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City in Ontario

Houses for sale under $1M in Lake of Bays

Looking for cheap houses for sale in Lake of Bays? 124 homes in Lake of Bays are listed for sale under $1M, which is 71% of everything for sale. Vacant lots are the largest group, and the most active neighbourhoods are Mclean and Franklin.

quiet community-oriented affordable

3,759 people lived in Lake of Bays at the 2021 Census, in 1,770 households. 91% of households owned their home and 9% rented. The most common homes were single-detached houses (97%) and low-rise apartments (2%). 48% of homes were built before 1981, and 12% since 2011. 95% of commuters went to work by car and 0% by public transit.

Population of 3,167 residents Schools rated 3.5 out of 5

Lake of Bays, Ontario

Houses for Sale in Lake of Bays Under $1M

Day to dayLivability

3.5

Schools near listings

out of 10 · averaged over 69 past and present listings

Fraser Institute ratings within 2 km of each listing, closer schools weighted more

Each score is an average over this area's own listings and is shown only where at least 5 of them carry one. Scores are reported by listing agents, not measured by HOMEH.

What it costsAffordability

Median asking price

$487,450

32% below Ontario

In Lake of Bays

$487,450

In Ontario

$716,900

Median monthly rent

$4,209/mo

68% above Ontario

In Lake of Bays

$4,209

In Ontario

$2,499

$51

Per square foot

≈ 9.7 years

Of rent to match the purchase price

On the marketMarket snapshot

For sale

174

Median $487,450

Houses 128 · Condos 45

For rent

Median $4,209

Condos 1 · Houses 1

Recently sold

Recently leased

Market data as of 2026-08-16. Sold and leased figures are neighbourhood medians over the last 12 months, published only where at least 5 homes closed — never a single sale.

The honest readPros & cons

What people love

Low population density at 4.7 per km²
Affordable compared to province median sale price
Variety of residential options available

Keep in mind

Limited amenities like parks and schools
Higher median rent compared to provincial average

The feel of the placeLifestyle

Daily life in Lake of Bays is peaceful and community-focused. Residents enjoy a quieter pace with limited urban distractions.

Great for first-time buyers retirees those seeking tranquility

Within the boundaryWhat's nearby

The boundary

793.6 km²

Every count and every census figure on this page was measured inside this line — not within a circle drawn around a centre point.

Parks

Playgrounds

Grocery stores

Restaurants

Cafés

Gyms

Libraries

Pharmacies

Counted across all 793.6 km² of Lake of Bays. From OpenStreetMap, as of 2026-10-19.

The schoolsWhich schools, and how they rate

3.5/10

Average rating of the 1 rated school in this area

Elementary

Irwin Memorial Public School
Public · Grades JK–8 · Trillium Lakelands DSB
3.5/10
2,726th of 3,045 Ontario elementary schools
140 students · EQAO 2024-2025

Ontario Ministry of Education school registry; ratings from the Fraser Institute report card. These are the schools that stand inside Lake of Bays, not a catchment — most Ontario boards do not publish attendance boundaries, and we will not draw a line we cannot source. Confirm enrolment with the school board before you buy.

The peopleWho lives here

3,759

Population (2021)

667.4 km²

Area

People per km²

58.4

Median age

$89,202

Median income

91%

Own their home

2.1

People per household

1,770

Households

Every age

Children (under 15)9.2%
Working age (15–64)56.2%
Seniors (65+)34.6%

What is built here

Detached houses96.9%
Low-rise apartments1.7%

Own or rent

91%Owners

9%Renters

Across 1,770 households

When it was built

Mostly 1961–1980

1960 or earlier21%
1961–198026%
1981–199014%
1991–200016%
2001–20055%
2006–20104%
2011–20157%
2016–20215%

Share of occupied homes, by the era they were built in. Bars are drawn against the busiest era, not against each other, because the eras are not the same length. The eight shares are unlikely to total exactly 100: Statistics Canada rounds each era's count to the nearest 5 before publishing it, so we print what the census reports rather than adjusting a figure to make the column add up.

10.2%
Born outside Canada: 25.1%
Hold a degree or higher: 50.4%
Employment rate: 0%
Commute by transit: 95.2%
Commute by car: 1.6
Children per family: $77,022
Median income after tax: $110,096
Average household income: 8.7%
Living on a low income: $1,110/mo
Renters pay, per month: $868/mo
Owners pay, per month: $782,418
Median home value at census: 0%
Renters spending 30%+ of income on housing: 15.7%
Owners spending 30%+ of income on housing

Statistics Canada, Census of Population 2021. Added up from 6 census areas inside the boundary. Medians and rates are a population-weighted average of dissemination-area figures.

Sources: HOMEH listings, Statistics Canada, Census of Population 2021, OpenStreetMap, HOMEH school registry, Photo: © Wikimedia Commons contributors (CC BY-SA)

Questions, answered

Common questions about houses for sale under $1M in Lake of Bays

How many homes in Lake of Bays sell for under $1M?

124 homes in Lake of Bays are listed for sale under $1M today, 71% of the 174 homes for sale. Their median asking price is $224,450.

All homes for sale in Lake of Bays

What kind of home can I buy in Lake of Bays for under $1M?

Under $1M, Lake of Bays has vacant lots (44), detached houses (31) and condo apartments (6) for sale. Most range from studios to 4 bedrooms.

Land for sale in Lake of Bays

Keep looking

More Homes for Sale in Lake of Bays

174 homes are for sale in Lake of Bays. Browse by neighbourhood or home type below — and get the industry's highest Cashback Rebate when you buy with HOMEH.

At a glance