#1: Thunder Bay
If you’re looking for real estate, it turns out that the best city to buy in is, of all places, Thunder Bay. This northern Ontario city of just over 108,000 has been quietly and actively rebuilding after losing its prominence as an important stop on the trade route from western Canada to the eastern provinces. But the effort to rebuild has paid off. Thunder Bay is now a centre for medical, commercial and governmental departments that service all of northern Ontario. It also opened the Northern Ontario School of Medicine, which has attracted young students.
Average home price (2014): $208,705
Time to buy in years: 2.7
5-year price appreciation: 8.5%
Average 5-year rent increase: 21%
Previous year's unemployment rate (2013): 4.9%
Get more details on Thunder Bay’s housing market.
See the complete ranking of Canada’s top 35 cities to buy in.
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