Thunder Bay residents — compare top Canadian banks for savings rates, no-fee chequing, and mortgage options. Thunder Bay sits on the shores of Lake Superior and is Northwestern Ontario's regional hub.
Population ~108,000 · Updated 2025Rates and features as of 2025. Always verify directly with the institution.
Thunder Bay buyers pay Ontario LTT only — no municipal land transfer tax applies here.
Rates: 0.5% ≤$55K · 1.0% $55K–$250K · 1.5% $250K–$400K · 2.0% $400K–$2M · 2.5% above $2M. FTB rebate: full ($4,000) if price ≤$368,000, partial up to $400,000, zero above $400,000.
Local answers for Thunder Bay home buyers and savers.
Thunder Bay typically sees average home prices in the $270,000–$340,000 range, one of the most affordable major cities in Ontario. First-time buyers may qualify for the full Ontario FTB rebate of $4,000.
Yes. Thunder Bay is home to several credit unions including Peoples Credit Union and Northern Credit Union, in addition to all Big 5 bank branches.
No. Thunder Bay only has the provincial Ontario Land Transfer Tax. There is no municipal LTT, unlike Toronto.
EQ Bank is an excellent digital option for Thunder Bay residents who prefer higher interest rates (currently 3.75%) and no monthly fees. All transactions are handled online or through the app.