by: Jay Richardson - The Richardson Team · Refined Real Estate
Lake of Bays had its busiest month of the season: 15 sales, up 66.7% on last September, with dollar volume more than doubling to $20.7 million.
Months of inventory on Lake of Bays fell to 6.8, down from 9.8 last September and from 18.0 as recently as July.
A fall market that rewarded sellers who met it.
September brought 69 waterfront sales across our five townships, worth $120.5 million. That is ten more sales than July, four more than last September and about a quarter more dollar volume than a year ago. At month end there were 525 active waterfront listings across the region, 52 fewer than in August, so buyers still have real choice, but the gap between supply and demand narrowed.
The month belonged to the smaller townships. Gravenhurst and Lake of Bays each recorded 15 sales and both saw months of inventory fall below seven. Muskoka Lakes remained the region's dollar leader at $55.8 million, about 46% of the total, while Huntsville slowed to nine sales and now carries the most inventory in Muskoka.
Nine months into 2026, the region stands at 365 waterfront sales worth $626.6 million. Both figures are within about 1% of last year's pace, which tells you this is a stable market rather than a falling one. What has changed is how much choice buyers have and how carefully they are using it.
Months of inventory, which is how long it would take to sell everything currently listed at the current pace, now ranges from 5.8 months in Gravenhurst to 12.3 in Huntsville. Roughly four to six months is a balanced market and Gravenhurst is now inside that range. Lake of Bays, at 6.8, is the closest it has been since we began tracking these numbers monthly in June.
Sale-to-list ratios, the clearest measure of negotiating room, tightened across the board, from 93.3% in Huntsville to 95.6% in Bracebridge. On Lake of Bays the ratio recovered to 94.3% from 89.6% in August. Buyers are still negotiating, but by four to seven cents on the dollar rather than ten.
The Quick Read
69 waterfront sales across Muskoka Lakes, Huntsville, Gravenhurst, Bracebridge and Lake of Bays, worth $120.5 million. That is four more sales than last September and roughly 26% more dollar volume.Lake of Bays had its busiest month of the season: 15 sales, up 66.7% on last September, with dollar volume more than doubling to $20.7 million.
Months of inventory on Lake of Bays fell to 6.8, down from 9.8 last September and from 18.0 as recently as July.
The month's top sale was $14.3 million on Lake Rosseau, while a second Rosseau property sold for $5.1 million, above its asking price. Year to date: 365 sales worth $626.6 million, almost exactly level with the first nine months of 2025.
The Month at a Glance
A fall market that rewarded sellers who met it.
September brought 69 waterfront sales across our five townships, worth $120.5 million. That is ten more sales than July, four more than last September and about a quarter more dollar volume than a year ago. At month end there were 525 active waterfront listings across the region, 52 fewer than in August, so buyers still have real choice, but the gap between supply and demand narrowed.
The month belonged to the smaller townships. Gravenhurst and Lake of Bays each recorded 15 sales and both saw months of inventory fall below seven. Muskoka Lakes remained the region's dollar leader at $55.8 million, about 46% of the total, while Huntsville slowed to nine sales and now carries the most inventory in Muskoka.
Nine months into 2026, the region stands at 365 waterfront sales worth $626.6 million. Both figures are within about 1% of last year's pace, which tells you this is a stable market rather than a falling one. What has changed is how much choice buyers have and how carefully they are using it.
Jay's Take
September's verdict in one line: sellers met the market and buyers came back.Months of inventory, which is how long it would take to sell everything currently listed at the current pace, now ranges from 5.8 months in Gravenhurst to 12.3 in Huntsville. Roughly four to six months is a balanced market and Gravenhurst is now inside that range. Lake of Bays, at 6.8, is the closest it has been since we began tracking these numbers monthly in June.
Sale-to-list ratios, the clearest measure of negotiating room, tightened across the board, from 93.3% in Huntsville to 95.6% in Bracebridge. On Lake of Bays the ratio recovered to 94.3% from 89.6% in August. Buyers are still negotiating, but by four to seven cents on the dollar rather than ten.
