General Urban Kitchener Updates and Rumours

[tomh009]

Have we seen any numbers or speculation of how much of this downtown condo demand is for:
1. People who will actually live in their units
2. People intent on using Airbnb for their unit
3. People who are speculating on the property and hope to flip the units as soon as possible
4. Real estate consortia who buy a unit with multiple investors and then flip the unit later

We really don't need to become another Vancouver or Toronto.

There are a lot of rental buildings either opening up or under construction: The Scott, Civic 66, Drewlo, Market Flats, Arrow 2, Ophelia, Bright and Metz (Schneiders) -- I think this will take off a lot of pressure (or demand) from individual condo rentals.

And I do expect that there will be more regulation of short-term rentals, whether at the city/regional level or within individual condo corporations. Hopefully most condos will be owner-occupied, and there will be plenty of other options for people looking to rent.

[plam]

There are a lot of rental buildings either opening up or under construction: The Scott, Civic 66, Drewlo, Market Flats, Arrow 2, Ophelia, Bright and Metz (Schneiders) -- I think this will take off a lot of pressure (or demand) from individual condo rentals.

And I do expect that there will be more regulation of short-term rentals, whether at the city/regional level or within individual condo corporations. Hopefully most condos will be owner-occupied, and there will be plenty of other options for people looking to rent.

KW is really not a vacation destination (have you ever tried to get postcards? I have! It can be done but it's hard.) I'm wondering how many people really think they can do short-term rentals of their KW properties.

Speculators could be a thing though. I don't know. It's a thing in many other places.

[dtkmelissa]

Have we seen any numbers or speculation of how much of this downtown condo demand is for:
1. People who will actually live in their units
2. People intent on using Airbnb for their unit
3. People who are speculating on the property and hope to flip the units as soon as possible
4. Real estate consortia who buy a unit with multiple investors and then flip the unit later

We really don't need to become another Vancouver or Toronto.

I was reading about Los Angeles' rental registry, where every rental must be registered with the city (including long and short-term rentals). When tenants move out, that is recorded, along with rent that was paid, and how much the new tenant is paying. I don't know much more than that, but it seems like a valuable tool in better understanding what's happening in your city with housing.

[panamaniac]

I've been under the impression that many of DTK's new condo units will be rented out rather than owner-occupied. It would be interesting to know.

[tomh009]

I've been under the impression that many of DTK's new condo units will be rented out rather than owner-occupied.  It would be interesting to know.

Someone said that the vast majority of DTK (Duke Tower Kitchener!) units were sold in Toronto, and I expect that most of those people are not planning to move here. And Kaufman is apparently something like 90% rentals.

Our building is still 75% owner-occupied, but most new buildings are not even close to that. At least for now; we'll see what difference the arrival of the new rental stock makes.

[creative]

I saw an ad for The Scott offering one month free rent. I wonder if they are having trouble renting the units.

[tomh009]

I saw an ad for The Scott offering one month free rent. I wonder if they are having trouble renting the units.

It'll take some work to fill 100+ units, and not at discount prices, either, so not surprised by the promo.

[Momo26]

Personally know someone who had a hard time in the last 2 months securing an apartment (2bdrm with a roommate situation) and somewhat on a budget, by K-W's prices today. Still paying over $1700. Had to get something on fringe downtown, possibly not considered downtown and not a highrise style. So I would say the demand remains strong, and at worse there will be a marginal downward pressure on rent prices (more likely plateau)...or not if people are coming with GTA prices in mind.

I also don't think the 'not in close spaces/shared elevators' notion will has AS MUCH an impact one may have originally thought when the pandemic was at it's start (mid flight at that time).
Mind you of semis, towns, detached and condos, condos have increased the least in purchase price year over year. That being said I'm see GTA money (re super high sell price) coming in here, condition free, 100k over asking blindly...

[plam]

I was reading about Los Angeles' rental registry, where every rental must be registered with the city (including long and short-term rentals). When tenants move out, that is recorded, along with rent that was paid, and how much the new tenant is paying. I don't know much more than that, but it seems like a valuable tool in better understanding what's happening in your city with housing.

Owners in Quebec are supposed to declare the previous rent on a new rental agreement, which is somewhat similar. I don't know if the government gets visibility on that though.

Someone said that the vast majority of DTK (Duke Tower Kitchener!) units were sold in Toronto, and I expect that most of those people are not planning to move here. And Kaufman is apparently something like 90% rentals.

I had a grad student who bought a place in Kaufman and then rented it out after graduating.

Personally know someone who had a hard time in the last 2 months securing an apartment (2bdrm with a roommate situation) and somewhat on a budget, by K-W's prices today. Still paying over $1700. Had to get something on fringe downtown, possibly not considered downtown and not a highrise style. So I would say the demand remains strong, and at worse there will be a marginal downward pressure on rent prices (more likely plateau)...or not if people are coming with GTA prices in mind.

When we were looking for a tenant in 2019 it seemed to be harder to find one for our 3br townhouse for the price we wanted than it was in 2015. I thought I had done my research on market price. I don't know what that means.

condition free, 100k over asking blindly...

gah

[dtkmelissa]

New rentals proposed for across from the market. I don't think there is a thread for this one yet. https://www.therecord.com/news/waterloo-...wrha_96498

[LesPio]

New rentals proposed for across from the market. I don't think there is a thread for this one yet. https://www.therecord.com/news/waterloo-...wrha_96498

https://twitter.com/adamclark_cok/status...55/photo/1

[ac3r]

New rentals proposed for across from the market. I don't think there is a thread for this one yet. https://www.therecord.com/news/waterloo-...wrha_96498

Here is the zoning application document for this project: https://drive.google.com/file/d/1EyoxgkK...HcYz7u-zeU

And it's developed by Pioneer Tower Homes (https://pioneertowerhomes.ca/) and designed by Peg Architects (https://www.pegarchitects.ca).

[kalis0490]

22 weber st w imo is the best looking proposal of downtown.      https://www.therecord.com/news/waterloo-...hener.html

[ac3r]

22 weber st w imo is the best looking proposal of downtown.      https://www.therecord.com/news/waterloo-...hener.html

Unfortunately NIMBYs are currently working hard to stop that from getting built.

[danbrotherston]

22 weber st w imo is the best looking proposal of downtown.      https://www.therecord.com/news/waterloo-...hener.html

Unfortunately NIMBYs are currently working hard to stop that from getting built.

You know...I'm utterly sick and tired of this anti-housing bullshit.

It's good to gain a bit of perspective and remember, that there's pro-disease bullshit going on--but that hardly improves my opinion of the human race.