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How's Mimico? #househunting

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[OP]
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Jan 21, 2017
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How's Mimico? #househunting

Hey guys. I'm doing some preliminary house hunting research. What do you guys think of the Mimico area? I want to be in proper Toronto or Leslieville but can't afford it.

Criteria : appreciation potential, close to transit (TTC or go), close to downtown and major high way.

Mimico seems to fit the bill with also proximity to parks?

But don't know a lot about the area or schools in the area
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Deal Addict
Nov 22, 2004
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Can you provide some more info?:
  • Are you looking for a primary residence or rental property?
  • Are you looking for a house or a condo?
  • Budget range?
  • You mentioned schools, is that part of a criteria as well or just 'nice to have'?

I've done a fair bit of work in the area - it's quite popular with young professionals/single people, especially those that find downtown living to be more congested. Consequently, there has been substantial appreciation in the last couple of years with consistent rental potential. If you look at my thread history, you'd be able to find a few charts/data on the area.

Something to note regarding the commute (assuming you're going to downtown Union Station):
  • TTC streetcars/buses are right there on Lake Shore - you can take these to downtown, which takes 45 minutes~1 hr
  • GO is about 2~2.5 km away (from Lake Shore & Park Lawn intersection) and can take about 20~30 minutes to reach by bus/streetcars. Driving to the GO station takes 6~7 minutes. GO ride to Union Station takes ~17 minutes. It's on the Lake Shore West line which runs all day long.
  • Closest subways are Old Mill and Royal York, both directly accessible by TTC bus. Takes 15~20 minutes to reach the subway station by bus or 10 minutes by car. Subway ride to Union Station takes ~35 minutes.
  • Highways are obviously right there, but commute times vary depending upon traffic/rush hour.

Hope this helps :)
Realtor @ Royal LePage Ignite Realty
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Jan 20, 2016
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Houston, TX
DPR2017 wrote: Hey guys. I'm doing some preliminary house hunting research. What do you guys think of the Mimico area? I want to be in proper Toronto or Leslieville but can't afford it.

Criteria : appreciation potential, close to transit (TTC or go), close to downtown and major high way.

Mimico seems to fit the bill with also proximity to parks?

But don't know a lot about the area or schools in the area
My ex (colleague :) ) lives here, walking distance to the GO, Lakeview (renting however). She likes it. And it do become better last years, and quite accessible either by car in transit. Not a Lesleville, but if your work is in West part of TO or GTA, this location is good. And price as well :)
Make the face great again
[OP]
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Jan 21, 2017
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Clueless Fox wrote: Can you provide some more info?:
  • Are you looking for a primary residence or rental property?
  • Are you looking for a house or a condo?
  • Budget range?
  • You mentioned schools, is that part of a criteria as well or just 'nice to have'?

:)
To answer your questions

1) future primary residence. We are both still downtown at this point. But would like to move into a house down the road. So it will be a rental for a few years until we move in.
2) house
3) not sure. Currently getting mortgage assessment. Likely in the 750-850 range.
4) nice to have for the future when we have kids but no a need right now

Are there specific pocket that is good value? I assume closer to lakeshore the better given there is bus connection?

We don't care about the cosmetics too much. Will likely have to do some minor renovations anyway
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Feb 2, 2014
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DPR2017 wrote: Hey guys. I'm doing some preliminary house hunting research. What do you guys think of the Mimico area? I want to be in proper Toronto or Leslieville but can't afford it.

Criteria : appreciation potential, close to transit (TTC or go), close to downtown and major high way.

Mimico seems to fit the bill with also proximity to parks?

But don't know a lot about the area or schools in the area
I just bought a unit for a client last night in the NXT buildings. Love those buildings.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Nov 22, 2004
1513 posts
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DPR2017 wrote: To answer your questions

1) future primary residence. We are both still downtown at this point. But would like to move into a house down the road. So it will be a rental for a few years until we move in.
2) house
3) not sure. Currently getting mortgage assessment. Likely in the 750-850 range.
4) nice to have for the future when we have kids but no a need right now

Are there specific pocket that is good value? I assume closer to lakeshore the better given there is bus connection?

We don't care about the cosmetics too much. Will likely have to do some minor renovations anyway
I'd recommend getting the mortgage approval done first just so you know your financial constraints clearly and not get any bad surprise later on.

In that price range, most of the freehold houses I've come across are old 2-storey/semi/towns and bungalows (50~100 yrs). They're mostly on the smaller side (~1,500 sq ft) but with good lot sizes, and they've been selling at around asking price within a week. Ownership is mixed - both old and young families, people who have been living there for quite some time, flippers, investors. Mimico (and even New Toronto, Long Branch) has been urbanizing and gentrifying quite a bit. It is a fairly high-demand area. Newer houses can go near ~$1M easily.

If you're open to condo-townhouses, then you can get some newer/bigger units in the same price range. Rent wise, you can expect $2,000~$2,500 in rent (likely on the high side, possibly even higher).

Demographically, as I mentioned earlier, it's a lot of young working professionals/young families/single people. The density is obviously higher in the condos but increasingly in houses as well. I don't actually know much about the school rankings in the area - seems to be 'good to decent' as per Frasier Institute. Opinions vary on this but I think in the first 3~4 years of a child's life, the school ranking isn't AS important as the overall experience is somewhat similar. And who knows, by then your priorities would be very different as well.

In Mimico, areas close to Lake Shore is nice - balanced in the sense that you get your commuting connectivity, fairly quiet, and not as loud as QEW. You can also look at Long Branch and New Toronto areas, south of Lake Shore with higher residential density. All nice areas.

Hope this helps
Realtor @ Royal LePage Ignite Realty

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