Lake Simcoe Cottage Market Trends (2023)

The Lake Simcoe cottage market is currently a balanced market which is expected to remain this way for the remainder of 2023. Baby Boomers and Gen Xers relocating from the GTA are currently driving most of the sales activity in the region.

The average recreational property sale price increased by 5.9 per cent year-over-year (from $1,700,000 in Q1 2022 to $1,800,000 in Q1 2023) and average number of sales decreased by 60 per cent year-over-year (from 25 in Q1 2022 to 10 in Q1 2023). Average price in the Lake Simcoe cottage market is expected to increase 5.8 per cent for the remainder of 2023, while sales are likely to remain unchanged.

Despite the approximately $1 trillion expected to transfer from Baby Boomers to succeeding generations in the coming years, this market will likely not be affected as intergenerational transfers are a common occurrence in Lake Simcoe. Family members involved typically seek legal counsel, resulting in a seamless transfer.

“Overall, the lines between recreational and residential properties are blurring, with many people flocking to Lake Simcoe for year-round living and amenities. The region overall is an outlier as compared with others across the country as economic factors like higher interest rates have had little effect, given mortgaging is not as common for waterfront homebuyers in the area,” says Rick Laferriere, Sales Representative, RE/MAX Hallmark Chay Realty.