

For prospective sellers, it's discouraging in that the company's autumn forecast had called for local prices to decline by an average of only 0.4 per cent on an annualized basis from the second quarter of 2018 to the second quarter of 2023.

Moody's Analytics expects the softest housing markets in the country over the same period will be Saskatoon and Regina, with prices in the Saskatchewan capital  dropping by about 4.0 per cent each year.

Barrie and Guelph, it says, will be the strongest markets, seeing annual increases averaging around 4.0 per cent. 

Among the 33 population centres included in the forecast, other cities in negative territory for medium-term house price trends included Calgary, Winnipeg and Saguenay, Quebec.

  



Gary Rinne

About the Author: Gary Rinne

Born and raised in Thunder Bay, Gary started part-time at Tbnewswatch in 2016 after retiring from the CBC
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