Lying in the southeastern parts of Ontario, the city of Kitchener is one of the three biggest cities in the Waterloo regional municipality. The city is located in the Grand River valley, approximately 60 miles to the west-southwest of Toronto. And serves as the regional capital of the Waterloo municipality.
Sprawling an expansive area of more than 136.86 square kilometres, Kitchener’s population of 256,885 people, per the official 2021 Canadian census report, means the city boasts one of the best population densities in the province of Ontario. In fact, the 2021 census report earmarked the entire regional municipality of Waterloo as the 10th-largest census metropolitan area (CMA) throughout the country and the fourth-largest CMA in Ontario.
This status and its close proximity to Waterloo have made Kitchener a city in demand amongst potential homeowners. This has made condos and townhomes highly favoured in the city, with some property developments such as the Verde Condos Kitchener attracting lots of interested homebuyers.
But the attraction to Kitchener goes beyond its administrative status and a bustling property market. In this article, we’ll explore the beauty and aura of Kitchener City and the entire regional municipality of Waterloo. We’ll also discuss the local housing market in Kitchener and why Verde Condos is a great place to live in Kitchener.
Why Live in Kitchener?
There’s just one reason why anyone would want to live in Kitchener: it is a good place for you and your family. The city of Kitchener has all the attractions of a typical home city. It has lush vegetation that contributes a breath of fresh air continuously. There are several lifestyle facilities in the city, including such features as interactive art and science exhibits. The sprawling Victoria Park provides more incentive to live in Kitchener, while the Joseph Schneider Haus museum of living history helps residents recreate 19th-century life in the city.
With a humid continental climate reminiscent of a warm summer, the city of Kitchener experiences large seasonal differences between warm, humid summers and cold to very cold winters. However, each season comes with a litany of fun entertainment and recreational activities that keep the city and regional municipality lively throughout the year.
Kitchener is also very accessible to the surrounding areas, a fact that has greatly made the city’s economic viability grow over the past decade. This in turn translated to better household incomes, easier for residents to afford decent housing in the city, and make Kitchener attractive for those looking for a friendly and hospitable place to build an enriching family life.
One of the benefits of moving to Kitchener is its housing market. The city has very attractive properties for sale, while its pricing is more affordable than in Toronto and other similar metropolises. This is evident in the number of current preconstruction projects in Kitchener, especially those close to completion. Or where all units have been sold and construction is already underway. One such project, the Verde Condos in Kitchener, is a truly breathtaking sight to behold.
Overall, the city of Kitchener is a safe community loaded with essential opportunities for its residents. Living here is also more affordable, while the wider regional municipality offers both residents and visitors numerous great festivals and cultural events. Kitchener is also close to other cities, making job and business opportunities for her residents easier to secure. This close proximity also means that residents of Kitchener can easily work in the surrounding communities and towns, with the many housing options especially rewarding for the regional economy.
The Housing Situation In Kitchener
The city of Kitchener has a robust housing market. Like the situation around the Waterloo regional municipality, this housing market is dominated by the illustrious preconstruction projects in Kitchener. However, Kitchener has lots of properties on sale this year, with the homes spanning the new construction, preconstruction, and resale markets around the city.
Despite this diversity in the local housing market, the city of Kitchener has experienced rising prices since 2020 that favours residential property sellers. This trend persists across the last five years, during which residential property prices in Kitchener have increased by an aggregate of seven per cent. The bigger Kitchener-Waterloo region posted similar numbers, with the seller’s market territory seen in the local housing market since 2016.
Despite the diversity evident in the Kitchener residential property market, residents and potential homebuyers are still plagued by a pressing lack of suitable housing inventory. This affects all sections of the local housing market, but the dearth of townhomes in Kitchener remains of particular concern. This is also true of detached houses and semi-detached homes in the city, which has in turn limited the housing inventory available for larger families looking for a home in the city.
Low housing inventory has contributed to the spike in real estate prices in Kitchener, which is extremely pressing for residential property buyers. According to a survey by the Kitchener-Waterloo Association of REALTORS® (KWAR), demand for housing units is expected to keep rising as more move-over and foreign buyers continue flocking to the municipality of Waterloo.
