Lake Simcoe waterfront real estate sees significant decline

The Lake Simcoe waterfront real estate market has faced a significant downturn in the first half of 2024, according to a mid-year report from Chestnut Park Real Estate Limited.

Sales have dropped by 24% compared to 2023, with only 38 properties sold. This marks a steep 71.2% decline from the market peak in 2021. The average price across lakefront communities has also seen an 11.3% year-over-year decrease.

The decline has been attributed to economic factors, such as rising interest rates and increased living costs, with even the luxury segment experiencing slower sales. The market outlook remains uncertain, with cautious optimism for a modest recovery later this year.