With heatwaves scorching Southern Ontario, lounging lakeside at a cottage is sounding more and more appealing. But making that dream a reality is a big step. Could now be the time to buy a cottage? To help potential buyers, here’s a snapshot of what’s happening in some of Ontario’s cottage real estate markets.
Muskoka
Muskoka may be known for its high-end properties, but it has a range of real estate options. Plus, the region is firmly in a buyer’s market. “Four years ago, a cottage on a reasonable lake with nice waterfront was getting multiple offers with no conditions,” says Andrew Feldman, a real estate agent with Halloran and Associates. “That has gone. Now, the buyer has the ability to say, ‘I want a home inspection, I want to check the water. And you know what, if I don’t buy your cottage, I can buy the one on the lake next door’.”
This flexibility is due, in part, to an upward trend in inventory in Muskoka, particularly within the $1 million to $2.5 million price range. There are currently around 700 active listings on the market with the median sales price for a cottage sitting around $990,000, a one per cent increase from the first quarter of 2024.
The increase in inventory has allowed the market to slow a little with properties sitting for longer. This gives buyers more time to mull the decision over. According to Feldman, the median number of days a waterfront property is sitting on the market is 34, an increase from 23 in 2024.
Muskoka’s high-end properties are the only ones not bending to the wills of buyers. This is because they’re less flexible to market movements. “Someone who’s spending $7 million, $8 million to $18 million on a Muskoka waterfront property is not as influenced by daily fluctuations in interest rates,” says Feldman.
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Haliburton
Similar to Muskoka, Haliburton is favouring buyers. The area has seen a decline in sales activity and a massive surge in active listings—132.9 per cent above the five-year average as of December 2024. This has caused a price depreciation.
The average sales price for a property in Haliburton this year is around $700,000. That’s down from $966,737 in 2024, and a significant drop from 2022’s high of $1,042,317.
“People who bought during a certain time period are suddenly being squeezed by the interest rate. Financing is a reality to most people,” says Feldman. “You then get people leaving the market.”
Haliburton has around 238 active listings as of June this year and they’re sitting longer on the market. In 2024, the average days on market for a Haliburton property was 70 days, compared to 34 in 2023, and 22 in 2022.
Peterborough and the Kawarthas
Unlike Muskoka and Haliburton, Peterborough and the Kawarthas are seeing more balanced markets with a healthy increase in sales and listings, but a slight dip in average prices.
“The affordability of the Kawarthas and the drive time, in my opinion, make it an attractive market. It is certainly offering more opportunities for a different range of buyers,” says Feldman.
While retirees are still helping to drive the cottage market, especially in the Kawarthas where there are a lot of retirement communities, there’s been a surge in Gen X families and younger couples purchasing cottages across all of Ontario’s markets. This includes Peterborough and the Kawarthas.
The average sales price in the area was $695,500 as of June 2025, a decrease from $751,831 the same time last year. As of June 2025, Peterborough had 345 active listings and Kawartha Lakes had 514. These listings are sitting on the market for an average of 20 days in Peterborough and 30 days in Kawartha Lakes.
The relatively short selling times, compared to Muskoka and Haliburton, show that Peterborough and the Kawarthas are moving at a healthy pace, says Feldman.
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Frontenac
In the eastern part of Ontario’s cottage market, buyers are once again on top. “The sale-to-list ratio is probably in the high nineties, 95 to 97 per cent of ask,” says Dennis Larocque, a real estate agent who covers the Perth, Lanark, and Frontenac areas. “We’re still seeing, on occasion, the odd multiple offer situation here and there, so things are selling. There is a decent amount of inventory and fewer buyers, for sure, but the buyers that are out there are buying.”
The area tends to get a lot of urban buyers, often split between Toronto and Ottawa. Since May 1, Larocque says there have been 65 waterfront sales in the area with the average waterfront price ranging between high $500,000 to mid $600,000. “If the waterfront is exceptional or access is exceptional, you don’t get much for under six,” says Larocque.
Currently, there are around 175 active listings in Frontenac. These properties are sitting on the market slightly longer than those in the Kawarthas or Muskoka, averaging 45 days. But Larocque adds that if it’s a desirable cottage, it will sell quickly.
Prince Edward County
Much like nearby Frontenac, Prince Edward County is a buyer’s market with interest coming from people in Toronto, Ottawa, Hamilton, and even Quebec.
Increasing interest rates and stricter rules around short-term rentals have convinced many cottage owners in the area to sell. Prince Edward County has just over 300 active listings with the average price rising from $759,570 in June 2024 to $781,054 in June of this year.
These properties are sitting on the market for slightly longer, with an average of 53 days. This slower turnover prevents buyers from having to make snap decisions, especially since most buyers tend to be more cautious when purchasing a secondary property.
To be extra cautious when purchasing a cottage, Larocque stresses that buyers use a local realtor.
“Ever since post-COVID, we’ve had a lot of realtors struggling to find business in the city, so they’re bringing their buyers out to cottage country rather than sending them to a local agent. And every year, we see people buying very questionable properties because of a lack of knowledge,” he says. “You need someone who can navigate the rural market with septic systems, lake intake water systems, zoning issues, water setbacks, and endangered species acts. I wouldn’t presume to sell a condo in Toronto or a town home in Kingston,” he says. “Plus, we’ve got a lot of really good realtors out here.”
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