Why Invest In the Kitchener Real Estate Market?
Kitchener is a city in the Southern Ontario province that has been surging with a futuristic mindset. It was regarded as a manufacturing powerhouse in the early days but has evolved ever since and brought about major diversification in its economy, making it a happening and exciting destination in the area. Kitchener is a part of the Tri-Cities which include Cambridge and Waterloo as their municipalities are connected intrinsically. Kitchener is located just about at the centre of these three cities with Waterloo taking up the northwest position and Cambridge in the southeast. Kitchener also happens to be the largest of the three cities with a population of 233,700 residents. King Street has an important role to play here as the downtown core of Kitchener is centered around it. This area serves as a hub for several new developments, restaurants and businesses. Kitchener being a part of the Waterloo region, features several students who belong to two of the best universities in Canada – Wilfrid Laurier and the University of Waterloo. Wilfrid Laurier enrolls over 20,000 students annually and is famous for its courses in business and commerce. The University of Waterloo on the other hand has been ranked as one of the top schools in the country for innovation. Universities across Canada have the habit of retaining the trademarks for innovations that were discovered by either the students or professors; however, the University of Waterloo gives the founder a chance in retaining their intellectual property. This feature is one of the reasons why the University is preferred by both students and faculty. It also serves an important role to the city’s tech hub by being a major influencer. When it comes to culture, Kitchener also has some dynamic scenes as well. The city was set by German Mennonites and because of this, it has strong German roots. This in turn has helped in influencing the city from its layout of the streets, right up to its monuments. An annual Kitchener-Waterloo Oktoberfest is held which is influenced by the famous Bavarian festival, which hosts over 700,000 people every year. This city is loaded with opportunities because of the wise investments made and its roots that seem to be thriving.
List of New Condos in Kitchener
New Condos In Kitchener And Reasons To Buy
The downtown core of Kitchener is mainly focussed around King Street, which is known for its abundance of restaurants, new developments and businesses. The city of Kitchener has been witnessing a series of growths which has in turn helped in influencing the local authorities to be more committed towards the revitalization of its downtown core. The revitalization has been mainly focussed around the King Street corridor where new street lights have been installed along with the widening of the sidewalks. This process was a huge success and helped the city bag the prestigious International Community Places Award, which applauded the city’s efforts in densifying the downtown core area. This revitalization process was also done keeping a sustainable future in mind and has been termed as a Green Street by Tree Canada. After looking at the magnitude of real estate development in the city, any investor would be excited coming to this market. Post the huge success with the revitalization of the downtown core, the city has witnessed tremendous growth, which can also be reflected in the building permits around the area worth $1.2 billion. This is an ideal situation for an investor which includes a market that is emerging and has huge investments pouring in. There is no doubt about the fact that this is one of the most potential investments in all of Southern Ontario.
Employment In Kitchener
The city of Kitchener is starting to make a name for itself as a tech industry centre. This new tech centre is mainly focussed around a building which has several historic and symbolic values – The Lang Tennery building. It was acquired in the year 2007 by Cadan Inc. and has been converted ever since to become a hub for digital media companies giants such as Google Inc as its tenants. Google set up its largest R&D office in Downtown Kitchener in 2018, which has since then become the largest in Canada. The medical industry in Kitchener is also starting to boom as a major driver for the economy in the city, owing to the opening of two medical campuses recently – McMaster University Michael G. DeGroote School of Medicine and University of Waterloo School of Pharmacy. These are located well within city limits and can be accessed easily. Besides these, there are also medical centres such as Cambridge Memorial Hospital, St. Mary’s General Hospital and Grand River Hospital. The establishment of these industries in Kitchener have immensely driven up employment opportunities as well as resulted in the overall economical growth of the region.
Average Prices of Condos in Kitchener
All types of homes in Kitchener, including condos have an average resale price of $483,275 at present. Over the last 10 years, the rate for average resale appreciation stood at 5.5 percent. The average rental rate on the other hand stands at $1,100 for the city of Kitchener along with an average rental appreciation rate of 4.2 percent which has been maintained for the last 10 years. The vacancy rate for Kitchener currently sits at 2.9 percent, making the demand for condos strong here. For those looking to invest in pre-construction condos in Kitchener, now is the best time to before the prices start soaring as in the case of some of its other counterparts such as Toronto.
Transit And Accessibility
The introduction of the ION Light Rail System is one of the best new developments in the recent years of Kitchener. This train operates between Kitchener and Waterloo, and takes passengers from one place to another within no time. It is expected that this will help in bringing about a drastic improvement in the region’s public transit and also help in increasing the connectedness between Kitchener and Waterloo. There will be 19 stops initially when the rail line is ready. This route will commence from Conestoga Station in Waterloo and go on till Fairway Station in Kitchener. The Wilfrid Laurier University and University of Waterloo will also be easily accessible, which will make Kitchener a good option for students who are enrolled in these schools. At present, a rapid bus service takes passengers right up till Cambridge. This will however be replaced soon with the railway extension which is aimed for completion in 2025. The Grand River Transit also operates several bus services that help in connecting the Tri-Cities. This place is also very convenient for motorists as there are several highways that are linked to this city. The Conestoga Parkway is one such route that helps in commuting locally and also connects to the 401 Ontario Expressway. The 401 Ontario Expressway is one of the most crucial roadways in the entire North America and helps in connecting all the places in the Greater Toronto Area. Besides these options, Go Transit is also available and serves as a more extended public transit. The station is located in the heart of the city and helps in connecting to various parts of the Greater Toronto Area.
Questions & Answers
To ensure that the buyer will not default, and that the buyer can afford the property, the developer typically requires a mortgage pre-approval. Mortgage eligibility is influenced by factors such as credit scores, income histories, and debt-to-income ratios. Generally, the mortgage loan begins with the closing, not with occupancy.
Buyers should hire a real estate lawyer to assist them with the process when buying, selling, or refinancing a resale house or pre-construction home. To find a good lawyer, choose someone who specializes in real estate, understands the market, has a competitive rate, and has experience with properties you’re interested in. When purchasing a home, resale or pre-construction, a lawyer can help the buyer complete a title search, register the home in the buyer’s name, prepare a Statement of Adjustments, and coordinate financial transactions. The cost of hiring a real estate lawyer will depend on the services you’ll be receiving and maybe the type of property you will plan on buying.
Inspecting a pre-construction property is different from inspecting a resale property. In order to ensure the quality of the condo unit, it is recommended that the buyer have a pre-delivery inspection done. Pre-Delivery Inspections, or PDIs, are conducted before the new condominium unit or house is handed over to the buyer. Once the construction is complete and you have viewed the unit for the first time, the PDI can be performed. During the inspection, the builder will demonstrate the properties’ various features, such as ventilation, plumbing, and heating. If any parts of the home are missing or damaged, the builder must note that. Consider keeping a checklist during the inspection to be aware of what to look out for. After the inspection is complete, the PDI form must be signed. During the inspection, if any issues are found with the new unit, you have 30 days to notify the builder. After 30 days, the builder is not responsible for the issues.