Toronto comprises numerous historic neighbourhoods and towns amalgamated into one great city. Mimico, which is situated along the beautiful Lake Ontario waterfront, is one of the city’s most alluring residential areas. The perfect waterfront views, excellent location, highly rated schools, and numerous local amenities attract a steady flow of new residents and real estate investors. Here are a few things to know when you’re considering buying a home in Mimico.
Why should you buy a property in Mimico?
Mimico boasts some of the most impressive lakefront properties around. Residents enjoy high-value properties and endless opportunities for boating, fishing, or relaxing on their own private waterfront. Humber Bay Shores is a prime waterfront area located at the eastern end of Mimico. It’s a great place to own a condo and secure your slice of the lakefront.
Luxury and value
If you’re in the market for a luxury property, Mimico is a top-notch place to buy. Mimico’s beautiful location — with incredible views, waterfront access, nature spots, and stunning properties — makes this area a great place to invest in property, as the location is highly sought-after among home buyers.
Access to amenities
Mimico is in an excellent location for enjoying a wide array of everything Toronto offers, from getting out on the lake to shopping, dining, exploring the entertainment, and strolling through parks and green spaces. Tucked between Gardiner Expressway and Lake Shore Boulevard, buying a home in Mimico makes it easy to navigate to other parts of Toronto or neighbouring areas whenever your heart desires.
Properties in Mimico
Detached single-family homes
There’s room to spread out in Mimico. If a single-family home suits your lifestyle, you’ll find it here, from unique lakeside estates to historic bungalows.
Given that Mimico is one of the older lakefront developments in the Toronto area, you can find some great examples of classic architecture on the Mimico real estate landscape. There’s also an abundance of newly constructed properties and well-maintained homes built within the past few decades.
Semi-detached homes or townhouses present another excellent option for buying a home in Mimico. Plus, you may be able to find a lower price point than what you’ll see with detached homes.
Condos are a fantastic way to enjoy the Mimico lifestyle without the effort of maintaining a single-family home on your own. A condo is often an economical way to break into the Mimico property market, and you’ll also find condos among the most decadent properties if that’s what you’re after. There are several newer condominium developments in the area if you have a preference for new construction as well.
Mimico housing costs: Financial preparation
When looking into purchasing a property in Mimico — or anywhere, for that matter —- it’s essential to be financially prepared ahead of time. You want to research the home prices, closing costs, property taxes, homeowner’s insurance, and other costs of homeownership to ensure that your purchase is aligned with your financial plans.
Home sale prices
Mimico has a lot of top-notch luxury properties to offer. If you’re looking for value, you can find condos in some gorgeous areas starting in the low $500,000 range for a 1-bed, 1-bath. There are plenty of units well under the $1 million price point, even for multiple bedrooms and bathrooms. From there, prices increase, and you can find an array of upscale properties from the single-digit millions and beyond. A wide range of buyers could call Mimico home, but luxury buyers will be spoiled for choice.
The City of Toronto has a convenient property tax calculator tool
that can be used to estimate property taxes for a home based on its assessment value. You can see a breakdown of the percentages and dollar amounts, as well as the services to which that tax revenue is dedicated.
Homeowner’s insurance will vary depending upon the value of your home and the extent of the coverage. It’s often required in order to obtain a mortgage.
Types of home loans available
Conventional loans aren’t backed by the government or administered through any special federal programs. They’re what most home buyers will qualify for. If you have decent credit and you can make at least a small down payment, you should be able to qualify for a conventional loan. If you have good credit and can make a larger down payment, you may be eligible for a more competitive interest rate.
In Canada, the Canada Mortgage and Housing Corporation (CMHC) federally backs mortgage loans. In addition to backing mortgages for qualified buyers, the CMHC provides a variety of other services meant to promote fair, affordable, and accessible housing for Canadians.
Money-saving tips for buying a home in Mimico
Find the most competitive mortgage rate
Start by talking to a representative at your bank, especially if you have had a relationship with your bank for a long time. Then, shop around and compare rates to find the best one. While rates may not vary widely between lenders, even a marginally better interest rate on your mortgage could save you significant amounts of money over the course of the home loan.
Getting pre-approved for a mortgage will save you time once you find your ideal home, and it will help you to set a realistic budget for your search as well. In addition, pre-approval is often necessary to show the seller that you’re serious about purchasing their property, as they will feel confident that you have the financial backing to move forward in the transaction.
Generally, it’s a good idea to shop for homes that cost less than the amount of your pre-approval. That way, you still will have room in your budget if there is a competing offer for a home or if there is a change in your credit score while you’re shopping for homes.
Boost your credit score as much as possible
If you’re looking to boost your credit, you can find tons of tips online from trusted sources in the credit industry. Paying down your existing loans, reducing your credit card balances, and getting a secured loan or card can boost your credit score. If you want more specific advice, you could talk to a credit counselor or a representative at your bank. Efforts to boost your credit score are worthwhile for any real estate seeker, as a marginal difference in your home’s mortgage rate could make a difference of tens of thousands of dollars over time.
Make a sizeable down payment
Of course, making a significant down payment will save you a considerable amount of interest. It will also potentially lower your mortgage rate and your monthly payment. Saving for a sizeable down payment is generally the best practice when purchasing a home. With that said, don’t let your plans be discouraged if you can’t make a large down payment. Talk to your Mimico real estate agent or your mortgage lender about how to determine the most appropriate down payment amount for your situation.
Work with an experienced agent
When you’re looking into buying a home in Mimico, it is essential to work with a professional local real estate agent who knows the market inside and out. A highly skilled Mimoco real estate agent will have all the right connections and help you find a fabulous home in the area. In addition, they will know all the negotiation tips to help you achieve your goals and more. Working with the right local agent will save you time and effort, allowing you to focus on finding your perfect Mimico home and beginning your new life without all the stress.
The bottom line on buying a Mimico home
Mimico has so much to offer, and if you’re hoping to purchase a property in this beautiful community, it’s time to team up with a true professional who knows how to get results.Fred Renna
is a trusted local Realtor®, Master Certified Negotiation Expert®, and President’s Circle Winner with multi-millions bought and sold over the course of his impressive career. Fred is highly versed in the Mimico real estate scene, with more than two decades of finance experience and seven years working with buyers and sellers throughout Mimico and other premier communities in the Toronto area
If you’re ready to get started toward your goals, Fred would be happy to take you through the ins and outs of buying a home in Mimico
. Fred’s portfolio of beautiful properties
consists of the most incredible luxury homes in and around Mimico and more. Reach out to Fred Renna today to explore Mimico and learn more about buying, selling, and investing in luxury real estate.*Header photo courtesy of Shutterstock