262 Melrose Street, Toronto, ON
Mimico, Toronto · MLS® W14028180
About this home
In short
- Attention builders, investors, renovators, and first-time buyers.
- Set on a generous deep lot, this well-maintained property offered as is, presents fantastic potential to renovate or expand.
- Ideally located just minutes from the lake, waterfront trails, Mimico GO Station, Highway 427, the QEW, excellent schools, cafes, restaurants, shops, The Queensway...
Attention builders, investors, renovators, and first-time buyers. Welcome to this charming two-bedroom home in the heart of sought-after Mimico, in South Etobicoke. Set on a generous deep lot, this well-maintained property offered as is, presents fantastic potential to renovate or expand. Inside, enjoy a sun-filled main level, new flooring throughout, fresh paint, and a separate side entrance with excellent potential for future rental income or an in-law suite. Step outside to a spacious backyard, perfect for entertaining, gardening, or future expansion. Ideally located just minutes from the lake, waterfront trails, Mimico GO Station, Highway 427, the QEW, excellent schools, cafes, restaurants, shops, The Queensway, and Sherway Gardens. A rare opportunity to secure a prime piece of real estate with exceptional lifestyle and long-term value.
Key facts
- Property type
- Detached, 1 1/2 Storey
- MLS®
- W14028180
- Bedrooms
- 2
- Bathrooms
- 1
- Size
- 700-1100 sq ft
- Lot
- 25 × 125 ft
- Cross streets
- Royal York & The Queensway
- Parking
- 2 parking
- Basement
- Unfinished
- Heating
- Forced Air
- A/C
- Central Air
- Exterior
- Aluminum Siding
- Foundation
- Brick
- Roof
- Asphalt Shingle
- Sewer
- Sewer
- Property tax
- $3,867 / 2026
- Days on market
- 3
- Listing brokerage
- RE/MAX PROFESSIONALS INC.
Rooms
Listed at $759,000. Going by how homes in Mimico and the wider GTA have actually closed against their asking prices (about 98%, 16 local closings in 90 days), the likely sale price is near $746K, if it sells. A realistic range is $699K to $841K.
Independent value check: $699K. Without looking at the asking price, our model values the home itself about 8% below the ask (homes like it typically land between $655K and $733K).
Why $699K. The typical detached home sold in Mimico over the past year went for about $1.25M (76 sales). What sets this one apart:
- ▼ Lowers it stronglyIts tax bill, which follows the city's own assessment, is $3,867 a year; the typical home sold here pays about $5,400.
- ▼ Lowers it stronglyIt is 700 to 1,100 sq ft; the typical home sold here is 1,100 to 1,500.
- ▼ Lowers itThe listing presents it as a home to renovate or rebuild.
- ▼ Lowers it2 bedrooms and 1 baths, against 3+1 and 2 typically.
Total price vs nearby homes. Likely closing about $746K, from 16 recent closings in this pocket.
The market behind the math:
About 1.9 months of inventory: 10 detached homes for sale in the area against 16 closings in the last 90 days. Under two months favours sellers, over four favours buyers.
Price per square foot: this home lists at $843/sqft against an area asking average of $1,336/sqft.
How this estimate is builtthe short version
This figure comes from a model built on about 44,000 recent GTA sales. It weighs this home’s tax assessment, size, age, location and features against what homes like it actually sold for, including sales in this neighbourhood.
It never sees the asking price. The 16 most comparable recent sales on their own, adjusted for size, beds, baths and lot, point to about $744K. Condition and finishes remain an in-person call.
What the listing highlights1 point to weigh
Claims from the listing, worth confirming in person. I can book you a private showing.
- Sold as-is / needs work: budget for renovation, the price should reflect the condition. Weigh carefully
Schools & getting aroundcatchment and transit
The assigned public school is George R Gauld Junior School. EQAO is only one input, and families here also look at French Immersion, boundary, and private options, the full breakdown is below.
Read this with carewhy it’s an estimate, not an appraisal
Priced above comparable homes overall, but the price per square foot ($843/sqft) is below the area, so you are paying for extra space rather than a premium.
The listing states size as a wide range, so the size adjustment is approximate and this estimate is a rough read. I can confirm exact square footage to tighten it.
There were not many closely comparable homes right in Mimico, so I widened the search to the surrounding area.
Based on 16 comparable homes that sold in Mimico over the past two years, from 153 closings there.
