New & Pre-Construction Condos in Kitchener
Kitchener, located in southeastern Ontario, is home to one of the densest art hubs in the country. Homeowners and commercial investors looking for a light and culturally robust vibe will find that Kitchener is a great place to live and set up a business. It features THEMUSEUM at its centre, as well as the Joseph Schneider Haus, the vast Victoria Park, the Doon Heritage Village, and many more.
With a bustling art market, thriving employment industry, above-par transport system, and other modern amenities, Kitchener is the place to be for property investors looking for their next investment. New and pre-construction condos in Kitchener, in particular, are getting a lot of attention.
Why Should You Invest in Kitchener Real Estate?
- Fast rising metro
Kitchener is one of the fastest developing metropolitan regions in Canada. It is home to world-class facilities that uplift artistic, technological, real estate, and economic growth. It is also where renowned educational institutions are located, including Laurier University, the University of Waterloo, and Conestoga College.
In terms of infrastructure, Kitchener has been seeing a continuous rise in new property developments, including pre-construction condo projects. This signals that Kitchener is more than ready to welcome the influx of new business and investment. The planned two-way, 24-hour GO trains that connect Kitchener and Toronto are also underway, with target completion by 2024.
- Less expensive to purchase a home + high-quality tenant mix
It is considerably less expensive to purchase a home in the Kitchener compared to the Greater Toronto Area and its rural locations. New and pre-construction condos in Kitchener, for example, could be priced at 25% to 45% less. In addition, the city is home to a high-quality tenant mix as many white-collar employees start to work from home. Because of this, landlords have reported fewer and fewer issues in dealing with renter delinquencies and property damage. This translates to better security and a higher absolute value for real estate.
- Silicon Valley North
Kitchener is often referred to as Silicon Valley North because it is home to many high-profile tech businesses. Companies like Google, D2L, Vidyard, Shopify, Communitech, Miovision, Thalmic Labs, Square, and Christie Digital all have offices in the city.
- Low Vacancy Rate
When it comes to investing in pre-construction condos, Kitchener is ripe for the picking as it logs one of the lowest vacancy rates for three-bedroom properties in the country at 1.3%. It also has low tenant turnover numbers. With all that said, if you are considering investing in a Kitchener condo for future rental income, this is the perfect time to do so.
- High quality of living
Kitchener logs one of the highest employee incomes in Ontario, despite having a lower cost of living compared to other areas. This translates to a higher return on investment should place your money on new and pre-construction condos and other types of real estate.
Average Condo Price for Kitchener in 2021
Latest reports show that the value of individual home properties in Kitchener went up 18.8% from 209 to 2020, with home prices averaging at $670,000. Condos also saw a huge increase of 26.1%, averaging $263,000 in the same period. This is mostly due to a lack of real estate supply in the region. However, with new and pre-construction condo developments on the rise, these numbers could quickly change soon when the projects are completed.
Kitchener is the largest city in Waterloo and is home to a bustling and vibrant neighbourhood that offers a well-balanced mix of modern and natural resources. It is where the Silicon Valley of the North is located while also showcasing a vast green space and a thriving cultural and art scene. Because the city places a prime on preserving heritage, visitors will see plenty of heritage sites and sceneries, making Kitchener a unique and lovely place to do business and call home.
Accessibility / Getting Around
The city is one hour away from Brantford, Cambridge, Guelph, Hamilton, and Waterloo. By 2024, it will also have a fully functioning 24-hour GO Train that connects the city directly to Toronto. Getting around the city by car, taxi, bus, rail, and the air is easy. There also are plenty of bike lanes all over for those who want to take environment-friendly travel options.
Which Kitchener area is best for real estate investment?
There is plenty of room for real estate investment in Kitchener as there is a lot of space to speak of. But the best locations to date would arguably include Beechwood, Doon, and Stanley Park. These areas offer a healthy balance of infrastructure, modern conveniences, vast parks and green spaces, walkability, and ease of commute and transport.
What are the benefits of investing in pre-construction condos in Kitchener?
Pre-construction condos in Kitchener are priced a lot lower than if the structure has already been built. The biggest advantage to investing in pre-selling condos is the high return on investment. While such early investments could take a few years to come to fruition, you can expect a huge boom in your condo’s value when the property is completed.
Is Kitchen a great place to live?
YES. Kitchener is perfect for nature lovers and families due to its central location, wide open green spaces, great educational offerings, and vast employment opportunities.