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Waterloo is a thriving city located at the very heart of Ontario’s landscape. This city is largely known for its strides in education, technology, and industry, but it can also become home to some of the best real estate investments on the market.
After all, not only is the city home to a strong and competitive real estate market capable of standing against many properties in the Toronto area, but the city’s environment, lifestyle and economy also work together to produce a high quality of living that is attractive for working professionals who are looking for a place to call home.
So, if you are interested in learning more about how Waterloo may be the ideal spot for your real estate investments in the new year, keep reading and let’s explore this market together.
However, before we get started if you would like to book a free strategy call to discuss financing your Waterloo real estate investments, you can do so by clicking the link below.
Waterloo Real Estate Builds a Healthy Local Economy
One of the first things you are likely to hear about when looking into Waterloo is its rich technology-focused economy. As part of Ontario’s Innovation Corridor, and the Technology Triangle of Kitchener-Waterloo-Cambridge, there is no surprise that many major technology companies have chosen to call Waterloo their home.
As a result, Waterloo’s economy is an attractive one for many working professionals who want to earn strong wages and live comfortably. The average salary in Waterloo is approximately $66,000 per year with an average household income of over $100,000. That contributes to most of the city not only earning a living wage but being capable to afford a higher quality of living than the average Canadian.
This means that you are able to operate higher quality, luxury rental properties in Waterloo without worrying too much about affordability.
As for the unemployment rate, despite the current economic hardships facing Ontario and Canada as a whole, the unemployment rate in Waterloo is currently estimated to sit at approximately six per cent – a higher than average rate, but not to a degree that should raise too many concerns for investors at the time of writing this article.
Affordable Housing Prices in the Waterloo Real Estate Market
For a city with such a strong economy located within one hour of the city of Toronto, Waterloo has some incredibly competitive housing prices that are worth turning your eyes towards. According to estimates from the end of November 2022, Waterloo had an average purchase price of approximately $736,000 for a detached home. This price is noticeably lower than comparable properties in the early months of 2022. So, if you are interested in securing a bargain before the market begins to rebound and prices start climbing once again, you may want to consider buying in the near future.
Discover How To Buy Unlimited Rental Properties With This Step By Step Guide
A Strong Market for Waterloo Real Estate Investors
While some of the current market conditions are not prime for all renters in Waterloo, the current rental market largely reflects a strong, competitive period for investors trying to earn cash flow and maintain consistent, long-lasting tenants.
At this time, the average two-bedroom rental in Waterloo is going for approximately $2000 per month. This is enough to provide a relatively affordable rental experience when compared to nearby markets such as Toronto. However, the residential vacancy rate in the city is on the lower end of the recommended average hovering near three per cent and trending slightly downward as people turn their eyes towards this excellent city.
Rich Local Culture
Each year, Waterloo is full of many rich cultural offerings that make the city an attractive and unique place to live. These range from cultural events and establishments, major tourism attractions, and the city’s beautiful landscape.
Most notably Waterloo is one of the hosts of the Kitchener-Waterloo Oktoberfest celebration. This nine-day event is the largest Bavarian celebration in the world outside of Germany and attracts over 700,000 visitors into the region each year. This event is also estimated to generate over $21,000,000 in economic activity in the region, making it a powerful force within the city.
The city also is known for being a haven for the arts communities of Ontario, offer year-round supports for artists and even celebrating their talents each year in the Waterloo Busker Carnival, an annual event that has been ongoing since 1989. This event draws visitors from not only Canada, but the rest of the world as one of the premier busker events globally.
As for year-round cultural offerings, the city of Waterloo is home to attractions such as the Canadian Glass and Clay Gallery, Waterloo Central Railway, and the Perimeter Institute for Theoretical Physics.
Waterloo Real Estate – Investing in the Future
If you are interested in investing in a market that is primed to drive our country’s future, then Waterloo may be the place for you. Sitting right in the heart of Canada’s Silicon Valley, this city is ready to grow and expand – all it needs are the investors ready to make the city’s potential into a reality.
So, if you want to jump on the opportunities in Waterloo today, get started with a mortgage optimized to your specific goals with our team at LendCity. We promise to take your application through our network of experienced lenders to help you secure the best available rate, term, and conditions so that you can build long-lasting successful investments.
To get started today, all you need to do is visit us at LendCity.ca and apply online or give us a call at 519-960-0370 to book a consultation with a member of our team.
Waterloo Real Estate Professionals
Here is a list of trusted real estate professionals that service the Waterloo real estate market.
Mortgage Brokers
LendCity Mortgages
If you would like to book a free strategy call with our team at LendCity, you can do so by clicking the link below.