Sometimes referred to as the Silicon Valley of the north, Waterloo and neighboring Kitchener have positioned themselves as a hub for technology in Ontario.
Why Waterloo is an Excellent Choice
Companies from across the globe set up shop both in Waterloo and Kitchener, tapping into the tech-educated workforce in the location. Some notable companies that are headquartered or have offices in Waterloo are Blackberry, Google, Kik messenger, Maplesoft, Shopify, SAP, Intel, Electronic Arts, and Agfa. Waterloo has also attracted many insurance companies over the years like Manulife, Sun Life Financial Canada, and Economical Insurance.
This is why Waterloo, Kitchener, and Cambridge (referred to as the Tri-City ) will continue to grow in Ontario. The search for additional skilled labor is even driving people out of Toronto to move to the area.
With such a demand for people specializing in technology, the need for luxury real estate, especially Waterloo condos, has been in high need. When it comes to new condos, Waterloo has been outpacing other Ontario regions and the price of a property is attractive too. Developers in Ontario have taken notice and there are new condos and townhomes being built quickly. Still, the development list in Waterloo is not going to meet the needs of all the estimated future growth.
Waterloo New Condos and Housing Communities
Currently, Waterloo has over 20 pre construction condo units, single-family apartments, or housing communities in pre planning. LivSmart Condos is one of the more unique new condo projects available in Toronto. Its layouts are optimized for feeling open and larger. With big windows and suites starting in around 500 square feet all the way to just over a thousand. It only has 39 units available for public sale, so it’s sure to sell out quickly at its price. Society145 The Waterloo Residences is another pre construction condo development coming soon with a good price. It has a more VIP feel with access to amazing public amenities for the units. This includes a sauna, business lounge, parking, basketball court, and a Yoga Studio. Properties available in this urban Waterloo location make the perfect place to start a family. Other great condos in Waterloo include Spur Line Common 2 on 103 Roger St. and Strata Condos on 70 King Street North.
Even if you’re not planning to move to a pre construction condo in Waterloo, Ontario, it still might be the right move to have a Waterloo development investment. With its potential for big return and the demand for rentals, Waterloo condo units can bring big returns for the price. Also consider the demand for year-long leases in Waterloo.
Waterloo is home to two major universities – the University of Waterloo and Wilfrid Laurier University. These universities are available to residents. The University of Waterloo is ranked number 1 for comprehensive research for 12 years in a row (Research Infosource 2019), Canada’s most innovative university for 28 years, and ranked number globally for employer student connections (QS Graduate Employee rankings). As such, the University of Waterloo brings high public praise for Ontario as well. Wilfrid Laurier University is no slouch though. Its internationally recognized business program is the largest in Canada. LaunchPad which is Laurier’s incubator is funding 30 high-potential start-ups. Depending on what you want to study, both universities are excellent options for the public.
Waterloo, Kitchener, and Cambridge make the so-called Tri-city in Ontario. Their close proximity to each other especially Waterloo and Kitchener make up the majority of the population for south-central Ontario. Waterloo, Kitchener, and Cambridge have access to almost everything that a much bigger city has to offer to the public such as Mississauga. Waterloo and Kitchener are set to see their biggest growth in the next few years to due the new high-speed train connecting the area with Toronto and Windsor. The estimated travel time via the new train system is around 45 minutes, and when this public transit in launched, the price for homes will climb too.
And as stated above, the inexpensive prices of real estate and demand for high-skilled technical jobs will fuel the expansion of developments and homes on every street in Waterloo. We can only expect more units in Waterloo city soon, making it a wise investment for the price.
Waterloo’s Main Attractions
Waterloo has plenty of things to do for the public, so those living in homes and developments can always find activities. One notable attraction is taking a tour of the Toyota assembly plant. Or maybe you’re interested in a selfie with a giraffe? Not too far away is the African lion safari, where you can take a picture with a giraffe or any other animals that are native to Africa. There are also many great Waterloo spots for a cocktail like White Rabbit. If you’re looking for a great place to enjoy a beer, get a drink at Abe Erb. Some other Waterloo places that specialize in VIP treatment and cuisines are StrykerZ Kitchen and Bar, Bhima’s Warung (Indonesian, Vietnamese & Thai), Exotica (Fusion kitchen & Cafe pub), King Street Trio Uptown (new Canadian/ seafood), Gol’s Lanzhou Noodle Waterloo and to finish it off Waterloo Red Ginger Modern Thai + Viet Cuisine. These are all excellent options around this urban location with a Google score of 4.5 or high. The price range is good as well.
Waterloo City also homes other public shops Home Depot, Wal-Mart, and many grocery and shopping centers. The biggest is the Conestoga Mall. It is home to Winners, Zahra, H&M, Sport chek, Foot Locker, Indigo, La Sensa, the city of Waterloo museum, Sephora, and Galaxy cinemas. The mall has over 130 different stores and a food court where you can get a meal. With urban amenities available near Waterloo condos and developments, you don’t need to search very far in the city.
While both Toronto and Niagara Falls are located far from Waterloo condos, the street drives are quite easy. Both connect to Waterloo, Kitchener, and Cambridge via major highways. The 401 leads straight to Toronto, and eventually connects to the 427 and Don Valley Parkway that connect to the downtown core. It also connects to Highway 6, leading you to Hamilton. Once there, jump on the QEW and a romantic night in Niagara Falls is only 40 minutes away.
King St. is the major municipal thoroughfare near condos in Waterloo. You can travel from Uptown Waterloo to Concession Road through King St. It’s also worth mentioning that a major project is coming to King St. as it’s going to be the new home of the ION rapid transit network.
Waterloo New Condos – Prices and Rates
Now let’s talk about the price of a property in the city. The average sale price of a condo in Waterloo is $483,275. As for rental rates, the price is at $1,100. There are still many new condos available for sale at good prices, but the condo vacancy rate is 2.9%. It can be tricky to search for available property for sale located in this city, but the price of condos is lower compared to an investment in other areas. Parking is also something you should search for in low-rise or high-rise properties. Actually, many people search for parking first when they purchase a unit.
We update our map and Waterloo new condo unit results frequently and pride ourselves on keeping development information such as price and available homes as new as possible, but the nature of condo developments and construction changes so often. If you’re on the search for specific condo units, developments, or any new home located in the area, please contact us.