Located at the south-west of Toronto and nestled right up against Lake Ontario, Mimico is a neighborhood that has undergone several noticeable changes and evolutions over the years. The name of the neighborhood itself is also a core part of the identity of the area, being attributed to both the storied history of the location and the influence of nature. Mimico is derived from the Ojibwe word that can be loosely translated to “the resting place of wild pigeons” or “abundant with wild pigeons,” and this name has been attributed to the area for many decades.
Nomenclature aside, the area has also had varied municipal designations throughout its history. Initially, Mimico was formally established as a subdivision in 1856; classified as a postal village in 1858; and then as a police village forty-seven years later in 1905. In 1911, Mimico was finally incorporated as an actual village and then further designated as town six years later in 1917. Mimico held its status as an independent town for fifty years – from 1917 to 1967 – when it was then finally annexed into the administrative district of Etobicoke. Regardless of these changes throughout its history, Mimico has been able to build a consistently solid reputation that has managed to blend cultural vibrancy and essential amenities, while still being able to retain some of the tight-knit community feel that it was built on.
Mimico’s location on the banks of Lake Ontario, as well as its orientation about Mimico Creek, puts the neighborhood right next to Humber Bay. As the name suggests, Humber Bay is the name that is given to a bay of Lake Ontario; however, the name has informally (and historically) been used to refer to a vibrant neighborhood in the area as well; known today as Queensway – Humber Bay or Stonegate-Queensway. The area was classified as a postal village for over a century – 1890 to 1998 – until it was incorporated as a neighborhood into the fast developing Etobicoke administrative district.
Due to their proximity, both Humber Bay and Mimico (and Parklawn) have an almost symbiotic relationship with each other. This is especially evident when it comes to specific aspects of both neighborhoods; such as their transportation infrastructure, their retail locations, their entertainment venues, and their essential services.
With so many other neighborhoods that are strewn all around the banks of Lake Ontario, homebuyers and prospective residents are often looking for the significant aspects that set specific neighborhoods apart from the rest. When it comes to Humber Bay (and by extension Mimico and Parklawn), part of the appeal is the fact that it is a picturesque middle-income district that is on the cusp of developing into a luxury neighborhood.
When it comes to Humber Bay, it has been observed that in recent years, at least 87% of residential sales were attributed to condos; detached houses accounted for just 6%, and the remaining 7% was a combination of other residential options. All in all, what this shows is that the real estate industry of Parklawn Condos has been booming in recent years. This relatively young status of the local condominium real estate industry is paralleled in the average prices of units as well.
The average price of a Humber Bay condo was $560,065; this is noticeably lower than the average prices for condos in other areas of Toronto. However, as development in the Humber Bay and Mimico area continues to advance, the prices of residential properties will expectedly rise. This is shown clearly in the increase in the average cost of Mimico condos from $535,963 in the previous year to $560,065 currently.
One of the attributes that have led to the rapid urbanization of the Humber Bay, Parklawn, and Mimico areas is the presence of several wells developed thoroughfares. Some of these main roads that can be found within the area are:
These well-developed roads provide residents with a secure network of travel routes, both within the neighborhood and the larger Toronto area as well. While these roads and many others are connected to several; low-rise, mid-rise, and high-rise condominiums in the area, they also serve as prime real estate for access to high quality commercial and recreational locations as well. Even though urban development is being focused upon, there are several green spaces throughout Humber Bay as well. One such place is Humber Bay Park, which was built by the Toronto and Region Conservation Authority – a truly vivacious natural space at the foot of Park Lawn Avenue.
There has never been a better time to invest in condo properties in the Mimico, Parklawn, and Humber Bay areas. While the prices are still relatively low, the recent years have shown that the value of properties (especially condominiums) in the area has been steadily trending upwards. This means that smart buyers can get in on the ground floor of an area that is bound to transform even more into a truly luxury location in the future – while initially getting more floor space for their dollar upfront.