Mimico is located on the southeast side of Etobicoke, a former independent municipality of the Etobicoke district which was incorporated around the 1960s. Mimico has now become more popular for its popular meat markets, lakeshore cycling routes, and diverse housing options, while older residents of the surrounding area have come to know it as one of the oldest former villages of the Lakeshore Municipalities.
The quint neighbourhood which washes onto Lake Ontario features a plethora of activities and recreational facilities for both visitors and locals. In terms of houses and real estate, the area features a blend of traditional semi-detached and detached homes, with a handful of newly renovated modern homes that stick out as you drive through the tree-lined streets.
The current demographic of Mimico is divided among an array of young families, professionals, and a handful of retirees who have recently settled in what’s known as ‘The Beach’ of the west end.
Information on Mimico Neighbourhood
While the area is situated west of Toronto, hence its nickname, Mimico started developing around 1890, when more affluent families from the Toronto area relocated to the Etobicoke district. For years the area was considered a summer destination for the elite and wealthy, and by 1906, more permanent residents started settling in Mimico.
Soon after the Grand Trunk Railway opened its yard in Mimico, families from all areas and demographical backgrounds would relocate to Mimico for better job prospects. By 1917 the neighbourhood was incorporated to become a town until the late 1960s when it formed part of the Etobicoke district.
It wasn’t until 2001 that the City of Toronto would recognize Mimico as a community that forms part of the bigger city.
Today, the area is filled with trendy artisan shops, restaurants, and bars. The well-known Sanremo Bakery is one of Etobicoke’s most prominent bakeries. Humber Bay Park West and Humber Bay Park East offer waterside activities for all ages, with cycle and running paths right on Lake Ontario.
If the water isn’t something you enjoy, you can always spend the afternoon at Manchester Park or Grand Avenue Park. Ourland Park was designed with families in mind, featuring a basketball court, and the Ourland Community Center.
The world-class vintage Royal York Meat Market has now become more than just a famous butchery. Now local farmers and merchants can sell fresh seasonal produce to the residents.
From shopping to experiencing the abundance of green spaces on offer, Mimico is an area that brings together a beachside community right on the west banks of Toronto.
Walk Score
Mimico has a walk score of 62, a bit lower than what one will expect from a neighbourhood that bursts with culture and history.
Some of the more popular and commercialized zones are walkable, with shops and restaurants located in close proximity to residential homes.
Public Transportation
For the residents of Mimico, there is a selection of bus lines that run through the area, with bus lines 73, 76, and 110 that services Mimico. Most of the bus stops are located on Islington Avenue and Evans Avenue.
There is currently a train line LW and subway line 2 available, with a station located on Newcastle Street.
Bike Score
Mimico has an average bike score of 77, with a variety of cycle paths located within the residential areas, and as well in the larger parks.
School District Ratings
According to the latest Fraser Institute ratings, Mimico has a school district rating of 6.3. Parents can choose from a variety of schools, including John English Junior Middle School, David Hornell Junior Public School, George R Gauld Junior School, Second Street Junior Middle School, and The Mildenhall School, among others.
Average Rent and Sale Prices
Current rental prices have been stabilizing in recent months after the real estate frenzy experienced in 2021. Studio and one-bedroom apartments monthly rental have decreased by 4% and 6%, respectively.
The average rent of a one-bedroom apartment is currently between CAD 1,500 and CAD 1,618 per month. A bigger three-bedroom apartment can rent on average for CAD 2,850 per month, with prices decreasing about 10% in one year.
Most of the apartments currently available in Mimico are below the average rental price of the Toronto area, making it quite affordable for young professional and middle-income families.
Current findings indicate that the median selling price for homes in Mimico is anything between CAD 800,000 and CAD 830,000. House prices have increased about 3% in the last year, with listings being active on the market for about 22 days.
Buyers can choose between a variety of homes, including detached, semi-detached, condos townhouses, or condo apartments.
Investing in Mimico
Investors will be glad to know that Mimico has an assortment of lucrative investment opportunities available, with low buying prices, and a hot real estate market.
Condo apartments can be purchased for as little as CAD 594,000, with condo townhouses being on offer for CAD 685,000. Larger homes are still relatively affordable, with prices starting at CAD 800,000, with larger detached houses available for CAD 1.1 million.
Mimico makes it easy for anyone to become a homeowner, and investors to find opportunities for investment growth.
Buttonwood Property Management
With low house prices and ample recreational facilities, Mimico is a popular neighbourhood that offers the best of lakeshore living on the west banks of Toronto. With the assistance of Buttonwood Property Management, investors, families, and young individuals will be able to quickly find the perfect home or apartment that suits their needs and their budget.
