The Most Expensive Lakes in Ontario to Buy a Second Home

It is no secret that Canadian lakes offer residents a sumptuous lifestyle. Therefore, buying a lake home may be an excellent idea if you enjoy lake activities and appreciate magnificent waterfront views. You may even want to consider the opulence of owning one of the most expensive lake homes in Ontario.

In addition to the amenities they can afford you, lakehouses can also be excellent investments. If your lake home is a second home, you and your family can use it during vacations. Furthermore, you can rent it out to visitors and tourists when you’re not enjoying it yourself.

If you opt to live in your lake home all year round, you’ll be able to enjoy the picturesque scenery in all seasons. If you’re looking for a spectacular lake house then you’ll be sure to find one after reading this article. To help you in your search, we’ll explore some of the most expensive lakes in Ontario where you can buy a second home.

1. Lake Simcoe

Located in southern Ontario, Lake Simcoe is the fourth-largest lake that lies wholly within that province. Due to the lake’s stunning 287 square miles of water and 118 miles of shoreline, it’s a popular place for people who enjoy lakeside luxury, fishing, camping, or boating.

Residents of the Lake Simcoe area and visitors alike enjoy the natural beauty of the lake and its surrounding region. However, they also have access to many amazing art centers and galleries, an opulent spa, and several nature preserves, parks, and wildlife areas. The beautiful multimillion-dollar estates around the lake also add to the lavish lifestyle.

House for sale: This gorgeous home in Oro Medonte, ON, sits on an expansive 10-acre lawn that edges the sparkling waters of the lake. With five bedrooms and eleven bathrooms, this mansion also includes an indoor pool. For a few million dollars, you can buy it for your primary home, a second or vacation home, or you can use it as an investment property. Price: $37,000,000

2. Lake Joseph

The Lake Joseph area in Ontario’s Sequin Township is a trendy vacation spot for people from all over the world. However, before becoming a tourist region, the Ojibwa people lived in the area until the late 1860s. But when homesteaders began claiming their 15 acres of land apiece through the Homestead Act in 1868, tourists followed on their coattails.

The water in Lake Joseph is crystal clear, deep, and wide. Due to the oligotrophs that need to live off very little nutrients from the water, there’s very little debris. Because of its outstanding clarity, you can see down to about 22 feet under the water’s surface. Swimming, fishing, and boating are popular among residents of the Lake Joseph area.

House for sale: Right on the lake’s northern tip, you’ll find celebrities as well as famous people in what’s called Billionaire’s Row. Nevertheless, if you crave privacy instead, there’s a nice little island for sale. Fawn Island, situated between Caniff and Birch Islands includes The Lodge — a newly built, magnificent mansion — along with The Glass House, The West Boathouse, The East Boathouse, and The Canoe House.

If you don’t want to live there all year round, you can always rent it out. Other people in that area rent cottages for $100,000 a week. That’s a nice investment if you’re interested. Price: $29,500,000:

3. Lake Rousseau

Lake Rousseau is considered one of Ontario’s prime waterfront locations. The lake is interconnected with Lake Joseph and Lake Muskoka. The clear, blue waters of the lake against the impressive rocky shoreline give residents a fabulous view. The verdant forests nearby also add to the serenity of the area.

In 2022, real estate along the lake became highly desirable. The median sales price was over $4,000,000, and the higher-end homes sold for almost $16,000,000. Homes in the area are primarily permanent homes, but some take advantage of the profitable investment opportunities of buying and renting a second home.

House for sale: If you’re looking for a gorgeous waterfront home with surrounding picturesque property, there’s an incredible gated estate right on Lake Rousseau. The privacy blended with the surrounding views makes this an amazing permanent residence or a great second home. Price: $19,978,000

4. Lake Muskoka

Lake Muskoka, situated just north of Toronto in Ontario, first became popular due to the fantastic fishing in its waters. Currently, it is a vacation hot spot for the rich and famous. It’s often referred to as “The Hamptons of the North,” so owning a home on this lake could be an extremely lucrative investment.

If the thought of having 270° views of gorgeous lakefront vistas entices you, there is an impressive home on Sunset Point Lake Muskoka you may want to check out. Along with the elegantly appointed main house, the property also includes two two-story boathouses, a guest cottage, an immense dock, and a 20-foot stone waterfall.

House for sale: This palatial private estate is on an 8.36-acre peninsula and has over 2,180 feet of lakefront property. With 11,533 square feet of space, eight full and two partial bathrooms, and seven bathrooms, you can entertain a multitude of family and friends. Price: $18,248,175.

5. Lake Ontario

One of the five Great Lakes in North America, Lake Ontario is the smallest in surface area. In spite of being the smallest of the Great Lakes, this lake is a great place for those who enjoy sailing or just lying on the beach. Most lakeside towns and cities have plenty of places for renting boats, kayaks, and fishing equipment, so buying a home and renting it out is no problem.

In addition to the relaxing water activities available to residents around Lake Ontario, there are many urban amenities nearby. You would be able to enjoy a great day exploring or a night out celebrating. On the other hand, lakeside homes in the area also provide enough privacy for people looking to get away from the hustle and bustle of city life.

House for sale: One such private getaway is in Oakville, Ontario. This grand estate includes six bedrooms and eight bathrooms, in addition to two patios, a garden, and a tennis court. For a price, you can buy a gorgeous permanent home or a magnificent second or vacation home. Furthermore, you can always use it as a lucrative real estate investment opportunity. Price: $16,787,591

Summary of the Most Expensive Lakes in Ontario to Buy a Second Home

Below is a recap of the most expensive lakes in Ontario to buy a second home, their rankings, and their prices.