Nathan Lawrence returned to the podium with an interesting and insightful  Update on the Thunder Bay Real Estate Market. Nathan has been involved in all facets of local real estate and is a Thunder Bay community advocate.  He is currently with Royal LePage Lannon Realty, DLC Mortgage Excellence and the Ontario Chamber of Commerce.
 
Using statistics and experience he laid out our local housing challenges.  We have an unbalanced market leading to social impacts that are not going to be solved overnight.  Homes in the $300,000 range are urgently required (especially to young first time buyers and immigrants and employees looking to move here) yet there is a very short supply.  It is very much a sellers’ market: high demand and low supply.  
Suitable homes in this price range are being snapped up with multiple offers in an average of 11 days on the market.  The problem is that the cost of building even a very modest home is about $450K, so existing homes which were built and bought for far less will continue to see rising prices until costs and prices begin to match up better.  Thunder Bay  has the second highest “sales to new listings ratio” in the country – very imbalanced.  Here we favour single family homes.  Condos aren’t as available. 
A good Q&A session sought policy solutions. Nathan invites anyone to call.  So interesting - he is welcome back any time.  President-Elect Jim Madder introduced and thanked him. 
 
 
Nathan Lawrence, HBComm, is a Managing Partner with Royal LePage Lannon Realty and a Licensed Mortgage Broker with Dominion Lending Centres Mortgage Excellence.
 
He earned an Honours Bachelor of Commerce, Majoring in Human Resource Management, at Lakehead University in 2007.
 
He served two terms on the Thunder Bay Chamber of Commerce Board of Directors and 2018/19 Chair of the Board.  He is the Past President of the Northwestern Ontario Associated Chambers of Commerce.  Served on the Board of Directors of SHIFT: Thunder Bay’s Young Professionals Network, two years as President of the Board.  He joined the Ontario Chamber Board of Directors in 2015.