By Condo Culture
The speed of unit sales at the Garment Street Condos and our recent Circa 1877 project, has left many wondering where all this demand is coming from. Afterall, it wasn’t long ago that projects took months if not years to sell out. Now, in the areas top projects, it’s more common for it to be a matter of hours or days! Things are quickly evolving in Kitchener-Waterloo and we’re excited to be part of the change. Appreciation in the local single-detached market and new stress tests for mortgage approvals have definitely had an impact on the local condo market. As prices for single detached homes have increased and the new stress tests have made this segment of the market less affordable, condos have become increasingly attractive, both as a place to live and invest. The other major part of the equation is our core areas are continually improving and becoming increasingly desirable places to live, work or just hang out. Put simply, all the things that make our cities such great places to live are getting better and better and these things are now quickly being discovered too. But arguably one of the most interesting and ironic parts of this, is that it is us, as locals, who are the ones by and large making the discovery.
When many people hear of new condo buildings selling out so quickly in the local market, they assume there must have been a lot of investment from foreign buyers or major centres like Toronto. Sure, there are definitely out-of-town buyers from the GTA and other areas purchasing investments or moving to the area. However, it may come as surprise to many to learn that the majority of purchasers at both Garment Street and and Circa 1877 were in fact, local. Some of us are buying to live and some of us are buying to invest but we’re all buying for a lot of the same reasons.
SO, WHY KITCHENER-WATERLOO?
Here’s Condo Culture’s Guide on why you should consider Kitchener-Waterloo as a great place to live, work and play.
The real estate market is rapidly changing in Waterloo Region. What once was a manufacturing town, is now being a high-tech epicenter. Tired areas of the city are being gentrified with new condo developments and the revitalization of old factory buildings to commercial spaces. Areas like The Innovation district and Midtown are coveted neighborhoods that investors have on their list. Kitchener-Waterloo is one of the best places to live in Southwestern Ontario.
Home to businesses like Christie Digital, OpenText, Dejero, Thalmic Labs for years, the growing tech community has more recently attracted companies like Google, Shopify Plus and Square to also set up shop.
Aside from tech, Waterloo Region is also proud of the wide range of business sectors including design, insurance, education and advanced manufacturing (to name just a few). It’s this industrial diversity that keeps the community well employed, with a strong economy. Waterloo Region is one of Canada’s fastest growing regions with almost 600,000 residents and forecasted to grow by 36% over the next 20 years. According to Kitchener’s planning agency, 1,300 jobs moved downtown between June 2013 and June 2014. This is a place where things are happening.The community is changing, people are empowering people and growth is happening. Waterloo Region is a place you could call home.
“(Waterloo) has high intellectual standards, of course. And it values entrepreneurship. But diversity is its indispensable ingredient.”
- Prime Minister Justin Trudeau
Waterloo Region is not all work and no play. The community is filled with things to do, both for the young entrepreneur as well as for families with children.
From craft breweries, to culture centres and museums, well-kept parks and independently owned coffee shops, there is something for everyone to enjoy.
TOP 5 REASONS WHY YOU SHOULD INVEST IN WATERLOO REGION
BY THE NUMBERS