25 Aug Mimico Has It All
After completing my most recent transaction on a condo suite in Mimico and making several trips to this growing community on the southwest shores of Lake Ontario, I have become a huge fan of this neighbourhood. I thought it would be a great time to briefly explain the allure of living and investing in Mimico.
Stunning lake views
After visiting many condos along Lake Shore Blvd West and Marine Parade Drive, I can without hesitation state that suites facing the lake and downtown Toronto have some of the most beautiful views of the Toronto skyline. If you enjoy waking up in the morning and looking out over the lake, then you will surely love Mimico.
Downtown convenience
There is certainly no shortage of ways to access downtown Toronto. Hop on the GO Train and you will find yourself at Union Station in approximately 15 minutes. By car, take the Gardiner Expressway or Lake Shore Blvd and you will enter the high-rise landscape within 10-20 minutes (depending on traffic, of course). If you are looking for a more scenic route through Toronto’s west end neighbourhoods, grab the 508 Lake Shore streetcar – sit back, relax and enjoy the scenery. If you are more active, you can grab your bike and ride along Toronto’s Waterfront Trail or Lake Shore Blvd. If you enjoy living outside of Toronto’s downtown core, and have the flexibility to conveniently enjoy the action when you choose, Mimico is a community that offers just that.
A village within the city
After the financial crisis of 2009, a boom in condo developments and applications for future developments began to occur in Mimico. The plan was to build a community with great amenities in order to attract a population that wanted to be close to downtown Toronto. Grocery stores, pharmacies, gyms, restaurants and coffee shops opened in the area to solidify the plan, and has created a village atmosphere for new residents. You will truly find all the daily necessities in close proximity — no need to fight the traffic — it’s only a short drive, walk or bike ride away.
Recreation by the lake
Looking for options when it comes to recreation? You have come to the right place. Mimico has everything you need – from running and walking trails to indoor and outdoor pools to tennis clubs and even a marina to dock your boat. Whether you enjoy exercising at a local gym or hanging out playing frisbee with friends by the lake, there is always an activity to enjoy in the many recreational spaces in Mimico.
Approachable price point and larger suites
Although condo prices in Mimico have steadily increased (up 20% year over year*, July 2017 vs. July 2016) in lockstep with downtown Toronto prices, the entry point for condo apartments in Mimico is certainly more approachable for the average first time buyer looking for a 1 bedroom, or step-up buyers looking for larger 2 bedroom suites. The average price in Mimico for a one bedroom, one washroom suite (including 1 parking space and 1 locker) is $412,000**. While a two bedroom, two washroom unit (including 1 parking space and 1 locker) is $601,000**. For comparative purposes, I have chosen the Niagara community in downtown Toronto’s west side, a highly desirable neighbourhood that includes parts of Queen St. and King St. West, as well as Liberty Village. Using the same criteria as above, a starter one bedroom averages $499,000** and the two bedroom averages $736,000**. That is approximately 20-25% higher in price for what is most often a much smaller living space. At this point, you get more for less in Mimico.
There are certainly other factors that come into play when deciding on a neighbourhood to live in. It is critical to work with your Realtor to identify your priorities for housing before engaging in any real estate transaction.
Whether you are interested in buying, selling or renting in Mimico, let’s chat – I would be more than happy to assist you with any of your real estate needs.
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*Statistics are based on a year over year comparison (July 2017 vs. July 2016) for Condominium Apartments in Mimico (W06)
**Statistics are based on condos sold through TREB’s MLS between May 2017 and July 2017 (3-month time frame)