How to Read These Numbers
This note runs every month, because it matters every month.The figures below come from the Canadian Real Estate Association and OnePoint Association of REALTORS® and cover detached waterfront sales reported through MLS® in each township. A township is not a lake: Muskoka Lakes includes Rosseau, Joseph and most of Lake Muskoka, while Lake of Bays township includes the big lake itself, from Dwight Bay to Ten Mile Bay and Dorset, along with smaller waters such as Oxtongue Lake.
Be careful with medians in small months. When a township records nine or fifteen sales, the median moves on which cottages happened to sell, not only on what shoreline is worth. Huntsville's 70.6% jump in median price this September is a good example. I will always tell you when a number is sample noise rather than a trend.
What no township statistic can tell you is frontage, exposure, water depth, privacy and condition and on these lakes those decide value far more than the township average does. The numbers are the starting point for a conversation about your property, not the ending.
Be careful with medians in small months. When a township records nine or fifteen sales, the median moves on which cottages happened to sell, not only on what shoreline is worth. Huntsville's 70.6% jump in median price this September is a good example. I will always tell you when a number is sample noise rather than a trend.
What no township statistic can tell you is frontage, exposure, water depth, privacy and condition and on these lakes those decide value far more than the township average does. The numbers are the starting point for a conversation about your property, not the ending.
Around the Lakes
Five townships, five stories.Muskoka Lakes — median $1,372,000
21 sales · 158 active · 7.5 months of inventory · 94.4% of list · 40 days on market
Year to date: 135 sales · $326.7M volume · median $1,390,000
Muskoka Lakes recorded 21 waterfront sales in September worth $55.8 million, essentially level with last September: sales were down 4.5% and dollar volume up 0.8%. The median of $1,372,000 eased 1.3% while the average sale price rose 5.6% to $2,658,786, lifted by the month's $14.3 million sale on Lake Rosseau. Sellers achieved 94.4% of asking and the median property took 40 days to sell, longer than the 26 days of a year ago.
With 158 active listings and 7.5 months of inventory, Muskoka Lakes is steady rather than tight. Year to date the township has recorded 135 sales worth $326.7 million, with the median at $1,390,000. Sales are only 2.9% behind last year's pace, but dollar volume is down 12.6% and the year-to-date median is down 19.5%, which tells you fewer of 2026's big-lake sales have been at the very top of the market.
Huntsville — median $935,000
9 sales · 111 active · 12.3 months of inventory · 93.3% of list · 80 days on market
Year to date: 61 sales · $68.9M volume · median $840,000
Huntsville had a quieter September, with nine waterfront sales worth $11.9 million. Sales were down 25.0% from last September, although dollar volume rose 44.5% because the properties that did sell were larger: the median climbed 70.6% to $935,000 and the average 92.6% to $1,323,667. On nine sales, read those jumps as a change in mix rather than in values.
The more telling figures are time and supply. The median Huntsville property took 80 days to sell, the longest in the region and sellers achieved 93.3% of asking. With 111 active listings and 12.3 months of inventory, buyers on Vernon, Fairy, Peninsula and Mary have the most choice in Muskoka. One encouraging sign for sellers: new listings fell 38.0% from last September. Year to date Huntsville stands at 61 sales worth $68.9 million, with the median up 6.0% to $840,000.
Gravenhurst — median $980,000
15 sales · 87 active · 5.8 months of inventory · 94.2% of list · 54 days on market
Year to date: 61 sales · $80.1M volume · median $1,005,000
Gravenhurst was the region's quiet success story in September. Fifteen waterfront sales worth $19.2 million meant sales up 25.0% and dollar volume up 53.8% on last September. The median of $980,000 was down 6.2%, while the average rose 23.0% to $1,280,033. Sellers achieved 94.2% of asking, a marked improvement on the 89.0% of a year ago and the median property sold in 54 days.
With 87 active listings and 5.8 months of inventory, Gravenhurst is now the only township in balanced territory, down from 11.0 months in August. Year to date the township has recorded 61 sales, up 13.0% on last year, worth $80.1 million, up 19.8%, with the median at $1,005,000. Gravenhurst has been one of 2026's most consistent performers.