Unfortunately, higher demand for housing units and the rising prices have priced many first-time homebuyers out of the local market. Townhome properties continue to experience higher levels of demand and activity, thanks to their lower price point when compared to their detached counterparts, while offering more living space than a condo. Space and affordability are also factors driving increased activity in rural areas just outside of the core city.
However, condos in Kitchener are seeing a lot of demand across the different markets, with KWAR crediting their comparatively lower prices for heightened demand and sales activity. However, RE/MAX Twin City Realty noted that the majority of the Kitchener housing market activity has involved many homebuyers going beyond their means in order to purchase a home locally.
Residential Properties In Kitchener
The city of Kitchener has hundreds of residential properties currently listed for sale. These units are spread across the new construction and resale markets in the city, but Kitchener preconstruction projects have been attracting a lot of interest. Of the major housing units in the city, potential homebuyers have the choice of condos, detached and semi-detached homes, and detached homes.
The demand for these properties housing units is forecasted to continue rising thanks to an increase in inter-provincial migration with many residents selling and moving to other areas within the province or even the country. These migratory movements and their impact on housing demand have led to a 6% increase in average home prices in the Kitchener-Waterloo housing market.
Preconstruction homes in Kitchener
The city of Kitchener preconstruction housing market is a clear favourite for those homebuying willing to wait for their dream homes. This market allows the would-be homeowner to buy a unit in an upcoming housing development. Because this market allows the homebuyers to customise their individual units at no additional cost and enjoy a mortgage holiday while the project is under construction, the preconstruction market in Kitchener has been more active than the ready-build and resale property markets.
Ready to move in homes in Kitchener
This market contains the already built houses that homebuyers move into right away. As such, the ready-build housing market in Kitchener lists both new construction homes as well as those recently returned on the market for resale. These houses for sale in Kitchener are better suited to families and other homebuyers looking to move in soon, such as those moving to Kitchener thanks to inter-provincial migration or setting up a second home.
As a rule of thumb in the domestic real estate market, new construction houses attract higher prices than resale ones, for properties within the same location and or range. But this market is hard for the buyer, as limited housing inventory units create a very competitive market where properties regularly close for a lot more than the original asking prices. Preconstruction projects in Kitchener do not contend with similar issues, as the projects have a contractual price per square foot that does not vary based on the prevailing demand for houses.
Types of Homes in Kitchener
Thus, the domestic real estate market in Kitchener lists properties across the two major market segments. In terms of the property types, however, the market offers a variety of houses designed to cater to the unique needs of each potential homebuyer. These properties include condos, townhouses, detached houses and semi-detached houses, as discussed below.
Townhomes in Kitchener
There are lots of townhouses available for sale in Kitchener. While these properties vary in size, location, and facilities among others, the townhomes listed around Kitchener are classy and spacious, while most have a beautiful yard.
Detached homes in Kitchener
Most of the detached homes available for sale in Kitchener are single-family properties. They come with an extensive array of beautiful features and family-friendly facilities. These homes are also located within close proximity to excellent schools.
The market for detached homes in Kitchener has been soft in 2022, continuing a trend that has been evident since 2017. In this period, however, the price of a single housing unit in this segment has been rising steadily, even as the number of available housing inventory has increased as well.
Still, these large homes are less popular for the majority of the housing market in Kitchener, with only growing and large families the consistent buyers of detached homes in Kitchener.
Condos in Kitchener
The Kitchener housing market has very pristine condos to choose from, often located in bustling neighbourhoods. These properties have a huge variation in price depending on location and facilities and come with several convenience and security features to make you feel at home right away.
One of the major preconstruction condo projects in Kitchener is the Verde Living Condos at 83 Elmsdale Drive. The number of condo sales in the Kitchener city housing market has been very strong over the past five years without resulting in massive price increases. This trajectory is anticipated to persist throughout the rest of the current year, with newly-weds and other young couples cited for driving the high demand in condo housing units. In general, young families have been most interested in homes on the new construction market, contributing to the expected boom in townhomes development in the Waterloo region this year.
