Mimico is a community in the southwestern end of Toronto in the former city of Etobicoke. Mimico is the portal to Toronto's west-end waterfront region. This established area is well known for it's scenic lakefront parks and tremendous leisure facilities. It is encompassed by Lake Ontario to the south, Dwight Avenue to the west, Evans Avenue to the north and Mimico Creek to the east. It is a working class suburb that is reasonably diverse and offers a great selection of housing options.
This area has been characterized as an up and coming neighbourhood for decades now, and at the same time the growth may be somewhat slower than predicted, however there is no doubt that this is a neighbourhood on the upswing. There are plenty of schools in the area for families who are looking to take up residency in this neighbourhood.
Mimico largely features condos, accounting for 63% of sales, accompanied by detached houses at 20% and townhouses at 7%. Condo apartments are the most common trend and the majority of properties have one bedroom. The average price in Mimico over the past year has been $572,706, an increase of 17% over the same term last year. The average cost of condos over the past year was $446,467 as compared to the average freehold price of $887,509 over the same period.
Residents of Mimico are well served by two main shopping districts along Royal York Road and Lake Shore Boulevard. These shopping areas feature everything your heart may desire, it has an excellent variety of small locally owned shops, restaurants, pubs, cafes, an abundance of natural beauty, and professional services all bundled together with the pleasures of city living. Citizens are welcoming their rejuvenated waterfront where the new linear park sits at the foot of Mimico Avenue. It is part of the expanding Toronto waterfront trail.
Homeownership in the area is quite high, where 64% of its residents own their property in comparison to 36% who rent. The average household income is $74,144. The total population roughly sits at 26,550, but it’s on a rise due to the numerous condo developments that are breathing new life into the area. The majority of residents are of working age between 25 to 64.
Public transportation is served primarily by the TTC, with buses that careen along Evans Avenue and Royal York Road, which connects you to the subway line. Lakeshore Boulevard has a streetcar that passes through the neighbourhood as well. There is also the Mimico GO Transit station situated off Royal York Road. Motorists can commute with easy access to the Gardiner Expressway/QEW, The Queensway, Lakeshore Boulevard, and Highway 427.
Real estate values are evidently on the climb, so now is a great time to get into the market. You will gain the best value for your dollar in terms of location and size compared to other waterfront neighbourhoods with this proximity to the downtown core. Mimico is an alluring, favourable, appealing, and affordable location. It's still an area in the midst of transformation, but with this redevelopment comes opportunity. Whether renting or buying, property is at a reasonably low cost.
New condominium towers and condo townhomes are the most prevalent housing type within this neighbourhood. Today can be the time to purchase or invest if you want to get ahead of the curve and be a part of the new wave of young urban individuals, couples, and families who have embraced the area as their own.
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