Bracebridge — median $1,015,000
9 sales · 67 active · 7.4 months of inventory · 95.6% of list · 29 days on market
Year to date: 49 sales · $69.4M volume · median $875,000
Bracebridge recorded nine waterfront sales in September worth $12.9 million. Sales were down 10.0% from last September but dollar volume rose 36.1%, with the median up 40.0% to $1,015,000 and the average up 51.2% to $1,433,556. Sellers here achieved 95.6% of asking, the strongest ratio in the region and the median property sold in 29 days, the fastest in Muskoka.
Supply is the watch point. Thirty new listings came on in September, up 36.4% on last year, leaving 67 active and 7.4 months of inventory. Year to date Bracebridge has recorded 49 sales worth $69.4 million. That dollar volume is up 44.0% on last year and the year-to-date median is up 22.4% to $875,000, which keeps Bracebridge the strongest price story in Muskoka this year.
Lake of Bays: Our Home Waters
Lake of Bays — median $1,173,500
15 sales · 102 active · 6.8 months of inventory · 94.3% of list · 37 days on market
Year to date: 59 sales · $81.4M volume · median $1,100,000
September was the month Lake of Bays turned. Fifteen waterfront sales worth $20.7 million meant sales up 66.7% and dollar volume up 100.4% on last September. The median rose 11.8% to $1,173,500 and the average 20.3% to $1,379,833. Unlike August, this is not a story of one or two big sales: fifteen is a solid sample for Lake of Bays and the gains are spread across the month.
The negotiating picture changed too. Sellers achieved 94.3% of asking, up from 89.6% in August and 93.7% last September and the median property sold in 37 days compared with 52 a year ago. The two largest sales of the month, at $3,900,000 and $2,100,000, closed at 92.9% and 87.5% of asking respectively, so the stronger ratio came from properties across the price range rather than from the top end alone.
Supply is easing. With 102 active listings, down from 109 in August, months of inventory fell to 6.8. Fifteen sales against 29 new listings works out to about one sale for every two properties listed, up from roughly 37 sales per 100 new listings in August. A buyer looking at Dwight Bay, Haystack Bay, Port Cunnington or Dorset still has choice, but the well-priced cottages are now moving.
The year-to-date picture keeps improving. In August, year-to-date dollar volume was up 20.2% on last year. Lake of Bays now stands at 59 sales, up 11.3% on last year, worth $81.4 million, up 33.8%. The year-to-date median is $1,100,000, up 17.6% and sellers have achieved 92.0% of asking on average across the year.
Four months of Lake of Bays, side by side
This is why we track the numbers monthly. Since June, Lake of Bays has recorded 6, 6, 10 and now 15 sales. Months of inventory has gone from 17.2 in June and 18.0 in July to 10.9 in August and 6.8 in September. One strong month is not a trend, but four months moving in the same direction is worth paying attention to.
Lake of Bays in context: ten years of Septembers
Fifteen sales is a normal September on Lake of Bays, which is good news after last year's nine. The last decade runs from 20 in 2016 to 16 in 2019, 19 in 2021, 14 in 2023, 15 in 2024 and 9 in 2025. On supply, September months of inventory sat between 3.6 and 5.2 in every year on our sheet until last year's 9.8. This September's 6.8 is a real improvement, though still a little above the long-run norm, so buyers continue to hold a modest edge.
Lake of Bays top sales, 2026 year to date
A running list of the year's largest waterfront sales on Lake of Bays, refreshed each month.
$5,375,000 · listed at $5,595,000 · 96.1% of list · January
$4,500,000 · listed at $3,995,000 · 112.6% of list · sold in multiple offers · August
$3,900,000 · listed at $4,199,000 · 92.9% of list · September
$3,850,000 · listed at $3,999,995 · 96.3% of list · July
$3,550,000 · listed at $3,795,000 · 93.5% of list · August
September added a $3,900,000 sale at number three, along with a $2,100,000 sale listed at $2,400,000. Five Lake of Bays sales above $3.5 million in nine months confirms that the top of this lake has depth, with buyers prepared to pay for the right shoreline.