Semi-detached homes in Kitchener
If you’re looking for a withdrawn home in Kitchener, then a semi-detached home is for you. The properties often sit on expansive lands, boast huge yards, and have numerous bedrooms and baths to boot. While they don’t come cheap, semi-detached homes in Kitchener guarantee safety and privacy without isolating you from your nearest neighbours.
About the Verde Living Condos in Kitchener
Located at 83 Elmsdale Drive in Kitchener, Ontario, Verde Living is a new joint condo development project by JD Development Group and Downing Street Group. At the moment, the Verde Condos development is still in preconstruction and scheduled for completion in the third quarter of 2024. The project has 266 units in total with the size of individual units ranging between 456 and 772 square feet.
Facilities and Amenities
All homeowners in the luxurious Verde Condos Kitchener will have access to the following features, facilities, and amenities, both in their individual units and as part of the project’s shared spaces.
- Lobby lounge
- Outdoor terrace
- Pet wash
- Fitness studio
- Co-working space
- Guest suites
- Event lounge
- Yoga room
Verde Condos Details
Below are some of the key information released to the public by the Verde Living condos project developers, JD Development Group and Downing Street Group.
|456 – 772 square feet
|1 – 2
|Construction Start Date:
|To Be Determined
|JD Development Group; Downing Street Group
|From 9’0″ to 14’0″
The beautifully designed Verde Living condos in Kitchener are enchanting. No doubt. But why exactly should you want to live in this magical development by JD Group and Downing Street Group? Below, we explored the ten reasons why living in these condos in Kitchener would make for a great lifestyle.
Reasons why Verde Condos in Kitchener is a great place
The Verde condos, Kitchener preconstruction development is scheduled to be completed in late 2024. In the meantime, potential unit buyers can contact the official sales company, In2ition, to reserve a unit and start making their payments.
With the 266 units in the Verde Living condo project going on sale starting in 2022, buyers can get their units from the stated pre-launch price range between $400K and the high $600Ks.
But should you commit to buying a unit in this preconstruction development?
Below, we discuss the 10 reasons why you must consider buying a unit at the Verde Living condo complex. And why Verde Condos is set to become a great place to live in Kitchener.
1. Luxury living features in every suite
The Verde Living Condos boasts of very impressive and luxurious features, both in the individual suites and in other areas of the development. As such, living at the Verde Condos Kitchener guarantees your family access to some of the most prestigious homes in the Waterloo municipality. Some of these luxury features and facilities include high ceilings standing at approximately 14’ high on the ground floor and about 9’ on the second to seventh floors. The ceilings in the penthouse stand at 10’ high.
All suites also have a smooth-finish throughout every finished area while the luxurious vinyl plank flooring covers every space in the suite. Verde condos use ceramic tiles in the bathroom and laundry room, painted flat-slab or glass sliding doors, as well as brushed nickel-finish door handles and hardware.
All baseboards are approximately 4” thick around the unit with 2.75” flat-cut casings all around the suite. Other in-suite features include painted flat-slab swing doors throughout, wire closet shelving, a primed and painted all drywall suite with white flat low VOC latex paint, and stunning balconies with sliding doors or swing doors.
Kitchens in all units have contemporary kitchen cabinetry with extended uppers, under-cabinet lighting, elegant quartz slab countertops, and modern tiled kitchen backsplash. You also get a single-basin stainless-steel under-mounted sink complete with contemporary faucet in chrome finish.
Major kitchen appliances include a 24” stainless-steel refrigerator, a 24” stove with flat cooktop, a 24” integrated dishwasher, a stainless-steel microwave, and a hood fan exhaust to exterior. All the stacked washers and dryers are directly vented to the condo complex’s exterior.
2. Homely, healthy outdoor amenities
Some of these amenities include an expansive lobby lounge and outdoor terrace as key common areas, while the pet wash and yoga room provide an avenue to keep both yourself and your pets in peak health.
Similarly, Verde Condos also comes with a fitness studio, event lounge to host your birthday parties among others, as well as a guest suite that ensures you do not overcrowd your unit whenever you receive guests at the condo complex.
