$1,995,000 - 56 Elma Street, Liberty Village
Detached for Sale in Liberty Village
Neighbourhood: Mimico
- MLS Number
- W13430536
- Property Type
- Detached
- Status
- active
- Days on Site
- 26
- Bedrooms
- 5
- Bathrooms
- 5
- Square Feet
- 2,500 - 2,999 sqft
- Neighbourhood
- Liberty Village / Parkdale / South Parkdale
- Listing Brokerage
- KELLER WILLIAMS REFERRED URBAN REALTY
Welcome to 56 Elma Street, a beautifully designed residence in the heart of South Mimico, one of Toronto's most sought-after lakeside communities. Showcasing modern minimalist design, this four-bedroom, 2500 + sq' home offers sophisticated living spaces, exceptional functionality, and an unbeatable waterfront lifestyle. With natural light throughout the day, the main floor open-concept layout flows seamlessly into a spectacular loft-inspired living room with dramatic ceiling heights and cozy fireplace, creating an inviting gathering space. A sleek designer kitchen with premium appliances, custom cabinetry, and refined finishes serves as the heart of the home. Just as you head to the second level, a few steps above the main level, you'll find a separate family room. Upstairs, four spacious bedrooms provide comfort and privacy for the whole family, including a luxurious primary retreat featuring a 5 pc ensuite and generous closet space. The finished lower level offers valuable additional living space with a walk-out to the backyard, making it ideal for a recreation room, home office, gym, or guest suite. Outside, the private landscaped backyard creates a serene setting for entertaining, relaxing, and enjoying warm summer evenings. Located just moments from the shores of Lake Ontario, South Mimico offers a unique blend of urban convenience and waterfront living. Enjoy scenic trails, parks, marinas, and the vibrant Humber Bay waterfront, while remaining minutes from downtown Toronto via GO Transit, TTC, and the Gardiner Expressway. Excellent schools, local cafes, restaurants, and neighbourhood amenities further enhance the appeal of this exceptional community.
Estimate your monthly payments for this property
Estimated Payment
$8,824.56/mo
5-yr fixed avg.
Rates shown are estimates based on typical Ontario 5-year fixed rates. Canadian mortgages use semi-annual compounding as required by law. CMHC insurance applies to purchases under $1.5M with less than 20% down. Estimated property tax uses an approximate 0.85% rate. Contact us for current rate options and pre-approval.
Waterfront Revival
Mimico is a revitalised waterfront neighbourhood in south Etobicoke that has transformed from a quiet residential enclave into a dynamic lakeside community. New condominium developments along the lakeshore complement the area's established tree-lined streets and village character. The Mimico GO Station and TTC streetcar provide strong transit options, while the waterfront trail offers scenic recreation.
Why Live in Mimico
- •Lake Ontario waterfront access and trail
- •Revitalised village atmosphere with new development
- •Mimico GO Station for fast downtown commuting
- •Mix of new condominiums and character homes
- •Growing restaurant and retail scene
Nearby Schools
Transit & Commuting
- •Mimico GO Station on the Lakeshore West line
- •TTC 501 Queen streetcar
- •Lakeshore West GO line to Union Station
- •Easy access to Gardiner Expressway
Parks & Amenities
- •Humber Bay Park
- •Mimico waterfront trail
- •Amos Waites Park
- •Mimico Centennial Library
- •Local shops along Royal York Road
Lifestyle & Community
Mimico offers a rejuvenated waterfront lifestyle with strong transit connections and a growing dining scene. Residents enjoy lakeside walks, waterfront cycling, and easy commuting to downtown Toronto.
56 Elma Street, Liberty Village / Parkdale / South Parkdale
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Monthly Cash Flow Breakdown
Note: These are estimates only. Actual figures may vary based on market conditions, property condition, and other factors. Consult with a financial advisor for personalized advice.
Joe's Thoughts
Honest perspective from 30+ years of GTA real estate experience
Competitive Pricing
At $798/sqft, this is priced below the area average. This could represent genuine value, but let's investigate why. In my experience, underpriced homes often have deferred maintenance, unfavourable layouts, or motivated sellers. I'll help you determine which it is.
Market Position
At 26 days on site, this property has had reasonable exposure. It hasn't sold immediately (which often indicates overpricing), but isn't languishing either. There's likely room for a 3-5% negotiation from asking price.
Detached Home Advantages
Detached homes in Liberty Village are increasingly scarce and valuable. You'll have no shared walls, full control over renovations, and typically stronger appreciation. Consider the lot size and potential for future additions or basement apartment income. Detached homes also offer the most flexibility for growing families.
Excellent Flexibility
With 5 bedrooms, you have genuine flexibility. Beyond the master and kids' rooms, you can have a dedicated home office, guest room, hobby space, or even rental income potential. In today's work-from-home era, extra bedrooms add significant value. Properties with 5+ bedrooms are relatively rare in Liberty Village.
Bathroom Count Matters
With 5 bathrooms, morning routines are much smoother. Multiple bathrooms significantly improve daily livability and are a major selling point for resale. Buyers consistently pay more for adequate bathroom counts - this is a strong feature.
About Mimico
I know Mimico well from working with many buyers and sellers here. Each pocket has its own character - let me share what I've learned about this specific street and block. During our showing, I'll point out local amenities, school catchments, and what similar homes have sold for recently.