NEWS RELEASE: Kitchener Remains Viable as the Greater Toronto Hamilton Area Condo Market Stalls
By Condo Culture
KITCHENER, ON, JUNE 13, 2024 — Condo Culture, a leading condominium-focused real estate brokerage in Southern Ontario, announced today that they have exceeded sales expectations for the third pre-construction high rise at the Station Park development in Kitchener, a tower representing over 440 units across 36 storeys. The company has sold 96% of the units in the tower to date, all during one of the most challenging periods for pre-construction home sales across the country. This announcement comes on the heels of reports made that the condo market in the Greater Toronto Hamilton Area (GTHA) had its lowest quarterly sales total since Q1-2009, according to the Urbanation Inc. Q1-2024 Condominium Market Survey.
Condo Culture is the sales and marketing team representing VanMar Developments, the real estate developer bringing the Station Park community to market. Station Park, located on King St. and Wellington St., on the doorstep of Downtown Kitchener, has become a rising symbol of the success of the Kitchener-Waterloo real estate market.
“In 2023, when Toronto agents were lamenting the downturn in the pre-construction condo market, our team was selling a significant number of units at Station Park,” said Scott Cruickshank, co-founder of Condo Culture. Since its inception, Station Park has been one of Kitchener’s most notable developments but when most other cities started to see a downturn in 2022, sales at the community’s latest phase remained steady. The third of five proposed high-rise towers at Station Park crossed the sales threshold to begin construction in Q1-2023.
Art Van Maren, President of VanMar Developments, was not surprised by the disappointing sales numbers in Toronto presented in the Condominium Market Survey report. Instead, he saw it as an indication that the Kitchener-Waterloo condo market is a strong alternative for investors. VanMar Developments, who have been embedded in the real estate market in the Waterloo Region since 2008, have over 45 years of experience in construction and development.
“We’re confident in Waterloo Region because there is a local economic ecosystem that supports development. Our sales record and overwhelming response during a time when other developers were struggling is a testament to the strength of the condo products we have here,” said Van Maren. “We’ve always believed that selecting only AAA sites creates the opportunity for success. By combining the most desirable locations with the best people and rigorous processes we can create projects of the highest quality. In recent years, only developments like Station Park which combine these elements have withstood the swings of the market.”
About Condo Culture
Condo Culture is a leading sales, marketing and development consulting firm based out of Waterloo, ON. Formed in 2013, Condo Culture is the expert in new development and condo marketing in the Waterloo Region. For more information, please visit condoculture.ca.
About VanMar Developments
Since 1973, Van Maren Group and then starting 2002, VanMar Developments, has been building quality and luxurious homes in Seattle Washington, BC and Ontario. VanMar established a foothold in Kitchener-Waterloo by developing multiple iconic high-rise condominiums that have shaped the city’s skyline. For more information, please visit vanmardevelopments.com.