A Canadian financial magazine says Thunder Bay is the best city in Canada to buy real estate.

The latest edition of MoneySense magazine looked at the top 35 cities in Canada to buy property and singled out Thunder Bay.

The city received top marks for the best deals in the market "based on housing value, price momentum, economic strength and rental income potential." The researchers at the magazine used statistics from the Canada Mortgage and Housing Corporation, the Canadian Real Estate Association, Environics Analytics and WealthScapes 2014 to compile their list.

Doug Murray, the CEO of the Thunder Bay Economic Development Commission, said real estate is a good selling point for the city.

"This is an opportunity to say,'not only do we have businesses for sale in Thunder Bay that are probably cheaper than what you'd get in Toronto, but we also have a housing market that you can own a house and a business at the same time and still make money.' It's a lot cheaper."

The magazine noted the average household income in Thunder Bay was $78,000 and the average price for a home just under $209,000.

Calgary was second on the magazine's list of best real estate buys, with Barrie, in southern Ontario, rated third.

Money sense real estate chart

If you’re looking for real estate, it turns out that the best city to buy in is Thunder Bay, MoneySense magazine says. (www.moneysense.ca)