Here’s how much cottage prices have dropped in these Ontario regions

The cottage market has faced plenty of ups and downs over the past years, and 2023 was no exception. A new report from Royal LePage found the prices of single-family recreational properties, including cottages, cabins and chalets in Ontario dropped 5.2 per cent year-over-year — and a few regions saw price declines in the double digits.

St. Joseph Island, located in Northern Ontario, saw the largest year-over-year decline in the province, with prices dropping 30.1 per cent from $513,400 to $359,000. Orillia and surrounding townships including Oro-Medonte and Severn saw an 18.4 per cent decline to $721,000. Following close behind was the Lake Erie Shoreline at 17 per cent.

Single-family recreational properties in Peterborough County, including the Kawarthas, declined 9.2 per cent in price year-over-year and Mid Lake Huron/Huron and Perth County saw a 7.2 per cent decline, while both Southern Georgian Bay and Ottawa Valley declined by around 5 per cent.

The North Channel, Kawartha Lakes, Land O’ Lakes and Tweed and even the high-end heavy market in Muskoka saw marginal declines around 1 per cent.

Only three regions in Ontario managed to avoid declines in 2023: single-family prices in Bruce Peninsula increased by an impressive 11.5 per cent, while Hailburton County and Rideau Lakes increased by a more modest 1.6 per cent and 1.3 per cent, respectively.

Even waterfront properties suffered, with prices declining 8.2 per cent province-wide. That was impacted largely by declines in Kawartha Lakes, Lake Erie Shoreline and Peterborough County, ranging from 26.6 per cent to 14.5 per cent. There was one high point — waterfront properties in The North Shore did incredibly well, with prices increasing 24.9 per cent.

But there’s hope in store for 2024; Royal LePage predicted an 8 per cent increase in recreational property prices in Ontario, compared to 5 per cent across the country, which will help bring prices back up closer to pre-pandemic levels.