More importantly, residents of the Verde Living condo complex also enjoy a co-working space to enhance their remote work productivity, giving homeowners a luxurious living experience without compromising their work.
Part of the luxurious appeal of living at the Verde Condos lies in its access to nature. The development gives residents close contact with the nature around them, which contributes to rediscovering the vibrancy in condo living.
3. Affordable pricing and deposit structure
Despite the apparent high price of buying the Verde Living condos in Kitchener, this development remains comparatively cheaper than similar projects within this range. This also applies to the fees charged to every unit owner in this preconstruction condo complex, most of which are on the lower range for executive condos in the Waterloo municipality.
As noted earlier, the listed price for the available units at the Verde Condos ranges between the higher echelons of $400,000 to the equally higher amounts of $600,000. This is pretty average when viewed in the context of real estate prices in Kitchener city of the past five years. But this is not all you pay.
As is the case with preconstruction home projects, the price and other fees are paid in a buyer-friendly deposit structure that only requires $5,000 when you sign up. Afterward, buyers are required to pay the balance in a graduated fashion, with 5% in the first 30 days after signing on. The rest is paid in 4 instalments at 2.5% after 60, 120, 365, and 720 days. The final 5% is paid just before taking up residency of your unit.
All residents of the condo complex must consent to paying maintenance fees that are very pocket-friendly. For instance, a Verde Condos resident pays a maintenance fee of $0.6 per square foot per month. In addition to this, you can buy a regular parking space at a subsidised one-time cost, or pay a premium fee for underground parking. Other fees that you incur while living at the condo complex include the cost to purchase storage as well as the co-operative fee for the realtors.
Furthermore, buying a unit at the Verde Condos comes with several pre-launch buyer incentives, including a $5,000 credit as soon as you close on a 1 bed + den unit. Similar incentives are available on purchases of a 2-bed unit at $15,000 credit on close of your contract.
Buyers also reserve the right to lease their units during occupancy alongside receiving a $20,000 parking discount on the regular fees, capped development charges at $5,000, as well as no assignment, admin, and legal fees among others.
4. Very accessible location
Located at 83 Elmsdale Drive in the city of Kitchener, Ontario, the Verde Living Condos are located in a very accessible location that is ideal for all sorts of commuters. Along with the exceptional access road to and within Kitchener, this means that residents of the Verde Condos can come in and out with ease in a boost to their economic productivity.
Other than access to the Elmsdale Drive, the Verde Living Condos complex is surrounded by well-paved access roads all round. The development is bordered by Elmsdale Drive to the west, Ottawa Street South to the south as well as the Chandler Drive to the north and East. Verde Condos are also very close to the Conestoga Parkway that leads directly out of the city through Highway 8.
It is also very easy to access notable regional transport hubs from the Verde Condos complex. Major transport hubs include the Grand River Transit centre and the Evergreen Transfer services. Similarly, the Fairway station is less than a 20-minute drive from Verde Condos, while the area has well-developed transport systems from private car drivers.
5. Lush nature with plenty of greenspace
One reason why Verde Condos is a great place to live in Kitchener is the lush greenspace in its vicinity. These include the beautiful recreational parks such as the adjacent McLennan Park, while the Meinzinger Park is not too far away.
These are the greenspaces closest to the Verde Condos complex. However, residents still have a plethora of other options a few minutes’ drive away from their homes, promising the kind of wholesome living not often accessible in a city neighbourhood.
6. Recreation and fun activities
Residents of Verde Condos Kitchener have a lot of options for recreation and fun activities. These activities are suitable for singles, couples, and even the entire family, with parks, winter sports, and an enchanting theatre experience. Indeed, the theatre scene in Kitchener is by no means modest, as the 30-year-old Centre In The Square has hosted some of the best local and international performing arts. Alongside the Kitchener-Waterloo Little Theatre, you can be sure to enjoy plays, musicals, concerts, and comedy in your free time.
The whole city of Kitchener also enjoys a generous climate. This makes its parks, beautiful landscape, and its rich nature a natural attraction to both locals and guests alike, and puts residents of Verde Condos at the centre of it all. To enjoy them, head over to the beautiful and historic Victoria Park to sunbathe in the summer or huddle up with a thermos of hot chocolate in the winter and admire the Signature Lake in wind, rain, or shine.
