Mimico has been labelled as an up and coming neighbourhood for many years now and while the growth may be somewhat slower than predicted there is no doubt that this is a neighbourhood on the rise. Already in 2013 there have been 103 homes sold. The market activity has been brisk with homes taking on average just 17 days to sell and achieving an average list to sale price ratio of 98%.
Corey Silver, Sales Representative with Remax Hallmark Realty Ltd., Brokerage, confirms that "Mimico has shifted to a sellers market this year with many homes attracting multiple offers. A few houses in the summer - a traditionally slower time - sold over asking and broke new ground in pricing." Mimico remains affordable by Toronto standards with bungalows, one-and-a-half storey and semi-detached starter homes selling for between $360,000-$590,000.
Silver has noticed that the "Detached 2-storey homes are proving to be especially popular with homebuyers." These Mimico homes sell for between $600,000-$800,000. Mimico also has a plethora of newer townhomes selling in this price range, while newer custom detached homes built on lots where bungalows once stood are selling in the $800,000-$900,000 range.
Mimico's top selling points with homebuyers are its quick and easy access to downtown Toronto and its desirable waterfront location. The Mimico Go Train station will get commuters into downtown in approximately 10 minutes. The new linear park at the bottom of Mimico Avenue is part of the expanding Toronto waterfront trail. Mimico residents are embracing their revitalized waterfront.
For those on the fence about buying, Silver offers the following advice: "Mimico real estate values are clearly on the rise so now is a good time to get into the market. In Mimico you will get the best value for your dollar in terms of location, and size of home, compared to other waterfront neighbourhoods located this close to downtown Toronto."