1031 Lake Drive, Georgina, ON
Historic Lakeshore Communities, Georgina · MLS® N13240790
About this home
In short
- Welcome to lakeside living by beautiful Lake Simcoe.
- Situated directly across the street from the lake on an impressive 50 x 271 ft lot, this unique property offers over 3,300 sq. ft. of total living space and is...
- The spacious upper residence features large windows with views toward the lake and expansive backyard, vaulted ceilings in the open-concept living and kitchen area...
- Conveniently located close to marinas, shops, schools, hiking trails, beaches and major transportation routes.
- A rare opportunity to own a fully tenanted property near Lake Simcoe, offering immediate rental income and excellent future flexibility.
Welcome to lakeside living by beautiful Lake Simcoe! Situated directly across the street from the lake on an impressive 50 x 271 ft lot, this unique property offers over 3,300 sq. ft. of total living space and is currently fully rented, with both the upper residence and basement suite tenanted, making it an excellent opportunity for investors or future end users.The spacious upper residence features large windows with views toward the lake and expansive backyard, vaulted ceilings in the open-concept living and kitchen area, custom finishes throughout, and an impressive primary bedroom retreat complete with reading and TV areas and a custom 4-piece spa-inspired ensuite. The upper-level deck provides a peaceful setting to enjoy the surrounding lake views.The fully finished 1-bedroom basement suite features an upgraded ensuite bathroom, walk-in closet, separate laundry and private side entrance, providing a functional and self-contained additional living space.The oversized backyard offers a patio, deck, expansive lawn and fire pit, while Lake Simcoe is easily accessible via a permanent dock approximately 500 metres from the property for swimming, fishing and water sports.Conveniently located close to marinas, shops, schools, hiking trails, beaches and major transportation routes. A rare opportunity to own a fully tenanted property near Lake Simcoe, offering immediate rental income and excellent future flexibility.
Key facts
- Property type
- Detached, 2-Storey
- MLS®
- N13240790
- Bedrooms
- 3+1 (4 total)
- Bathrooms
- 4 (1 half)
- Size
- 2000-2500 sq ft
- Lot
- 50 × 271 ft
- Cross streets
- Lake Dr N/Woodbine Ave
- Parking
- 2 garage · 8 parking (attached)
- Driveway
- Private Double
- Basement
- Apartment, Finished
- Kitchens
- 2 (1 + 1)
- Heating
- Forced Air
- A/C
- Central Air
- Exterior
- Brick
- Foundation
- Unknown
- Roof
- Unknown
- Sewer
- Sewer
- Property tax
- $7,420 / 2025
- Days on market
- 109
- Listing brokerage
- NEW ERA REAL ESTATE
Rooms
hardwood floor · b/i closet
hardwood floor · 4 pc ensuite · w/o to balcony
hardwood floor · b/i closet
hardwood floor · window
Hardwood Floor
3 Pc Ensuite
B/I Appliances
hardwood floor · w/o to patio
hardwood floor · fireplace · combined w/sunroom
Listed at $1,229,000. Going by how homes in Historic Lakeshore Communities and the wider GTA have actually closed against their asking prices (about 97%, 18 local closings in 90 days), the likely sale price is near $1.19M, if it sells. A realistic range is $1.11M to $1.34M.
Independent value check: $989K. Without looking at the asking price, our model values the home itself about 20% below the ask (homes like it typically land between $927K and $1.04M).
Why $989K. The typical detached home sold in Historic Lakeshore Communities over the past year went for about $780K (60 sales). What sets this one apart:
- ▲ Raises it stronglyIts tax bill, which follows the city's own assessment, is $7,420 a year; the typical home sold here pays about $4,800.
- ▲ Raises itIt is 2,000 to 2,500 sq ft; the typical home sold here is 1,100 to 1,500.
- ▲ Raises it slightlyIts lot is 50 by 271 ft; the typical lot sold here is 50 by 150.
- ▲ Raises it slightly3+1 bedrooms and 4 baths, against 3+1 and 2 typically.
Longer on the market than typical. 109 days on the market against about 59 for homes like it here, and asking 24% above where comparable closings put it.
Total price vs nearby homes. Likely closing about $1.19M, from 18 recent closings in this pocket.
The market behind the math:
About 1.5 months of inventory: 9 detached homes for sale in the area against 18 closings in the last 90 days. Under two months favours sellers, over four favours buyers.
Price per square foot: this home lists at $546/sqft against an area asking average of $554/sqft.
- basement apartment features. A finished 1 bed basement apartment with a second kitchen. A self-contained space for extended family, guests or potential income. In Historic Lakeshore Communities basements rarely rent out (5 of 55 recent detached leases were basement units), so buyers here treat a suite as family or nanny space rather than income. Value it for the living space, not the rent. Second-suite retrofit status is not verified. A buyer intending to rent should confirm requirements with the Town of Georgina.
