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Vacancy rate in Waterloo falls to 1%

Canada Mortgage and Housing Corporation (CMHC) just released their Rental Market Report for the Kitchener and Guelph CMAs.  This report outlines the vacancy rates, average rents, availability rates etc., and breaks the information down by category – i.e. vacancy rate for 2 bedroom apartment vs 1 bedroom apartments, or comparing rates in new apartment buildings vs older ones.

The vacancy rate in the City of Waterloo fell slightly to 1%, the tightest rental market in the entire region. 

The vacancy rate for Kitchener City went up to 3.4%, and the Cambridge City rate was the highest at 5.6%.  CMHC does not break Cambridge CMA down at all, so we don’t get to see the differences between the older core and the newer areas.

CMHC speculated that the higher rate in Cambridge was caused by “two factors: completion of a 133-unit rental apartment building in July and the movement of renter households to newly completed homes in the City of Cambridge.”

CMHC attributed the increase in the vacancy rates to a number of factors, including young many people becoming home owners (the cost of ownership decreased with mortgage interest rates staying near historic 60 year lows), as well as lower income renters moving home or taking on a roommate to save money on housing due to the downturn in some sectors of the economy.

The report reinforced something our investor clients already knew.  Newer properties, those built after 1990, have the lowest vacancy rate, and the highest average rent.  Buildings built prior to 1960 have the highest vacancy rates.  Most of our clients are buying newer properties, for a few reasons including this.

If you have any questions about the real estate market in Kitchener Waterloo, or about buying or selling investment property, you can call me at 519 772 4376 or email me.  You can find me on twitter at www.twitter.com/BenjaminBach

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Kitchener Waterloo Open Houses – Real Estate tour

It’s time for another Keller Williams Open House Extravaganza! This weekend our Real Estate partners are painting Kitchener Waterloo & Cambridge RED with Keller Williams open house signs. Visit these fine homes this weekend, and let the REALTOR on site know that I sent you!

$299,900 ~ 207 Lourdes Street, Waterloo ~ Sun October 4th 2-4pm
Beautiful Westmount Bungalow on a tree-lined street, walking distance to most amenities, great for a new family or empty nesters, 3+ bedrooms, 2 baths, original home has an enlarged master bedroom with a walkout to a cozy four seasons room. MLS

$349,900 ~ 484 Dansbury Drive, Waterloo ~ Sat Oct 3rd 2-4 and Sun Oct 4th 2-4pm
Desirable home for sale located close to expressway and RIM park newly build home boasting ceramic tile and hard wood on 9′ main floor ,mid level family room ensuite w/ his/her sinks and stunning tile shower. MLS 0934362

$370,000 ~ 6 Croyden Place, Waterloo ~ Sun October 4th 2-4pm
Highly sought after exclusive Lincoln Village court. Extensive updates up to $30,000. Enjoy large family get togethers. MLS

$440,000 ~ 305 Edgewater Cres, Kitchener ~ Sat Oct 3rd 2-4 and Sun Oct 4th 2-4pm
Relaxing strolls along the Grand River, fun filled afternoons at the nearby playground & basketball courts. Exercise & entertain at Chicopee Ski Hill, tube park & recreational facility. MLS

$650,000 ~ 301 Deer Ridge Drive, Kitchener ~ Sun October 4th 2-4pm
Deer Ridge Estates! Right by Pioneer Tower by Grand River and Deer Ridge Golf Course. $120,000 in basement and yard. Muskoka yard with spectacular outdoor fireplace.MLS

$270,000 ~ 94 Mountain Laurel Cres, Kitchener ~ Sat Oct 3rd 2-4 and Sun Oct 4th 2-4pm Luxury ensuite with jacuzzi bath & separate shower. Oversized 1 1/2 garage! You will be impressed. Sunken living room, on open concept main floor. MLS

$379,900 ~ 83 Old Park Lane, Kitchener ~ Sat October 3rd 1-3pm
Excellent 4+1 bedroom home with 4 baths. MLS

$194,000 ~ 36 Pepperwood Cres, Kitchener ~ Sat Oct 3rd 2-4pm
This is a great starter home for a young family or a great investment home for the investor. Close to schools, shopping and expressway. Carpet free main and upper floors with gleaming hardwood. Walkout from living room to large deck. Fenced yard that backs onto greenbelt. Roof replaced 2009. MLS

$280,000 ~ 63 Dreger Ave, Kitchener ~ Sun October 4th 2-4pm
Great Stanley Park home located on quiet street backing onto greenbelt with large fenced yard. Home has been repainted, newer roof(06), newer furnace and A/C(05) completely finished rec room(09). Move in and enjoy! MLS

$319,900 ~ 520 Robert Ferrie Drive, Kitchener ~ Sun October 4th 2-4pm
Best value in desirable Doon South area! 3 bedrooms, 3 bathrooms, the large master bedroom has a walk-in closet and an ensuite. Open concept main floor with walkout to nice deck and deep lot. Ready for your offer. MLS

$269,900 ~ 119 Stiefelmeyer, Baden ~ Sun October 4th 2-4pm
Amazing Bungalow built in 2003. MLS

$399,000 ~ 34 Coral Gables Cres, Elmira ~ Sat Oct 3rd 1-4 and Sun Oct 4th 1-4pm
4 Bedroom, 3 Bathroom Model Home. 9′ Main floor, Master bedroom has a luxurious 5pc ensuite. Maple (gourmet kitchen, 2 sink bathroom vanities, and stairs). Family room with gas fireplace, extensive use of travertine natural stone & maple floors. Double car garage, asphalt driveway, Lot frontage 50′. MLS

$80,000 ~ 204-234 Willow Rd, Guelph ~ Sun October 4th 2-4pm
Why pay rent when you can own! Single bedroom condo apartment, in excellent condition, appliances included. The best value for the money. Ready to move in. This is a rare opportunity not to be missed! MLS

Take a look at these beautiful homes this weekend, and let the real estate agent at the home know I sent you