Vacancies: 5.0% ↑
Rents: $869 ↑
Northwestern Ontario’s Largest City Sees
Thunder Bay is struggling to grow its economy and has often encouraged other centres to invest in its products (lobbying for the Toronto Transit Commission to buy Bombardier’s subway cars and streetcars). There are concerns that should these outside infusions dry up, Thunder Bay’s economy will suffer. However, as the largest city in northwestern Ontario, and the area’s centre for government, health services and education, the economic strength of the city seems assured, especially considering the continued health of the apartment market in the face of the 2008 recession. Thunder Bay is a decent place to invest.
- A diversified economy and strengthening commodities sector will increase jobs and drive up demand.
- Excellent repositioning opportunities exist through renovation and new ownership efficiencies.
- Rents remain undervalued.
- Small, stable market will limit the number of trades.