How this estimate is builtthe short version
This figure comes from a model built on about 44,000 recent GTA sales. It weighs this home’s tax assessment, size, age, location and features against what homes like it actually sold for, including sales in this neighbourhood.
It never sees the asking price. The 18 most comparable recent sales on their own, adjusted for size, beds, baths and lot, point to about $1.00M. Condition and finishes remain an in-person call.
What the listing highlights4 points to weigh
Claims from the listing, worth confirming in person. I can book you a private showing.
- Tall ceilings: they transform how a home feels, worth confirming the actual heights room to room. Worth verifying
- Open-concept layout: modern, sought-after flow. Lifestyle
- Transit / schools nearby: convenience and resale support, verify the exact distances and school catchment. Value driver
- Currently tenanted: confirm the lease terms and vacant-possession timing before closing. Worth verifying
Schools & getting aroundcatchment and transit
The assigned public school is Sutton District HS. EQAO is only one input, and families here also look at French Immersion, boundary, and private options, the full breakdown is below.
Read this with carewhy it’s an estimate, not an appraisal
Priced above comparable homes overall, but the price per square foot ($546/sqft) is in line with the area, so you are paying for extra space rather than a premium.
There were not many closely comparable homes right in Historic Lakeshore Communities, so I widened the search to the surrounding area.
Based on 18 comparable homes that sold in Historic Lakeshore Communities over the past two years, from 134 closings there.
The closest active listings by size, beds, and price, so you can see what this home is up against.
Per square foot, these ask about $611/sqft; this home lists at $546/sqft. Size is part of the price story, not just the sticker.
The 4 closest active listings nearby.
See all comparable homesNeighbourhood & location
Historic Lakeshore Communities, Georgina, ON
Enter a workplace or destination and we’ll show the door-to-door time by car, transit and bike.
How asking prices compare in the closest areas to this home. Longer bars mean a pricier market.
Typical asking price of active listings of the same type, per area (outliers removed). Georgina.
Get the full neighbourhood report (schools, parks, transit & safety) →
The public and Catholic schools this address is zoned for, with EQAO results (the share of students meeting Ontario's provincial standard).
School attendance boundaries and EQAO results are Ontario government data and can change. Confirm the current catchment with the school board before relying on it.
Affordability & Mortgage
Income needed assumes a ~32% GDS ratio; weekly is mortgage principal & interest only. Price ÷ income is the home price over the income needed. Fixed reference assumptions so listings compare on equal footing, not a lending decision.
Calculate and customize your mortgage and other expenses
Adjust the down payment, rate, and amortization, and add property tax, condo fees, and heating to see your true monthly cost.
Your numbers
Conventional (20%+ down). Best insured 5-year fixed 4.24% via Ratehub.ca (as of September 22, 2026); conventional rates run a little higher.
Mortgage amount $983,200 · 4.39% over 25 years
Total monthly cost
- Mortgage payment (monthly equivalent)
- $5,382
- Property tax
- $618
- Condo / maintenance fees
- $0
- Heating
- $0
- Estimated monthly cost
- $6,000
Add your own property tax, condo fees, and heating on the left for a sharper total.
One-time closing costs
- Ontario land transfer tax
- $21,055
- Estimated closing costs
- $21,055
Plus your down payment of $245,800. Legal fees, title insurance, and adjustments are extra and vary by deal.
Mortgage stress test
Lenders qualify you at the greater of your rate plus 2% or 5.25%. You do not pay this rate. It just shows you could still handle payments if rates rose, so aim to stay comfortable at this higher number.
Over the full 25 years
At the end of your 5-year term
- Total paid over the term
- $322,907
- Principal paid down
- $121,565
- Interest paid
- $201,342
- Balance remaining
- $861,635
Talk to Team Asgarian about your options
Rates and programs change often. We will connect you with a trusted mortgage professional and build a plan that fits your budget and goals.
Estimates only, not a mortgage quote or pre-approval. Figures use Canadian semi-annual compounding, current minimum down-payment rules, CMHC premium tiers, and Ontario (plus Toronto, when selected) land transfer tax. Actual rates, taxes, insurance, and closing costs vary by lender and property. Confirm every number with your mortgage professional.
Investor snapshot
About the suite: in Historic Lakeshore Communities basements rarely rent out (5 of 55 recent detached leases were basement units), so the figure above does not count it as income. Buyers here use a suite as family or nanny space.
Thinking of this home as an investment? We will pull real comparable rents and run the full numbers with you.
Talk about the numbersThe last 5 whole-home leases in Historic Lakeshore Communities signed at a median of $3,477 a month; adjusted to this home for size, beds and baths, and for where rents stood the month each signed, that is $4,017. The gross yield above is on the asking price, before taxes and upkeep; the cap rate is after them. A finished basement or second suite can push real rent above it. Taxes, fees, and vacancy vary by property, and cap rate is before financing.
Helpful resources
All information deemed reliable but not guaranteed. For personal, non-commercial use only. Listing courtesy of NEW ERA REAL ESTATE. MLS®/PropTx.