Lake Rosseau produced both the month's largest sale and its most competitive one. The spread in sale-to-list ratios is the lesson again: one Rosseau property sold above its asking price, while the $14.3 million estate gave up more than $2 million from its original list.
Lake Rosseau — listed at $16,495,000 · sold for $14,300,000 · 86.7% of list
Lake Muskoka — listed at $6,295,000 · sold for $5,800,000 · 92.1% of list
Lake Rosseau — listed at $4,995,000 · sold for $5,100,000 · 102.1% of list
Even at the top of the market, price discipline decides whether a property sells near its ask or well below it.
On Lake of Bays and in Gravenhurst, though, the window is narrowing. Well-priced cottages there sold in September at 94% of asking or better and inventory fell sharply. If you have been watching a particular bay or point, fall and winter typically bring fewer competing buyers than spring, which can work in your favour. Have your financing and inspections lined up so you can move decisively when the right property appears.
If you are considering a sale, fall listings typically face fewer competing properties than spring ones and the year-to-date gains in Lake of Bays, Bracebridge and Gravenhurst show that demand is very much alive at the right price. The conversation about positioning belongs before your listing goes live. A price you can stand behind with integrity remains the single biggest advantage a seller has in this market.
The year-to-date median across 59 sales is $1,100,000 and September's median was $1,173,500. Individual sales this year have ranged from under $1 million to $5,375,000. Where a specific property lands depends far more on its frontage, exposure and condition than on the township average.
21 sales · 158 active · 7.5 months of inventory · 94.4% of list · 40 days on market
Year to date: 135 sales · $326.7M volume · median $1,390,000
Muskoka Lakes recorded 21 waterfront sales in September worth $55.8 million, essentially level with last September: sales were down 4.5% and dollar volume up 0.8%. The median of $1,372,000 eased 1.3% while the average sale price rose 5.6% to $2,658,786, lifted by the month's $14.3 million sale on Lake Rosseau. Sellers achieved 94.4% of asking and the median property took 40 days to sell, longer than the 26 days of a year ago.
With 158 active listings and 7.5 months of inventory, Muskoka Lakes is steady rather than tight. Year to date the township has recorded 135 sales worth $326.7 million, with the median at $1,390,000. Sales are only 2.9% behind last year's pace, but dollar volume is down 12.6% and the year-to-date median is down 19.5%, which tells you fewer of 2026's big-lake sales have been at the very top of the market.
Huntsville — median $935,000
9 sales · 111 active · 12.3 months of inventory · 93.3% of list · 80 days on market
Year to date: 61 sales · $68.9M volume · median $840,000
Huntsville had a quieter September, with nine waterfront sales worth $11.9 million. Sales were down 25.0% from last September, although dollar volume rose 44.5% because the properties that did sell were larger: the median climbed 70.6% to $935,000 and the average 92.6% to $1,323,667. On nine sales, read those jumps as a change in mix rather than in values.
The more telling figures are time and supply. The median Huntsville property took 80 days to sell, the longest in the region and sellers achieved 93.3% of asking. With 111 active listings and 12.3 months of inventory, buyers on Vernon, Fairy, Peninsula and Mary have the most choice in Muskoka. One encouraging sign for sellers: new listings fell 38.0% from last September. Year to date Huntsville stands at 61 sales worth $68.9 million, with the median up 6.0% to $840,000.
Gravenhurst — median $980,000
15 sales · 87 active · 5.8 months of inventory · 94.2% of list · 54 days on market
Year to date: 61 sales · $80.1M volume · median $1,005,000
Gravenhurst was the region's quiet success story in September. Fifteen waterfront sales worth $19.2 million meant sales up 25.0% and dollar volume up 53.8% on last September. The median of $980,000 was down 6.2%, while the average rose 23.0% to $1,280,033. Sellers achieved 94.2% of asking, a marked improvement on the 89.0% of a year ago and the median property sold in 54 days.