Nothing closely matching this home is listed nearby right now, so these are the nearest detached listings on the market. Homes like this one have recently closed around $699K, which is where my estimate comes from.
Per square foot, these ask about $1,139/sqft; this home lists at $843/sqft. Size is part of the price story, not just the sticker.
The 4 closest active listings nearby.
See all comparable homesSold price trend
Median sold price for detached homes in Mimico: $1.45M in September 2026, up 4% from a year ago, on 65 closings in 8 months.
Line: median sold price, each month averaged with its neighbours and weighted by closings. Bars: closings that month.
Month by month
| Month | Median sold | Closings |
|---|---|---|
| February 2026 | $1.47M | 6 |
| March 2026 | $1.02M | 8 |
| April 2026 | $1.06M | 13 |
| May 2026 | $1.30M | 13 |
| June 2026 | $1.27M | 5 |
| July 2026 | $1.19M | 8 |
| August 2026 | $1.10M | 7 |
| September 2026 | $1.45M | 5 |
Neighbourhood & location
Mimico, Toronto, ON
Enter a workplace or destination and we’ll show the door-to-door time by car, transit and bike.
How asking prices compare in the closest areas to this home. Longer bars mean a pricier market.
Typical asking price of active listings of the same type, per area (outliers removed). Toronto.
Get the full neighbourhood report (schools, parks, transit & safety) →
The public and Catholic schools this address is zoned for, with EQAO results (the share of students meeting Ontario's provincial standard).
School attendance boundaries and EQAO results are Ontario government data and can change. Confirm the current catchment with the school board before relying on it.
Also nearby: 12 more schools within 2.5 km
Not the assigned catchment: schools a family here could reach, with EQAO results where published.
Affordability & Mortgage
Income needed assumes a ~32% GDS ratio; weekly is mortgage principal & interest only. Price ÷ income is the home price over the income needed. Fixed reference assumptions so listings compare on equal footing, not a lending decision.
Calculate and customize your mortgage and other expenses
Adjust the down payment, rate, and amortization, and add property tax, condo fees, and heating to see your true monthly cost.
Your numbers
Conventional (20%+ down). Best insured 5-year fixed 4.34% via Ratehub.ca (as of October 17, 2026); conventional rates run a little higher.
Mortgage amount $607,200 · 4.49% over 25 years
Total monthly cost
- Mortgage payment (monthly equivalent)
- $3,357
- Property tax
- $322
- Condo / maintenance fees
- $0
- Heating
- $0
- Estimated monthly cost
- $3,680
Add your own property tax, condo fees, and heating on the left for a sharper total.
One-time closing costs
- Ontario land transfer tax
- $11,655
- Toronto municipal land transfer tax
- $11,655
- Estimated closing costs
- $23,310
Plus your down payment of $151,800. Legal fees, title insurance, and adjustments are extra and vary by deal.
Mortgage stress test
Lenders qualify you at the greater of your rate plus 2% or 5.25%. You do not pay this rate. It just shows you could still handle payments if rates rose, so aim to stay comfortable at this higher number.
Over the full 25 years
At the end of your 5-year term
- Total paid over the term
- $201,439
- Principal paid down
- $74,189
- Interest paid
- $127,250
- Balance remaining
- $533,011
Talk to Team Asgarian about your options
Rates and programs change often. We will connect you with a trusted mortgage professional and build a plan that fits your budget and goals.
Estimates only, not a mortgage quote or pre-approval. Figures use Canadian semi-annual compounding, current minimum down-payment rules, CMHC premium tiers, and Ontario (plus Toronto, when selected) land transfer tax. Actual rates, taxes, insurance, and closing costs vary by lender and property. Confirm every number with your mortgage professional.
Investor snapshot
Thinking of this home as an investment? We will pull real comparable rents and run the full numbers with you.
Talk about the numbersThe last 36 whole-home leases in Mimico signed at a median of $2,782 a month; adjusted to this home for size, beds and baths, and for where rents stood the month each signed, that is $2,416. The gross yield above is on the asking price, before taxes and upkeep; the cap rate is after them. A finished basement or second suite can push real rent above it. Taxes, fees, and vacancy vary by property, and cap rate is before financing.
Helpful resources
All information deemed reliable but not guaranteed. For personal, non-commercial use only. Listing courtesy of RE/MAX PROFESSIONALS INC.. MLS®/PropTx.