After many years, Toronto Life has finally decided to update their "where to buy next" list in their Toronto Real Estate Guide 2012. (I would attach this list, but it's only available in print at the moment.)
To be fair, they did do their homework including having a researcher call little ole me for my 2 cents on what neighbourhoods will be the next hot spots. They didn't necessarily select the least expensive Toronto pockets, but each of their neighbourhoods can be considered fairly reasonable with respect to affordability. They had ten neighbourhoods chosen. Many of which I would agree with. But at the very top of their list, the best neighbourhood to invest in right now is...
Drum roll please...Mimico!
I agree, Mimico is a pretty good neighbourhood to get in on. The very best? Maybe. Top 5 for sure. It is amazing how you can find property so close to the lake. And the lake-side parks are amazing, no doubt about it. The commercial strip is a little weak, and could use an injection of cool into the businesses. And some people may find it to far from downtown, though all you have to do is hop on the Gardiner or catch the Queen Car and you're there. The truth is Mimico has been emerging for awhile. It was one of the big three 5 to 10 years ago when Leslieville and the Junction were ascending. Both of those neighbourhoods have become great neighbhouroods since then, and property values have gone up in these advanced emerging neighbourhoods. Mimico, has improved as well, just not as fast. Slow and steady is the Mimco approach.
I think Wallace-Emerson, Danforth Village and The Junction Triangle can give Mimico a run for its money, but all of these neighbourhoods, I believe, have started their renaissance, if you're looking to buy in Toronto's latest up and coming neighbourhood.