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Thunder Bay · Northern Ontario

Mortgages in Thunder Bay, compared across lenders

We compare banks, credit unions and monoline lenders for your Thunder Bay purchase, renewal or refinance, and explain the trade-offs in plain English.

We help Thunder Bay households buy, renew and refinance by comparing banks, credit unions, trust companies and monoline lenders. In September 2026 the median single-detached sale in Thunder Bay was $395,000, across 109 sales (CREA, checked October 2026). Every mortgage is subject to lender approval; we arrange mortgages for properties in Ontario only.

Thunder Bay in numbers

These are the latest published figures we could check for Thunder Bay, each with its source and date. They describe the market, not your mortgage.

Home sales, September 2026

Median sale price, single detached
$395,000
Single-detached sales
109

CREA publishes Thunder Bay's monthly figures for single-detached homes only; all home types are reported by quarter.

Source: CREA, statistics page for the Thunder Bay Real Estate Board, September 2026, City of Thunder Bay, single-detached homes only. Checked October 2026.

Residential property tax rate, 2026

Total rate
1.923136%

Made up of City general 1.561955% + garbage 0.063247% + transit 0.107960% + sewer and drainage 0.010409% + street lighting 0.026565% + education 0.153000%. The rate applies to the assessed value set by MPAC (the Municipal Property Assessment Corporation), not to the price you pay.

Source: City of Thunder Bay, Tax Rates 2000–2026, 2026 column of the City's rate history (single-tier city; matches its 2026 final tax guide, $1,923 per $100,000). Checked October 2026.

Renting, October 2025

Average two-bedroom rent
$1,495 a month
Vacancy rate
4.0%

A year earlier the rent was $1,443 and vacancy 3.2%. The survey covers purpose-built rental apartments in private buildings of three or more units.

Source: CMHC Rental Market Survey, Ontario tables 1.1.1 and 1.1.2, published 11 December 2025, Thunder Bay CMA (census metropolitan area). Checked October 2026.

Households, 2021 Census

Households that own
67.7%
Median household income (2020)
$77,500

City of Thunder Bay (census subdivision 3558004): 48,405 households, population 108,843. Income is for 2020, the year before the census.

Source: Statistics Canada, 2021 Census of Population, Census Profile, City of Thunder Bay (census subdivision 3558004). Checked October 2026.

What's different about borrowing in Thunder Bay

  • Thunder Bay is outside the City of Toronto, so a purchase pays Ontario's land transfer tax only. Our land transfer tax calculator shows the amount.
  • Thunder Bay's 2026 residential property tax rate is 1.923136% of the home's assessed value, counting the City, service and education parts (City of Thunder Bay, Tax Rates 2000–2026, checked October 2026). MPAC sets the assessed value, and it is not the price you pay, so ask for the seller's current tax bill. Lenders count property tax in the housing costs they qualify you on (CMHC debt-service rules, checked October 2026).
  • A two-bedroom apartment in the Thunder Bay census metropolitan area (CMA), which includes Thunder Bay, rented for $1,495 a month on average in October 2025, up from $1,443 a year earlier (CMHC, checked October 2026). Vacancy was 4.0%. If you rent now, set that rent against a mortgage payment plus property tax, heat and upkeep.
  • In the 2021 Census, 67.7% of households in the City of Thunder Bay owned their home, and the median household income in 2020 was $77,500 (Statistics Canada, checked October 2026).

Outside Toronto you pay Ontario's land transfer tax only — work it out with the land transfer tax calculator. Also useful: Ontario closing costs · down payment rules.

Who we help in Thunder Bay

We help Thunder Bay households buy a first home, move up, renew or refinance. We compare banks, credit unions and monoline lenders (lenders that only do mortgages and work through brokers) first.

At renewal you can switch lenders without a prepayment penalty, and if staying is the better deal, we say so. Alternative lenders are the next step when a bank's rules don't fit, at a higher cost. Private money is a short bridge only, and we explain its cost first.

Questions from Thunder Bay borrowers

Do I pay Toronto's land transfer tax in Thunder Bay?

No. Thunder Bay is outside the City of Toronto, so only Ontario's land transfer tax applies.

My renewal is coming up. Should I compare offers?

Yes. Your renewal letter is one offer. At the end of the term you can switch lenders without a prepayment penalty, and if staying is the better deal, we say so.

Can I work with you if I live in Thunder Bay?

Yes. We work with borrowers across Ontario by phone and online; our office is in Richmond Hill.

Nearby: Sault Ste. Marie · Greater Sudbury

General information for Ontario borrowers, not advice. Stonefield Mortgage is a trade name of Stonefield Capital Inc., FSRA mortgage brokerage licence #13722.

Sources

No cost to talk

Talk to a broker about your Thunder Bay mortgage

Tell us what you're planning for a home in Ontario and a good number to reach you. We call back within one business day, usually sooner. We ask for documents only once we know which ones your mortgage needs.

You can also call us at (416) 371-2077.

What are you looking to do?
Roughly how large is the mortgage?

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We use these details to call you back about your mortgage, and store them in Canada. If we introduce you to a partner broker, we tell you first and share only what you have given us here. See our privacy policy. Stonefield Mortgage is a trade name of Stonefield Capital Inc., FSRA mortgage brokerage licence #13722. A pre-approval or quote is subject to lender approval.