Kitchener New Condos for Sale
Why Should You Invest In Kitchener Real Estate?
Kitchener is a surging city in Southern Ontario that’s building toward the future. They’re historically known as a manufacturing centre in Southern Ontario, but it has massively diversified its economy to become one of the most exciting cities in the region.
It has become one of Southern Ontario’s tech industry centres. The most integral building of this new tech sector is located in a building with symbolic and historic importance. The Lang Tannery building is a massive industrial building that was acquired by Cadan Inc in 2007. They’ve since transformed it into a hub for digital media companies, and it includes industry behemoth Google Inc. among its tenants.
Its medical industry is also starting to emerge as a major economic driver in the city, as two medical campuses have recently opened in the area. University of Waterloo School of Pharmacy and McMaster University Michael G. DeGroote School of Medicine are both in the city’s limits, as well as Grand River Hospital, St. Mary’s General Hospital, and Cambridge Memorial Hospital.
This is a city with a ton of potential, and the smart investor should certainly be aware of it.
Average Price of Condos in Kitchener
The average price of all home types for the City of Kitchener in 2017 was around $467,513 – up 20.7 percent compared to 2016. The average index selling price for pre-construction condos continues to grow. It rose from 12% to 15% over the past year and is now $544 per square foot. The average selling price rose to $369,000 over the past year.
City of Kitchener
This city is part of the Tri-City system located to the west of the GTA, and it is intrinsically connected to the municipalities of Waterloo and Cambridge. It is in the middle of its sister cities, with Waterloo to its northwest, and Cambridge to its southeast. With a population of 233,222, it is the largest of the Tri-Cities.
It is in the midst of tremendous growth, which has been influenced but the city’s commitment to revitalize its downtown core, particularly around the King Street corridor. Here, they have implemented new lighting and expanded its sidewalks, making it infinitely more walkable. It was a hugely successful project as it was awarded the International Community Places Award, who particularly noted the city’s efforts to draw people into the downtown core. It is built for the future too, demonstrated by Tree Canada recognizing it as a Green Street.
The city is seeing tremendous growth since this hugely successful redevelopment, and this can be seen in the $1.2 billion in building permits in the downtown core. The smart investor would take note of this as Kitchener is a growing economic and educational centre.
It’s also got one of the most dynamic cultural scenes in the region as well. Kitchener has strong German roots as the city was settled by German mennonites. This has influenced everything about the city from its street layouts to its monuments, but the most exciting aspect of this German ancestry is the annual Kitchener-Waterloo Oktoberfest. Based around the famous Bavarian festival, this is the second largest Oktoberfest in the world, and it attracts an estimated 700,000 visitors every year.
This city has it all! It is rife with opportunity because of its wise investments and thriving cultural roots. This is definitely a region you want to watch!
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Accessibility / Getting Around
One of the most exciting new developments in the region is the ION Light Rail transit system. This is a train system that offers a high-speed connection between Kitchener and Waterloo. This is expected to drastically improve the public transit in the region, as well as further increase the interconnectedness of the two cities.
The initial rail line will consist of 19 stops, which will begin with Conestoga Station in Waterloo in the north and continue on to Fairway Station in Kitchener to the south. The line will also provide easy access to both the University of Waterloo and Wilfrid Laurier University, making Kitchener a viable option for students attending these schools.
There is currently a rapid bus service that extends down to Cambridge, but this will be replaced by a railway extension, which is aimed to be completed by 2025.
The ION and the rest of the public transit is operated by Grand River Transit. In addition to their new light rail transit system, they operate a series of buses that connect the Tri-City areas together.
This is a great place for drivers too because of its network of highways. The Conestoga Parkway is ideal for commuting locally, while it also connects to other highways, including the 401 Ontario Expressway. The 401 is commonly regarded as the most vital roadway in North America, and it links the entire GTA together.
GO Transit provides a more extended public transit option. It has a station in the heart of the city, and it is able to connect riders to the other parts of the GTA.
With so many local transit options, as well as easy access to the 401, getting around is easy in Kitchener.
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Questions & Answers
Are the Tri-Cities part of the GTA?
Not officially, but they are typically considered as a part of the same urban concentration as the GTA.
Is it really worth investing in the Tri-Cities?
Absolutely! The Tri-Cities have tremendous potential, and they have the chance to become one of the most dynamic urban centres in the entire country. They are already equipped with world class universities, and a fast-growing tech industry. The cities are filled with young professionals and students and they’re going to need somewhere to live - why not your investment condo?
What kind of condos are coming to the region?
Most of the developments will be in mid-rise mixed-use communities so this is a great option if you’re trying to invest in something other than high-rise skyscrapers. You’ll also probably be able to get a better value for your price per square foot because it’s not as well known as the GTA.
I’m convinced! What next?
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