Our very own Drew Dickinson as seen on CTV Kitchener’s 6 o’clock News on January 28, 2016 talks the growing interest in condo-living in the Kitchener Waterloo Region.
A Growing Real-Estate Trend That’s Here to Stay
The demand for condominiums in the Kichener Waterloo Region is at an all-time high and continues to grow.
Buyers and investors, excited about the recent transformations occurring in both the downtown and uptown city cores, see the value in living close to work, school and improving amenities.
The area along King from Kitchener City Hall to Uptown Waterloo is definitely slated to become the “Bloor Street of KW”.
More singles and young couples have started to consider the condo as an alternative “first home” – the average detached home in the area is creeping up on the $400,000 mark, making the $230,000-$300,000 condo an economical way to enter into the real estate market. In addition, these new buyers do not have to worry about maintaining and updating lawns, fences, windows, roofs, etc. – a reality, when owning a single detached home. In addition, the homes priced $350,000 to $450,000 often require some updating to a more modern taste. This can also weigh on their bank accounts. The new condos offer modern touches and allow buyers to select their finishes. They can also often skip car ownership when work and play is within walking distance.
Baby boomers, empty-nesters and retirees are also in the market for condominiums in the area, for some of the same reasons as the first-time homebuyer. They also view condos as an alternative to the expensive adult living developments that are springing up.
Investors are also a major part of the demand for condos. These investors are individuals looking to tap into the generous rental market in KW – The tech industry has contributed renters in the area that are career driven with little time for home maintenance, who want to live close to work and enjoy being single or child free longer than previous generations.
Investors are also comprised of parents with children attending University in the area and home owners with ideas of renting their condo in the short term and then moving into the unit when it becomes time to downsize.
The prospects of the ION (LRT) has also added to the confidence in condos as this type of transport speaks to care free, easy access, easy transport living. It is forward thinking and has a “cool” factor that is drawing tons of interest.