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The Condo and Loft Market in Kitchener Waterloo is Booming

By
Real Estate Agent with Re/Max Twin City Realty Inc, Kitchener-Waterloo ON

By Warren McNeil,

On Monday RE/MAX released a press release about the condo market in Canada. They said that inKitchener Waterloo Lofts and Condos Toronto 1-3 houses purchased was a condo. They also said that in Kitchener-Waterloo 1 in 5 houses purchased was a condo. So why are people choosing this type of living?

If you are not into doing alot of maintanence, then a condo might be the right fit for you. One of the nice things about condo living is the freedom of not having to worry about any exterior maintanence. If you are not the handy type or you don't have unlimited cashflow, than the extra insurance you have buying a condo can give you the peace of mind that you might be looking for.

CMHC held their annual housing outlook for 2011 yesterday. Alot of information was discussed. One thing they mentioned was that Kitchener Waterloo is becoming a big city. This means more intensification. Waterloo region is expected to grow to 700,000 people by the year 2031.

condos in kitchenerIn our area right now, high-rise condominiums are the big thing. After the success of buildings such as the Kaufman Lofts  and the Bauer Lofts, more buildings are now being constructed. There are around 10 separate new construction projects in the works right now. Everything from townhouse style condos, downtown high-rise to condos in established residential areas.

If you travel for a living or like to go on vacations for months at a time then condo living offers more peace of mind then detached housing.

Increasing interest for these types of condos and lofts is coming from technology professionals who don't want the hassles of doing maintanence. Other types of a buyers are parents who are buying investment condos for their children while they go to university. Investors are also looking for affordable rentals. With the higher cost of single detached homes, buyers are now starting to look towards condos as their first home.

In summary, condos are a great option for people who want less maintanence. They fit all kinds of budgets from starter apartment style condos to luxurious townhouses. If you like condo living then you might want to consider living in the Waterloo Region!

Comments (3)

Not In Real Estate Any Longer
Autaugaville, AL

Hi Warren & Melanie,

You are so right!

Just last year hubby and I sold our side-split and moved to a high-rise condo and are loving it. We aren't huge yard people and the kids have moved out, so now we have the time to do the things we want to do, instead of yard work and housework :) 

Nov 04, 2010 02:36 AM
Warren & Melanie McNeil
Re/Max Twin City Realty Inc, Kitchener-Waterloo ON - Kitchener, ON
Team McNeil

Hi Pam,

Thanks for your comment! It is also nice to be able to come and go as you please without having to worry about mowing your lawn or shovelling snow. Alot of the condos in K-W area are pet friendly which is really good for buyers. I see you're a pet lover so I thought I would mention that as well :)

Mel and I aren't huge yard people either.. Ironically we have a huge yard :)

 

Thanks!

Warren

Nov 04, 2010 08:20 AM
Not In Real Estate Any Longer
Autaugaville, AL

Hi Warren,

Part of why we chose the location we did was because the condo is in fact very pet friendly. We have a large dog who likes lots of walks, and our area has plenty of green space with public parks and walking trails along the grand river.

Maybe it's time you and Mel found a nice condo to call home :)

Nov 04, 2010 08:36 AM