With 87 active listings and 5.8 months of inventory, Gravenhurst is now the only township in balanced territory, down from 11.0 months in August. Year to date the township has recorded 61 sales, up 13.0% on last year, worth $80.1 million, up 19.8%, with the median at $1,005,000. Gravenhurst has been one of 2026's most consistent performers.
Bracebridge — median $1,015,000
9 sales · 67 active · 7.4 months of inventory · 95.6% of list · 29 days on market
Year to date: 49 sales · $69.4M volume · median $875,000
Bracebridge recorded nine waterfront sales in September worth $12.9 million. Sales were down 10.0% from last September but dollar volume rose 36.1%, with the median up 40.0% to $1,015,000 and the average up 51.2% to $1,433,556. Sellers here achieved 95.6% of asking, the strongest ratio in the region and the median property sold in 29 days, the fastest in Muskoka.
Supply is the watch point. Thirty new listings came on in September, up 36.4% on last year, leaving 67 active and 7.4 months of inventory. Year to date Bracebridge has recorded 49 sales worth $69.4 million. That dollar volume is up 44.0% on last year and the year-to-date median is up 22.4% to $875,000, which keeps Bracebridge the strongest price story in Muskoka this year.
Lake of Bays: Our Home Waters
Lake of Bays — median $1,173,500
15 sales · 102 active · 6.8 months of inventory · 94.3% of list · 37 days on market
Year to date: 59 sales · $81.4M volume · median $1,100,000
September was the month Lake of Bays turned. Fifteen waterfront sales worth $20.7 million meant sales up 66.7% and dollar volume up 100.4% on last September. The median rose 11.8% to $1,173,500 and the average 20.3% to $1,379,833. Unlike August, this is not a story of one or two big sales: fifteen is a solid sample for Lake of Bays and the gains are spread across the month.
The negotiating picture changed too. Sellers achieved 94.3% of asking, up from 89.6% in August and 93.7% last September and the median property sold in 37 days compared with 52 a year ago. The two largest sales of the month, at $3,900,000 and $2,100,000, closed at 92.9% and 87.5% of asking respectively, so the stronger ratio came from properties across the price range rather than from the top end alone.
Supply is easing. With 102 active listings, down from 109 in August, months of inventory fell to 6.8. Fifteen sales against 29 new listings works out to about one sale for every two properties listed, up from roughly 37 sales per 100 new listings in August. A buyer looking at Dwight Bay, Haystack Bay, Port Cunnington or Dorset still has choice, but the well-priced cottages are now moving.
The year-to-date picture keeps improving. In August, year-to-date dollar volume was up 20.2% on last year. Lake of Bays now stands at 59 sales, up 11.3% on last year, worth $81.4 million, up 33.8%. The year-to-date median is $1,100,000, up 17.6% and sellers have achieved 92.0% of asking on average across the year.
Four months of Lake of Bays, side by side
This is why we track the numbers monthly. Since June, Lake of Bays has recorded 6, 6, 10 and now 15 sales. Months of inventory has gone from 17.2 in June and 18.0 in July to 10.9 in August and 6.8 in September. One strong month is not a trend, but four months moving in the same direction is worth paying attention to.
Lake of Bays in context: ten years of Septembers
Fifteen sales is a normal September on Lake of Bays, which is good news after last year's nine. The last decade runs from 20 in 2016 to 16 in 2019, 19 in 2021, 14 in 2023, 15 in 2024 and 9 in 2025. On supply, September months of inventory sat between 3.6 and 5.2 in every year on our sheet until last year's 9.8. This September's 6.8 is a real improvement, though still a little above the long-run norm, so buyers continue to hold a modest edge.
Lake of Bays top sales, 2026 year to date
A running list of the year's largest waterfront sales on Lake of Bays, refreshed each month.
$5,375,000 · listed at $5,595,000 · 96.1% of list · January
$4,500,000 · listed at $3,995,000 · 112.6% of list · sold in multiple offers · August
$3,900,000 · listed at $4,199,000 · 92.9% of list · September
$3,850,000 · listed at $3,999,995 · 96.3% of list · July
$3,550,000 · listed at $3,795,000 · 93.5% of list · August
September added a $3,900,000 sale at number three, along with a $2,100,000 sale listed at $2,400,000. Five Lake of Bays sales above $3.5 million in nine months confirms that the top of this lake has depth, with buyers prepared to pay for the right shoreline.
