Royal Lepage Realty

Away from the water, cottage prices drop

Steve Peroff has seen a lot of people drive up from Toronto to the southeast shore of Lake Simcoe with a million dollars in their pocket, expecting to find their waterfront dream home, only to be disappointed to discover how expensive that house can be.

Peroff has been selling houses in the waterfront communities of Keswick, Roches Point, Sutton and Jackson’s Point for 23 years, places where there are plenty of beautiful houses with lawns that slope softly down to the lake. While many sell for far more than $1-million, he says there are plenty of more affordable houses close to the water, those categorized as indirect lakefront, water-view, riverfront and canal lots.

Some are separated from the water by a road but still enjoy the view and could even include a boathouse. Some are situated on a hill within sight of the water. They might not be right on the water, but they share that “waterfront community” feel, he says, for a lot less money.

Keswick, Roches Point, Sutton and Jackson’s Point are part of the Town of Georgina, population 46,000. Here, in the heart of one of Canada’s most treasured waterfront locations, small compromises can save you plenty and put that dream home or cottage within reach, Peroff says.

The area holds a special place in the saga of summer vacationing. Jackson’s Point is known as Ontario’s original cottage country, with vacationers fleeing the sooty city to its cool breezes as early as the 1870s. In the early 1900s, Torontonians “rode the radials” – branch rail lines – all the way to the lake. Wealthy city families built estates and gated communities in Roches Point and Balfour Beach.

More recently, cottages began to give way to permanent homes and today, while everyone would like a piece of the waterfront, limited inventory pushes prices above most people’s reach.

“It comes down to budget,” says Peroff, who himself owns an “indirect lakefront” home — the house is separated from the water by a road. “If I have a house that’s indirect lakefront that’s worth $900,000, I’d pay $1.2 million if it was right on the lake. The land value is the difference. On the lake, the land’s worth $600,000 while across the road it’s worth $350,000.”

Morag and Grant Wilkins chose a lot across the street from the lake for safety reasons when they moved from Toronto two decades ago. At the time, their children were young and they worried about the kids and the water. They’ve moved again since, but they’re still not right on the water.

Sorauren Lofts – 347 Sorauren Avenue M6R 2G5

Sorauren Lofts is located at 347 Sorauren Avenue. Directly in Toronto’s Roncesvalles Village, this two storey building was once a ball-bearing factory before it was converted into this 48 unit hard loft.

Each unit at Sorauren Lofts ranges in size from 500 square feet to 1500 square feet. The Toronto lofts on the first floor feature: open concept layout, 15 foot ceilings, heavy timber posts and beams, and some first floor lofts have private patios. The lofts on the second floor feature: up to fifteen foot metal ceilings, open web steel joints, six foot windows, floating staircase, and skylights.

Included with every unit at Sorauren Lofts:

The Canadian abridgment, Consolidated table of cases

ULI market profiles, North America

The Big Book of Canadian Trivia

The Blue book of Canadian business

The Canadian Widow's Guide to Enjoying Your Retirement Dollars and Making Them Last