2024 Year-End Market Review
City House Country Home, your Lake Simcoe waterfront experts, is a real estate practice operating under the brokerage Chestnut Park Real Estate Limited—an exclusive affiliate of Christie’s International Real Estate. We are pleased to present our Annual Lake Simcoe Waterfront Report.
Our extensive experience in this market enables us to provide in-depth insights into the trends and dynamics shaping the waterfront properties in Georgina, Beaverton, Orillia, Oro-Medonte, Innisfil, Barrie and Ramara.
We focus exclusively on direct and indirect lakefront property sales on Lake Simcoe and Lake Couchiching, excluding canal and riverfront properties. Our data is sourced exclusively from the Toronto Regional Real Estate Board and Cornerstone Real Estate Board.
Executive Summary
2024 demonstrated significant shifts in the Lake Simcoe waterfront market, with a 12% increase in total sales compared to 2023. Despite the rise in sales volume, the average sale price across the region declined by 17%, continuing the downward trend from 2023.
Key Highlights Include:
- Innisfil led the market with 29 sales and an average price of $2,125,000, showing strong activity despite a modest 1.5% price decrease.
- Oro-Medonte reported a 47% increase in sales, totaling 22 transactions, but experienced a 9.4% decrease in average price, reflecting buyer sensitivity to pricing.
- Ramara saw a 21% increase in sales but faced the steepest average price drop of 26% to $1,115,000.
- Beaverton, while offering superior water quality and larger lots, struggled with limited inventory, resulting in only 3 sales and a 4.3% price decline.
These patterns highlight the region’s evolving dynamics, with buyers taking advantage of reduced prices but remaining cautious about overextending financially.
Market Highlights
- Waterfront Sales Increase: Total sales rose by 12% in 2024, similar to total sales in 2022.
- Average Sale Price: Lake Simcoe waterfront properties experienced a 17% year-over-year decline in average price, consistent across all areas.
- Regional Insights: Each area displayed unique trends with Oro-Medonte historically reporting the highest average price do the concentration of luxury properties, however, Innisfil reported the highest average price in 2024. Ramara faced the most significant pricing challenges despite a higher volume of sales activity.
Why Invest in Lake Simcoe?
Lake Simcoe remains a prime choice for buyers due to its proximity to Toronto, year-round accessibility, and diverse recreational opportunities. As remote work continues to shape housing preferences, many seek permanent lakefront residences that balance luxury and convenience.
Investing in Lake Simcoe waterfront properties offers a unique blend of financial and long-term investment benefits. From a financial perspective, waterfront properties consistently demonstrate strong appreciation over time due to their limited supply and high demand, making them a stable and lucrative asset.
As a long-term investment, these properties are typically resilient to market fluctuations, offer significant rental income potential, and serve as a legacy asset for future generations. The combination of these factors makes Lake Simcoe waterfront properties a compelling choice for discerning buyers seeking value, enjoyment, and enduring wealth.
Key Attributes of Lake Simcoe
Lake Simcoe is an economic, environmental, and community gem that supports a thriving local economy, a rich ecosystem, and a vibrant lifestyle. Economically, the lake drives growth through tourism, recreational activities, and real estate, attracting investors and visitors to the region. Its environmental importance is reflected in its role as a vital freshwater resource, covering 279 sq. miles and home to diverse aquatic species, and a centerpiece for conservation efforts aimed at preserving its pristine beauty.
From a community perspective, Lake Simcoe fosters a strong sense of connection, offering year-round activities, local events, and a tranquil escape that enhances quality of life for residents and visitors alike. Its integration of natural beauty with economic and social benefits makes it a cornerstone of the region’s prosperity and charm.
Financing a Waterfront Property
Financing a waterfront property in Ontario involves unique considerations due to the typically higher value and specific characteristics of these properties. Mortgage approval may also depend on factors such as year-round access, the condition of the property, and zoning regulations.
One common approach for buyers is leveraging a home equity loan or home equity line of credit (HELOC) from their principal residence. This strategy allows homeowners to tap into the accumulated equity in their primary home to finance the down payment or a portion of the purchase price for a waterfront property. With favorable interest rates, home equity loans provide a cost-effective way to access significant funds while keeping the existing mortgage intact. However, buyers should ensure they have a solid repayment plan and consider how taking on additional debt aligns with their overall financial goals. This strategy is particularly appealing for those seeking a second home or vacation property while capitalizing on the value growth of their primary residence.
Forcast for 2025
With the Bank of Canada lowering its key interest rate to 3.25% in December; its fifth consecutive cut, we anticipate increased buyer activity in 2025. According to recent forecasts, the real estate market in Simcoe County, encompassing most of Lake Simcoe, is poised for significant growth in 2025. The Canadian Real Estate Association (CREA) anticipates a 9.9% rise in sales for Ontario, indicating a robust recovery and heightened buyer engagement in the region.
