Why Should You Invest In The Waterloo Real Estate Market?
The real estate market in Waterloo is considered to have one of the best potentials of any city in the Southern Ontario region. Waterloo is a university town and several international companies are already taking advantage of the bright, young and talented minds that are prevalent here. This city is also a great place to raise a family, considering the number of educational institutes available here along with the abundance of employment opportunities. Waterloo is usually grouped together with Cambridge and Kitchener and creates the Tri-Cities, which is also otherwise known as the Waterloo Region. Besides the proximity, these cities are also tied together by many traits, which also includes the public transit system. The city of Waterloo has had a much faster growth than that of Toronto at 6.25 percent over five years and Developers have taken notice of it, proposing new development throughout the city. The development areas also include Uptown Waterloo, which is a designed Urban Growth Centre, ensuring that a new project or two can be expected here. During the years 2012 to 2017, the total tech employment in the Waterloo Region had grown by 29 percent, which is quite impressive compared to other regions within the state.
List of New Condos in Waterloo
New Condos In Waterloo And Reasons To Buy
Waterloo is a city in the Southern Ontario region of Canada and features one of the best educational institutes as well as a vast number of employment opportunities. Some of the universities themselves happen to be leading employers in the region. Besides these, there are giants such as BlackBerry, Manulife Financial and Sun Life Financial which are also considered as some of the best employers in the region. This city also has a large number of post secondary graduates which seem to be attracting big companies such as Intel, Shopify and Google to invest. These giant tech companies have already started to take advantage of the brilliant minds present here and have established research and development units within the city of Waterloo. What makes this place great for investors is the presence of both educational institutes and employment opportunities. One of the major reasons why investors look out for students is the fact that they are not the type to buy a place of their own, rather opt for renting something within close proximity to their campus. Thousands of students enroll every year and this is where new investment condos start turning lucrative. The post secondary education present here also looks to ensure that these tech industries continue to have their interests kept in the research and development offices in the city, that can further attract more companies, leading to the generation of more jobs in the city. Most young professionals prefer renting a place rather than buying their own, and this is where investment condos also come in handy. With the present rate of development, Waterloo will soon be regarded as Southern Ontario’s city of the future, and getting a condo for yourself now is the best time to do so, before the market rates get soaring!
Education In Waterloo
There are two major universities present in Waterloo. The University of Waterloo is the larger of the two and has an annual enrollment of 35,000 students. It is a public research university and has been regularly ranked as Canada’s most innovative university. This honour has been awarded to the University of Waterloo by Macleans magazine for the last 25 years in a row. Their engineering program is regarded as one of the best in the world and is known all over. Wilfrid University on the other hand has a smaller student body with an annual enrollment of about 20,000 students. This university has been famous over the years for its courses in video game design and business programs. The Conestoga College is also another place that students in Waterloo can check out. It features an annual program of about 20,000 students and is located towards the Kitchener-end of Kitchener-Waterloo. The programs here focus on business management, computer technology and system engineering. The presence of the universities is something that an investor can take advantage of when it comes to the real estate market as there is massive potential in terms of students and working professionals who are looking for accommodations within close proximity to their educational institutions as well as employers.
Average Prices Of Condos In Waterloo
All types of homes in Waterloo, including condos come with a price tag of about $483,275. This is also inclusive of a resale appreciation rate of 5.5 percent which has been constant for the last 10 years. The average rental rate for Waterloo on the other hand is presently at $1,100, which is in addition to a rental rate appreciation rate of 4.2 percent for the past 10 years in a row. The vacancy rate currently is at 2.9 percent which makes the demand for condos strong here. Condos are ideal for investing here in Waterloo owing to the presence of several educational institutions. Often regarded as ‘University Town’, there are thousands of off-campus students here that are in constant search of places to rent out that are in close proximity to these campuses. Investing here is a lucrative option as there you will never run out of tenants to choose from.
Getting Around In Waterloo
One of the best features about this area is the transit options. It is an incredibly convenient experience to travel throughout Waterloo and also by extension into the whole Tri-Cities area. King Street is one of the main thoroughfares and serves as the main one for the region as it bisects all the three cities. One can use this road to travel from Uptown Waterloo in the north, right up till Concession Road to the south in Cambridge. The city of Waterloo is also adjacent to Highway 401 in Ontario. This is a convenient route and is considered a major highway as it covers the whole of Southern Ontario while connecting some of the most important economies together in Canada. Highway 401 is also regarded as one of North America’s busiest highways. Besides the major highways and routes, this area also features excellent public transit. The Grand River Transit is famous here and is a single public transit service that is shared by the Tri-Cities. This name was derived from the river that these three cities share. Buses available at the Great River Transit are capable of transporting commuters throughout their individual communities, besides being able to take them from city to city. One can travel from Waterloo to Cambridge without ever having the need to transfer. The region is also about to experience a major upgrade in the public transit service as the ION rapid transit network is about to be introduced, whose route is mostly likely to follow the path of King Street. This is intended to replace the iXpress bus system that offers direct routes to some of the more disconnected parts of town. As per the plan, the first phase will connect northern Waterloo with that of southern Kitchener, while the second phase will also have Cambridge in the loop. Not only will this increased service bring about convenience in commuting, but will also help in uniting the Tri-Cities further, thereby creating a new thriving urban centre. These stops are also an ideal destination if you are looking for a good location in the city. The new 19-km LRT system, also known as the ION Rapid Transit, is currently going through its final stages of testing and will be in operation very soon.
Questions & Answers
When an individual buys land or a stake of land in Ontario, they are required to pay a land transfer tax. The buyer must pay taxes after the transaction has been completed. Depending on the type and cost of the property, there will be a difference in the amount needed to be paid. Rates typically range between 0.5% and 2.5%. First-time home buyers may be eligible for land transfer tax refunds. Land transfer taxes should be paid by the buyer of a home through the help of a real estate lawyer.
The assignment sale occurs when the original buyer of a pre-construction condominium or home sells their contract to another buyer before construction is completed. A contract is sold when the rights and obligations of the original buyer are transferred to the new buyer. Due to the popularity of condo properties, pre-construction and resale assignments are common in these properties. Assignment of property rights allows the seller to transfer ownership before the construction of the property is complete.
Add-ons are an additional cost, where buyers have the option of customizing and adding-on to the pre-construction unit through structural and cosmetic upgrades. Upgrades can be made to make the unit more suited to the homeowner and include changes to flooring, tiling, paint, cabinets, and countertops. Homeowners can also ask the builder to make upgrades to plumbing and fixtures, such as washroom hardware. Some other options can be the installations of smart home devices and light fixtures. Upgrading the unit could also increase the value of the property after construction. Other upgrades that buyers can choose to have are parking spaces and storage lockers.