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As the largest of the Tri-Cities, Kitchener is one of the hottest locations in the Ontario real estate market. It’s located west of the GTA, sitting in Cambridge to the southeast and Waterloo to the northwest.
While Kitchener has been known to be a strong manufacturing force in the early years, it’s is now taking massive strides in the tech industry. There have been huge developments in this city in the past decade, which is evident in the establishments you’ll see today.
Kitchener has experienced dramatic economic growth, which is expected to continue year after year. People from other cities and even other countries have been flocking to this location in Ontario because there are tons of businesses, entertainment options, and employment opportunities available in the place.
And with this, developer after developer is taking advantage of the huge real estate opportunities as well. Pre-construction condos, new condos, and townhomes are popping up everywhere on Kitchener.
Kitchener is experiencing a lot of changes right now, with the local government gearing towards continuous development. The downtown core is most especially affected by the redevelopments, with the King Street corridor has new street lightings and sidewalk expansions. And with the modern establishments lining up this area, it even received the International Community Places Awards and was recognized as a Green Street by Tree Canada.
Kitchener’s technology and medical industries are also taking major steps forward, making condos in Kitchener highly desirable. A great example is the development of the Lang Tannery building, which is now home to digital media companies.
When you live in new condos, you’ll also find hospitals just nearby. We have the Cambridge Memorial Hospital, Grand River Hospital, and St. Mary’s General Hospital. And to further the city’s cause to improve medical facilities, medical campuses like the McMaster University Michael G. DeGroote School of Medicine and the University of Waterloo School of Pharmacy are just within the vicinity.
Kitchener is a prime location with highly desirable urban amenities. Prices of Toronto condos can be steep for many, causing people to shift their attention towards neighboring areas like Kitchener. While condos for sale became expensive in the last few years, the current market is more budget-friendly.
The average price of a condo project is $252,000. As of April 2020, one-bedroom condo prices stand at $265,000. Two-bedroom condo prices are at $225,000.
According to the Kitchener-Waterloo Association of Realtors (KWAR), the annual sales for 2020 were 5 percent above the previous 5-year average. Also, it was 11.6 percent above the previous 10-year average.
From a monthly perspective, home sales in December were 42 percent more than in December 2019. More specifically, December saw 351 home sales.
To be more specific, residential sales in December included 63 condominium units, 204 detached homes. For other property types, sales also included 64 freehold townhouses and 20 semi-detached homes.
As mentioned, the development projects in Kitchener are popping up everywhere. The government just permitted $1.2 billion in building permits, so you can expect property after property to rise.
For people who are buying real estate for investment purposes, condominiums are the favored property type. Still, the same goes for those finding a new home in the city.
There has been a consistently high demand for condos in the area. There’s a list of great condos in Kitchener you can check out: Young Condos at City Centre on 120 King St W, The Hudson on 749 King St W, and DTK Condos by IN8 Developments.
Transit options are abundant in Kitchener, but that doesn’t come as a surprise since it’s a pretty busy city. You have the Conestoga Pkwy connecting to 401 Ontario Expressway, Hwy 7, and Hwy 8, making it very easy to access everything throughout the city.
The 401 Ontario Expressway links the entire GTA, so that’s one of the most important thoroughfares in North America.
For those who travel by bus, you also have the Kitchener VIA rail and bus station. You also might want to be on the lookout for the new LRT service in the Waterloo Region – the ION Light Rail transit system. This development aims to provide a high-speed connection between Kitchener and Waterloo.
The first stop will start with Conestoga Station in Waterloo, continuing to Fairway Station in Kitchener. There will be 19 stops in the initial rail line. With this, transit will be so much faster whether you’re traveling by VIA Rail, Go Transit, Grand River Transit, or local train and bus routes.
It’s also worth mentioning the rapid bus service that goes all the way to Cambridge. However, this will be gone soon when the railway extension is completed by 2025.
Of course, the GO Transit is another great option for commuters. You can access other GTA areas with this transportation option.
Downtown Kitchener is a hotspot for various activities and entertainment. Aside from the businesses and restaurants in the area, new developments in Kitchener are underway. You can expect new homes, offices, and businesses to rise in this urban spot.
Festivals are also abundant in this city, the most popular of which is the Kitchener-Waterloo Oktoberfest. This event sees around 700,000 visitors annually, making it the second-largest Oktoberfest in the world.
If you’re wondering why such a big event is happening in this city in Ontario, that actually points to Kitchener’s German roots. This is evident in the monuments and street layouts Kitchener has even to this day – proof that Kitchener treasures its cultural diversity.
If you’re living in condos in Kitchener, you also have access to two great universities – the University of Waterloo and Wilfrid Laurier.
The University of Waterloo is top-rated, and that’s because the founders are allowed to retain intellectual property. This makes it attractive both for students and professionals seeking jobs. Aside from that, the University of Waterloo also plays a huge part in the Kitchener tech industry.
Overall, the pre-construction condos are great choices if you want to live in the city. The area has tons of transit options, medical care facilities, employment opportunities, entertainment sources, and dining options for residents.
If you need any information regarding condo units, homes, or other property developments, feel free to search our map above or contact us directly.
Here are some popular new condos in Kitchener:
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