7. Friendly, supportive community
Verde Condos are centrally placed within a vibrant community in the city of Kitchener. The development, which sits very close to Elmsdale Park, joins other residential developments such as the Country Hills West neighbourhood to create an involved community that suits family life.
This robust community is full of all the facilities needed to support a family, including schools, businesses, and important social amenities. Beyond the parks mentioned previously, residents at the Verde Condos have a plethora of other recreation facilities and fun activities for both adults and kids.
The area supports other family needs like access to quality education for children. The Kitchener area is home to several schools of different levels, from elementary to secondary schools and beyond, while the variety of lessons offered means your kids can learn in French and English. There is also an abundance of extra-curricular activities and programs for every kind of student, with the city able to support those graduating into further education, thanks to excellent post-secondary education at Conestoga College, the University of Waterloo, and Wilfrid Laurier University among others.
8. Easy access to better-paying jobs
For non-residents buying a unit at the Verde Condos, the prospect of landing a job in the city is intriguing. You could easily get hired at one of the biggest employers in Kitchener, including the Kitchener-Waterloo local economy and internationally recognized corporations.
Some of these leading employers in Kitchener are Allianz Global Canada, BlackBerry, Gore Mutual Insurance, Toyota Canada, and Waterloo North Hydro among others.
9. Smart home suites
In terms of the design, units at the Verde Condos Kitchener come with an in-suite wall pad that provides a single interface for homeowners to interact with their home and the entire community. Other than the wall pads, all units at the Verde Condos use a keyless digital door lock system that allows easy access to the suite using just your smartphone app or a unique passcode. This system allows Verde condo owners to let their guests come and go freely by giving them a secure, personal access code.
Residents at the Verde Living Condos also receive a bulky high-speed internet in their units to access the internet with ease and an individually-controlled seasonal air conditioning and heating system with thermostatic control to keep your suite warmed up nicely.
The suites also have elaborate electrical and mechanical systems. This includes individual-suite electricity and water metres, ceiling-mounted track lighting in the kitchen, as well as fibre-to-the-suite technology. Ceiling outlets in the living rooms are switchable and capped, making lighting fixtures in bedrooms, kitchen, foyer, and den a lot more efficient. The suites also use stylish white decora switches and outlets, while in-suite smoke and heat detectors add to a robust security system that also includes in-suite sprinkler fire protection system.
10. No more rent hikes
According to The Record newspaper, the majority of neighbourhoods in the city of Kitchener reported a whopping 15.9% year-to-year increase in rent prices for one-bedroom apartments between 2018 and 2019. Attributed to an increase in the number of owners and rental households, buying your own unit will protect you from continued rent hikes that have become increasingly more common.
On the flipside, higher rents accompany higher incomes, meaning the Verde Condos residents are likely to benefit from economic stimulus programs without feeling the pinch of higher rents.
The beautiful community of Kitchener, enjoys close proximity to Toronto and to breathtaking nature spots and lifestyle facilities. This combination makes the area ideal for supporting well-rounded family life. The growing community and availability of various job opportunities make Kitchener even more attractive to move to.
And yet, it is the bustling residential property that is critical to the decision to relocate your family to Kitchener. Potential homebuyers have the choice of preconstruction, new construction, and resale homes to consider, while the availability of condos and single-family homes allows for young families to also consider Kitchener.
Regardless of your choice of home, however, you’ll need to act smart and fast to secure a home in Kitchener, one of the hottest housing markets in the City of Kitchener, Ontario. The housing prices are very competitive for condos, townhouses, and more, while inadequate inventory has contributed to rising prices over the past decade.
Even then, a would-be Kitchener homebuyer has access to the many preconstruction home projects presently underway in the area, while listings for resale homes are just as many. To land a home, however, one must first be content with the many other Kitchener residents pining for the limited supply of homes, and then be able to afford the high prices of the available homes. For the latter, however, high mortgage pre-approval rates across the community of Kitchener are definitely a huge help.