Additionally, the Ontario Real Estate Association (OREA) projects a 7% increase in residential property sales across the province, reflecting strong demand and economic resilience. These projections suggest a vibrant and competitive market for Lake Simcoe waterfront properties in the coming year.
Average Sale Price for 2024
Georgina is typically a very active market for waterfront sales however, it is repeating its lack-lustre performance since 2022 with only 17 sales reported, the same for 2023.
Beaverton’s shoreline offers direct waterfront to most waterfront properties. The water quality is superior to some areas further south and the size of the lots tend to be larger than those available in other areas. Beaverton’s sales were limited to 2 sales in 2024. This is primarily due to the lack of available inventory as only 3 properties were listed.
Orillia reported 9 sales with an average selling price of $1,546,000, a decrease of -5.5%.
Oro-Medonte is considered a luxury waterfront community due to the size and quality of the homes and the large lot size. 2024 reported 22 sales with the average price of $1,800,000, a decrease of -9%. This is primary due to very few sales of luxury homes.
Innisfil’s average selling price was $2,125,000. As mentioned earlier, this area of Lake Simcoe was the most active resale market in both 2023 and 2024.
Ramara reported 17 sales, slightly higher than the 14 sales in 2023. The average price however, decreased by -26% to $1,115,000. Sales of canal front properties in Lagoon City are excluded. We only include direct or indirect detached lakefront properties in our analysis.
Key Attributes of Lake Simcoe
Lake Simcoe’s 240 km of shoreline offers many options which, are primarily related to their natural environment and recreational opportunities. The east side offers magnificent sunsets, more privacy, less boat traffic, and better sailing conditions due to westerly winds. In contrast, the west side boasts breathtaking sunrises, soft winds, making it better for swimming and lounging on the shoreline.
The north shore offers southerly exposure and a more secluded and tranquil environment, often with less developed shorelines and lower population density. This results in a quieter atmosphere and potentially less recreational traffic on the water. Additionally, the natural landscapes and ecosystems might differ from the more developed southern regions, offering a distinct experience for visitors and residents alike. In particular, the Kempenfelt Bay and Shanty Bay area is a sought-after community for high-net-worth clientele desirous of owning a luxury lakefront property.
2024 Average Sale Price, Year-Over-Year Change
| AREA | 2023 AVG. SOLD PRICE | 2024 AVG. SOLD PRICE | % CHANGE |
| GEORGINA | $1,980,000 | $1,646,000 | -17% |
| BEAVERTON | $1,175,000 | $1,125,000 | -4% |
| ORILLIA | $1,636,000 | $1,546,000 | -5.50% |
| ORO/MEDONTE | $1,987,000 | $1,800,000 | -9.40% |
| INNISFIL | $2,158,000 | $2,125,000 | -1.50% |
| RAMARA | $1,508,245 | $1,115,000 | -26% |
| BARRIE | $2,487,000 | $1,325,000 | -48% |
| TOTAL | $1,847,000 | $ 1,526,000 | -17% |
Total Number of Sales, Year-Over-Year Change
| AREA | 2023 TOTAL SALES | 2024 TOTAL SALES | % CHANGE |
| GEORGINA | 17 | 17 | 0% |
| BEAVERTON | 9 | 3 | -66% |
| ORILLIA | 8 | 9 | 12.50% |
| ORO/MEDONTE | 15 | 22 | 47.00% |
| INNISFIL | 24 | 29 | 21.00% |
| RAMARA | 14 | 17 | 21% |
| BARRIE | 3 | 4 | 33% |
| TOTAL | 90 | 101 | 12% |
Notable Characteristics of Lake Simcoe
Lake Simcoe’s 240 km of shoreline offers many options which, are primarily related to their natural environment and recreational opportunities. The east side offers magnificent sunsets, more privacy, less boat traffic, and better sailing conditions due to westerly winds. In contrast, the west side boasts breathtaking sunrises, soft winds, making it better for swimming and lounging on the shoreline.
The north shore offers southerly exposure and a more secluded and tranquil environment, often with less developed shorelines and lower population density. This results in a quieter atmosphere and potentially less recreational traffic on the water. Additionally, the natural landscapes and ecosystems might differ from the more developed southern regions, offering a distinct experience for visitors and residents alike. In particular, the Kempenfelt Bay and Shanty Bay area is a sought-after community for high-net-worth clientele desirous of owning a luxury lakefront property.
Our extensive experience in the Lake Simcoe recreational waterfront market positions us uniquely to guide you through these dynamic times. Whether buying or selling, our tailored approach ensures you make informed decisions in this evolving and very unique market.
For a comprehensive understanding of this market and to explore investment opportunities, please contact us for the full report.
Contact: Roxanne@ChestnutPark.com | 289-338-0767.
Visit: www.CityHouseCountryHome.com for more articles and featured properties.
All data used in this report was obtained from The Toronto Real Estate Board.
This publication is not to be copied or duplicated without the express written permission of Roxanne Finn.
This publication is not intended to solicit buyers or sellers currently under contract with a brokerage.
