Looking for a Waterfront Cottage Near Rice Lake?
337/338 Rainbow Drive in Bailieboro offers approximately 85 feet of Otonabee River frontage, boating access to Rice Lake and the Trent-Severn Waterway, two separately deeded lots, a detached garage, private dock, shallow-entry shoreline, and a three-bedroom seasonal cottage. For buyers looking for boating, fishing, family gatherings, and the classic Kawartha cottage lifestyle, this property offers a unique opportunity to enjoy one of the region's most desirable waterfront locations.
Why Waterfront Properties Continue to Attract Buyers
There is something special about waterfront ownership that goes beyond real estate.
For many families, it is about creating memories. It is about early morning fishing trips, afternoons on the boat, family barbecues on the deck, and evenings watching the sun set over the water.
Unlike many property types, waterfront land is limited. New shoreline is not being created, which helps support long-term demand. Buyers continue to seek waterfront properties because they offer a lifestyle that simply cannot be replicated in traditional neighbourhoods.
Located on the Otonabee River just north of Rice Lake, 337/338 Rainbow Drive offers direct access to one of Ontario's most popular recreational waterways.
The Best of the Otonabee River and Rice Lake
The Otonabee River is well known throughout the Peterborough and Kawartha region for its boating, fishing, and connection to the larger Trent-Severn Waterway system.
From this property, owners can enjoy:
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Boating directly to Rice Lake
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Access to the Trent-Severn Waterway
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Excellent fishing opportunities
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Kayaking and canoeing
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Wildlife viewing
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Scenic river cruising
This combination of waterfront recreation and accessibility is one reason buyers continue to be attracted to the area.
Unlike some remote cottage destinations, Bailieboro offers a peaceful waterfront setting while remaining within convenient reach of Peterborough and surrounding communities.
A Cottage Designed for Family Enjoyment
The cottage itself has been thoughtfully maintained and provides comfortable seasonal living.
Features include:
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Three bedrooms
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One bathroom
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Open-concept kitchen and living area
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Walkout to a large deck
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Beautiful river views
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Bright and functional layout
The open-concept design makes it easy to gather with family and friends while keeping the focus on the outdoor setting and waterfront views.
Whether you are hosting a long weekend gathering or enjoying a quiet retreat, the layout offers flexibility and comfort.
A Rare Two-Lot Opportunity
One of the features that truly separates this property from many waterfront listings is the inclusion of two lots.
The second lot includes a detached garage and provides valuable additional space.
Benefits of the second lot include:
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Additional privacy
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Storage for recreational equipment
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Extra parking
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Greater flexibility for future use
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Enhanced enjoyment of the property
For many waterfront buyers, additional land becomes increasingly valuable over time.
Waterfront Features Buyers Search For
Many waterfront buyers have a checklist of features they hope to find.
337/338 Rainbow Drive checks many of those boxes:
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Approximately 85 feet of waterfront frontage
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Private dock
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Stairs to the shoreline
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Shallow water entry
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Mixed shoreline
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Direct boating access
The shallow entry area is particularly appealing for families who enjoy swimming, launching kayaks, or spending time near the water.
Future Potential in the Lower Level
An exciting feature of the property is the newer lower level.
The lower level offers:
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Approximately 8-foot ceilings
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Walkout access
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Large open-concept space
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Bathroom rough-in
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Future finishing potential
Subject to any required approvals, future owners may choose to create additional recreational or gathering space that suits their needs.
This added flexibility gives the property appeal beyond traditional seasonal cottage use.
Why Buyers Love the Kawarthas
The Kawarthas remain one of Ontario's most popular cottage destinations.
Buyers from Peterborough, Durham Region, Toronto, and throughout the GTA continue to be attracted by:
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Waterfront recreation
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Natural beauty
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Fishing and boating
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Family-friendly communities
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Easy access from major urban centres
Many buyers appreciate that they can enjoy the cottage-country lifestyle without committing to a much longer drive north.
Nearby Attractions and Amenities
One of the advantages of this location is its balance of privacy and convenience.
Nearby communities include:
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Bailieboro
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Keene
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Millbrook
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Peterborough
Popular area attractions include:
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Rice Lake
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Trent-Severn Waterway
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Local golf courses
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Farmers markets
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Hiking trails
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Conservation areas
Dining options within the broader area include:
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Ashburnham Ale House
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Rare Restaurant
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One Fine Food
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Publican House Brewery
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Chemong Lodge
Peterborough also offers shopping, healthcare services, entertainment, and community events throughout the year.
Helpful Resources for Waterfront Buyers
If you are considering waterfront ownership, these resources may help:
Parks Canada – Trent-Severn Waterway
Learn more about boating, locks, and navigation throughout the system.
https://parks.canada.ca/lhn-nhs/on/trentsevern
Kawarthas Northumberland Tourism
Explore local attractions, events, and outdoor recreation.
Ontario Federation of Anglers and Hunters
Fishing information and outdoor recreation resources.
You may also find these PeterboroughAgent.com resources helpful:
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Buying a Cottage in the Kawarthas
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What Buyers Should Know About Waterfront Properties
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Understanding the Difference Between List Price and Market Value
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What Happens After an Offer Is Accepted
Frequently Asked Questions
Can I boat from the Otonabee River to Rice Lake?
Yes. The Otonabee River provides direct boating access to Rice Lake and the larger Trent-Severn Waterway system.
Is this a year-round property?
The property is currently used as a three-season cottage.
Why are two lots valuable?
Two lots provide additional privacy, storage, parking, and future flexibility that many waterfront buyers appreciate.
What should buyers inspect on waterfront properties?
Buyers should review shoreline conditions, docks, septic systems, water supply, property boundaries, and access rights as part of their due diligence.
Is waterfront property a good long-term investment?
While no investment is guaranteed, waterfront properties often benefit from limited supply and continued lifestyle demand.
Final Thoughts
Many waterfront properties offer beautiful views. Fewer offer the combination of boating access, usable shoreline, two lots, privacy, and future potential found at 337/338 Rainbow Drive.
Whether you are looking for a seasonal retreat, a place to spend time with family, or a property that provides access to the Rice Lake and Trent-Severn lifestyle, this waterfront cottage deserves a closer look.
The Kawarthas have been one of Ontario's favourite recreational destinations for generations. Opportunities like this continue to attract buyers who value both the lifestyle and the long-term appeal of waterfront ownership.
About the Author
Frank Rosso, ABR, SRS, is a local trusted REALTOR® with RE/MAX Hallmark Eastern Realty serving Peterborough, the Kawarthas, and surrounding communities. Frank specializes in waterfront, rural, residential, and lifestyle properties, helping buyers and sellers make informed decisions through clear communication, local expertise, and practical guidance.
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