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Spotlight on Mimico

Blog by Doriana Zohil-Morton, Broker of Record/Owner | July 4th, 2018

Mimico is a small community in the west end of Toronto along Lake Ontario. It is bordered by Kipling Ave to the west, the Gardiner Expressway to the north, and the Humber River to the east. The name is said to come from the Ojibwe word omiimiikaa, which means "abundant with wild pigeons" (though not likely as many as Rome). Originally a planned sub-division in 1856, Mimico is the oldest of the former Lakeshore Municipalities. The land was originally 3 family farms: Stock Estate, Hendry Estate, and the Van Every Estate. By 1967, Mimico was amalgamated into Etobicoke, and then eventually became part of Toronto in 1998.

The area as we know it today, really began to take shape during World War II, as many homes and small apartment complexes were built. With only 2 commercial strips, Mimico is mostly residential. The area is known for some very grand homes right along the lake, and some war-time bungalows further north, with some newer condominium complexes beginning to speckle the area. Mimico is a short walk/run/bike from the beautiful trails around Lake Ontario. Commute time to the financial district of downtown is 28 minutes by GO Train, or 45 minutes car or streetcar.

Real Estate in the area still offers homebuyers some great options. As of May 2018, there were 285 new listings (292 active), selling for 100.5% of asking price, within 20 days, and with an average selling price of $705,434. Ten years ago the average selling price was $389,294, so real estate in the area proves to be a great investment. One bedroom rentals rent for, on average, $1,936 per month.

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