The High End
Top waterfront sales in Muskoka, September 2026.Lake Rosseau produced both the month's largest sale and its most competitive one. The spread in sale-to-list ratios is the lesson again: one Rosseau property sold above its asking price, while the $14.3 million estate gave up more than $2 million from its original list.
Lake Rosseau — listed at $16,495,000 · sold for $14,300,000 · 86.7% of list
Lake Muskoka — listed at $6,295,000 · sold for $5,800,000 · 92.1% of list
Lake Rosseau — listed at $4,995,000 · sold for $5,100,000 · 102.1% of list
Even at the top of the market, price discipline decides whether a property sells near its ask or well below it.
What This Means If You Are Buying
Buyers still hold an edge across most of Muskoka, with 525 active waterfront listings and every township except Gravenhurst at 6.8 months of inventory or more. Huntsville, at 12.3 months and 80 days on market, offers the most room to negotiate.On Lake of Bays and in Gravenhurst, though, the window is narrowing. Well-priced cottages there sold in September at 94% of asking or better and inventory fell sharply. If you have been watching a particular bay or point, fall and winter typically bring fewer competing buyers than spring, which can work in your favour. Have your financing and inspections lined up so you can move decisively when the right property appears.
What This Means If You Are Selling
September showed what happens when sellers meet the market: on Lake of Bays, sale-to-list ratios recovered from 89.6% to 94.3% and properties sold in a median of 37 days. Buyers are active and ready, but they are comparing carefully and the overpriced listing still sits.If you are considering a sale, fall listings typically face fewer competing properties than spring ones and the year-to-date gains in Lake of Bays, Bracebridge and Gravenhurst show that demand is very much alive at the right price. The conversation about positioning belongs before your listing goes live. A price you can stand behind with integrity remains the single biggest advantage a seller has in this market.
Questions We Are Asked
What does a waterfront cottage on Lake of Bays cost right now?The year-to-date median across 59 sales is $1,100,000 and September's median was $1,173,500. Individual sales this year have ranged from under $1 million to $5,375,000. Where a specific property lands depends far more on its frontage, exposure and condition than on the township average.
Is the Lake of Bays market getting stronger?
The last four months point that way. Sales have climbed from six in June to fifteen in September, months of inventory has fallen from 18.0 to 6.8 and year-to-date dollar volume is up 33.8% on last year. It is still a market where buyers have choice, but it is noticeably more balanced than it was in early summer.Is it a buyer's market or a seller's market in Muskoka?
Mostly a buyer's market, though less so than in August. Gravenhurst, at 5.8 months of inventory, is balanced. Lake of Bays, Bracebridge and Muskoka Lakes sit between 6.8 and 7.5 months, a modest buyer's edge. Huntsville, at 12.3 months, favours buyers clearly.Why did Huntsville's median price jump 70.6% in a slow month?
Because nine sales is a small sample. Fewer entry-level properties sold and a few larger ones did, which moves the median without values themselves changing. The 80 days on market and 12.3 months of inventory are the better guide to how Huntsville actually felt in September.Every lake in Muskoka tells its own story and the numbers only ever tell half of it
If you would like to know what this month's market means for your cottage, or the one you are dreaming about, I am always happy to talk it through.
Data: Canadian Real Estate Association · OnePoint Association of REALTORS®. MLS® Waterfront Market Activity, September 2026. Statistics reflect detached waterfront sales. Earlier-year sale counts in the Lake of Bays context chart are derived from CREA's published year-over-year comparisons. Top sales are compiled from MLS® sold data and are subject to revision.
Data: Canadian Real Estate Association · OnePoint Association of REALTORS®. MLS® Waterfront Market Activity, September 2026. Statistics reflect detached waterfront sales. Earlier-year sale counts in the Lake of Bays context chart are derived from CREA's published year-over-year comparisons. Top sales are compiled from MLS® sold data and are subject to revision.