Kitchener, Ontario has recently seen a major increase in housing activity, partly due to the low rates for home mortgages, and also because it is one of the most fortunate cities to live in or do business in the country. However, as with any property deal, finding the right mortgage broker is a critical first step. This is where residential and commercial estate professionals, Northwood Mortgage™, come in. Living in Kitchener Kitchener is a great place to invest in real estate. It is also a great place to live if you enjoy cultural diversity, arts and culture, and spending time outdoors visiting trails, parks, and natural areas. Kitchener is a hub of activity for the entire Waterloo Region, offering numerous things to do for singles, families, youth, children, and retirees. Kitchener is also the core of the region with regard to public transit service, with buses shuttling professionals, residents, and visitors to all areas of the city and beyond, every day. Kitchener’s economy is vigorous, characterised by the new and exciting clusters that continue to emerge and bring new life into the downtown core. This is an ideal neighbourhood for young families, busy professionals, or seniors that will suit each style and way of life.
From rambling century homes to tree-lined streets and lofts or luxury condos in the hub of downtown, Kitchener has them all. Buying property in Kitchener has traditionally been a good investment, especially if your other option is to rent. The city is highly diversified, and somewhat recession-proof, considering that the real estate bubble was barely affected by the last recession. In fact, the city has one of the lowest commercial real estate vacancy rates compared to London and other Canadian cities. Many buyers are attracted to uptown property, which has seen the highest increase in values. When it comes to buying a condo in Kitchener, you need to consider a few things, including how long you intend to stay (looking at the implication of property sales costs/taxes), as well as the effect of secondary holding costs (including maintenance, improvements, property taxes/fees, etc). For instance, it may not necessarily be a good idea to buy a place where you’ll only stay for a few months. Renting would be the more cost effective option. Conversely, buying for a period of 5 years allows you to save a lot more over renting for the same duration. To determine the most cost effective option, you should use a buy-rent calculator offered by many real estate agencies. One other thing to note with Kitchener property is that mortgage interest is not tax deductible.
If you’re looking to buy a home in Kitchener, it is best that you get a good realtor and experienced real estate lawyer in the Kitchener market. Northwood Mortgage offers a range of mortgage solutions that can influence your buying decision.
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