Waterloo is seeing an increase in demand for real estate owing to the presence of many major IT companies and two universities, which has attracted professionals and students alike. Education-centric and with a booming IT sector, the city is highly suitable for work and raising a family. The presence of vast green spaces, shopping malls, golf clubs, and other amenities has contributed to make it an attractive destination for homebuyers.
Waterloo has a very low unemployment rate and a GDP of $21.5 billion of which $13 billion comes from the tech sector. Enjoying a higher growth rate than Toronto, Waterloo is seeing great demand for condos as prices in Toronto preconstruction condos are out of reach for many. More than a dozen condo towers are under construction in Waterloo and more are on the way. The rise in prices and rapid condo development is in response to growing demand for condo units and residential spaces in the area.
The average price of a condo in pre-construction rose 19% to reach $349,000 in 2017.
The average price of a resold condo rose 18.3% to reach $271,940 in 2017.
The average selling price of a home in Waterloo rose to $429,900, more than 21% increase in 2017.
The average price of a detached home increased to $495,000 in 2017.
Waterloo offers many advantages to its residents. It has two universities – the University of Waterloo and Wilfrid Laurier University and many schools, including Blyth Academy Waterloo, Centennial Public School, Westmount Public School, and Kitchener-Waterloo Bilingual School. Life at Waterloo is convenient with many shopping malls around such as Conestoga shopping mall, University Shops Plaza, Bridgeport Plaza, Glenridge Plaza and more. This green city offers vast green spaces of Laurel Creek Conservation Area with trails for biking and hiking, Waterloo Park where you have a splash pad, picnic sites, sports facilities and a farm, and many more lovely parks. Adding to the greens are the golf clubs – Westmount Golf & Country Club, and the nearby Westhill Meadows Golf Course, Tri-City Golf Club, and Rockway Golf Club. With dozens of supermarkets around, shopping is convenient for the residents.
Highly accessible, the city has an international and domestic airport, and even reaching the Toronto Pearson International Airport takes just an hour. Waterloo has over 500 tech companies, (such as IBM, Google and RIM), and a large number of manufacturers, financial institutions, and research centres. With more than 3,000 acres of parks, 6 conservation areas and many golf courses, it is a green city offering proximity to nature.
Waterloo condo prices are on an increase. The price of purchasing a residential property in Kitchener-Waterloo is rising 11.5% year over year as of August 2018, according to statistics by Kitchener-Waterloo Association of Realtors. The reason for the price hike is strong buying demand and low inventory on the listings. On an average, buyers paid $493,358 to buy a new home in Kitchener-Waterloo this August.
The real estate price hike is not limited by the type of house you want to buy. From condos, detached homes, semi-detached homes, and townhomes, there’s a price hike across the board.
The upward trend is unlikely to come down, as more and more professionals are finding Waterloo suitable for living and working. The city offers both urban and country living, and you’ll find here trendy lofts and new buildings in the urban core. Waterloo provides the convenience of easy commute to work, as 80% of Waterloo’s residents live within 30-minutes drive to work. Compared to other areas, Waterloo still allows affordable, inexpensive housing through the trend of rising prices may change that in years.
Waterloo North-Central lies between the University of Waterloo lands and Highway 86, and has many industrial areas. On the other hand, Waterloo West has lovely older homes. With time, Kitchener-Waterloo’s desirable neighbourhoods have changed. Suburban Beechwood and Forest Heights still hold charm for buyers who want to raise a family, and Central-Frederick and downtown Kitchener where homes are older have gained a new demand.
Kitchener train station is located close to Waterloo, allowing easy access to neighbouring areas. Waterloo enjoys comprehensive bus connectivity with dozens of bus stations located across the city. These bus stations allow convenient access to nearby areas and train stations.
When travelling by private vehicle, residents find Hwy 7, Conestoga Pkwy and Hwy 401 just minutes away, allowing speedy travel in any direction. Major arterial streets of Waterloo such as Victoria St, King St, University Ave W, and Erb St add to convenient travel.