Property
Property
Lake of Bays Real Estate | Spring 2022
The Lake
Lake of Bays has been one of Muskoka's premiere cottaging destinations for generations. Very large with good water quality and an incredibly beautiful shoreline, it's "sought after" status reflects in pricing. While in the past many cottages were used seasonally, that is quickly changing in the post-covid mindset. The availability of reliable high speed internet via Starlink has enabled the work from home crowd to incorporate home & cottage into one. This is reflected in the price structure of properties with locations on year round roads commanding a greater premium than in the recent past. All indications are that this trend will continue and in my view, strengthen
Historical Real Estate Market
Highlights
Here's a look at past sales of freehold properties on Lake of Bays through the Lakelands Real Estate Board. There will be some private sales which are not included as well as leaseholds and time-shares.
2019 Sales
- 48 units including cottages, year round home & lots
- Prices ranged from $275,000 - $4,700,000.00
- Median cottage price was around $999,000.00
2020 Sales
- 83 units including cottages, year round homes & lots
- Prices ranged from $425,000.00 - $3,750,000.00
- Median cottage price was around $1,500,000.00
2021 Sales
- 60 units including cottages, year round homes & lots
- Prices ranged from $375,000.00 - $7,117,093.00
- Median cottage price was about $1,650,000.00
2022 Sales
- 28 units sold
- Prices ranges from $700,000.00 - $8,700,000.00
- Median cottage price was about $1,612,00.00
As you can see, the prices have risen rapidly and not just on Lake of Bays. If we look at the entire Muskoka cottage market the median sale price went from $850,000 (2020) to $1,143,000 (2021). This represents a year over year increase of 34.5%. As we start the 2023 spring selling season prices have leveled off and in some cases are starting to soften.
It remains to be seen if 2023 continues the trends of the last couple of years but at this point the listing numbers are very low. If you're searching for waterfront in Muskoka contact us, we would love to help.
Searching for great waterfront property?
We have a page dedicated to lots, homes & cottages for sale on Lake of Bays here.
