Invest in Kitchener
A City Evolving in Technology and Infrastructure
Make it kitchener 2.0
Make it Kitchener 2.0 is an ambitious plan to support and propel the economy forward by investing in catalytic growth opportunities. This $80 million initiative will bolster the health and tech innovation industry in Kitchener.
Establish New Partnerships
Investments from Partners & Governments
Invest In Long-Term
Public Assets
Business Case Based Investments
Approved in November 2020, Make It Kitchener 2.0 will support investments in health innovation, creative industries, a startup network focused on the United Nations’ sustainable development goals for community vibrancy and provide affordable housing.
Go line investments
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INNOVATION IN TRANSPORTATION
In today’s world, time is of the essence. Kitchener is seeing massive investments in transit expansion, service and infrastructure to bring regular rapid GO Transit between Kitchener and Toronto.
Map is an artist’s concept based on infrastructure plans as of 2021. Go service to London, Ontario in pilot program. All future station locations and names are subject to change.
Over $2 billion has already been invested to improve the Go Transit service between Toronto and Kitchener with more upgrades slated for the future.
Investment from the province
The 2021 Ontario budget outlined a plan for the Kitchener GO Rail expansion. This budget includes funding to build more tracks and new platforms along the Kitchener-Toronto Innovation Corridor. Along with this, the plan includes track upgrades and maintenance measures to reduce ride time to 90 min from Kitchener to Union station.
This infrastructure work and the coinciding hundreds of millions of dollars in investment, are the most significant step taken by the Government of Ontario towards making fast, frequent, two-way all day GO train service along the Innovation Corridor a reality by 2025.
Region of Waterloo March 2021 Press Release
All Day GO Access
The province of Ontario along with Metrolinx have released a preliminary design business case for the implementation of two-way, all-day GO train service between Kitchener and Toronto.
Electrified Rapid Line
The plan to implement an electrified GO line will allow faster transport along the Kitchener – Toronto corridor. The planned investment for this regional express rail plan is $13.5 billion.
London GO Service
GO Transit launched a pilot program to expand GO train service to London, St. Marys and Stratford in 2021. This service extension runs directly though the Kitchener transit hub.
The planned electrification of the Toronto - Kitchener GO line hopes to reduce the ride time from Kitchener to Toronto's Union Station to 90 minutes.
A City On The Grow
Phase one of the LRT cost $818 million, and was completed in 2019. The Region plans to spend an additional $1.5 billion on the Stage 2 expansion
A City On The Grow
Phase one of the LRT cost $818 million, and was completed in 2019. The Region plans to spend an additional $1.5 billion on the Stage 2 expansion
local transit
At TEK Tower you can commute, explore and connect with ease having transportation at your doorstep. Enjoy the convenience of the ION rapid LRT with Central Station just a 4 minute walk from your door.
Airport Expansion
A $44 million expansion to double the size of the terminal at the Waterloo International Airport was started in 2021 and is expected to increase passenger from 70,000 to over a million by 2023.
LRT Stage 2 Is Underway
The Region is working on extending the ION system an additional 18 km to Downtown Cambridge, creating a continuous LRT service across the Region’s three urban centres.
New Regional Transit Hub
Regional Council has approved Kitchener’s new $106-million transit hub. Located at King and Victoria St. (just a 4 minute walk from TEK Tower) it will connect the ION, GRT, GO and VIA services.
Kitchener's Housing Market Is Booming
Kitchener’s real estate market has been exploding since 2016. Over the past 6 years the average home value has more than doubled with an average increase of $75,000 year over year, due to increasing demand and lack of inventory.
Benchmark Housing Prices in Kitchener-Waterloo
Source: Kitchener-Waterloo Association of REALTORS®
Kitchener Waterloo Home Sales Stats
Apartment Style Condos
January 2022’s average price of an apartment-style condominium was $538,239, an increase of 42.2% from January 2021.
Detached Homes
January 2022’s average price of a detached home was $1,152,707, an increase of 35.5% compared to January 2021.
Semi-Detached Homes
January 2022’s average price of a semi was $849,845, an increase of 47.9% compared to January 2021.
Townhomes
January 2022’s average price of a townhouse was $849,845, an increase of 49.9% from January 2021.
Source: Kitchener-Waterloo Association of REALTORS®
K-W Housing Months of Supply
Source: Kitchener-Waterloo Association of REALTORS®
Supply not keeping up with demand was a steady refrain in 2021, and unfortunately I expect that will continue to be the case in the year ahead...
Megan Bell, President
Kitchener-Waterloo Association of REALTORS®
High cost of living in the GTA
The cost of condo living in Toronto is going up. Monthly average rent for a one bedroom apartment in downtown Toronto is 41.85% higher than Kitchener and the price/sq.ft. to buy a Condo is 93% higher. This coupled with an overall 8.8% higher cost of living is leading to ‘out migration’ from the GTA to more affordable regions like Kitchener Waterloo.
Net Increase in People Leaving the GTA
Source: StatCan, Better Dwelling.
People Under 40 Are Moving Out
People over 40 are no longer the core demographic migrating out of the GTA. In 2020 there were 24,207 people under 40 that left the city, this represents 49.7% of the total number of people leaving the GTA.
Out migration for the under 40 demographic has consistently been rising, prior to 2017 only one third of people leaving the city fell into the under 40 category.
Source: StatCan, Better Dwelling.
![As renters left downtown Toronto, prices in one Ontario city [Kitchener] surged](https://tektower.ca/wp-content/uploads/2021/12/shutterstock_1693428226.jpg)
A Rental Market In Demand
The need for both urban and affordable condominium and rental accommodations is evident. Demand for rental continues to grow across the region, the average vacancy rates are an extremely low 0.8% for condo-apartments in 2021.
Source: CMHC 2022 Rental Market Report
Rental Rates Are Going Up
Kitchener Rental Rates were the fastest growing rates in Canada. Rents jumped 14% in 2020 and 15% in 2021. This places the average rent for an apartment in Kitchener at $1,881.
Out Pacing The Rest of Ontario
For eight consecutive years rental rate increases have out paced the rest of the province due to a lack of supply.
High Quality Tenants
Because of its tech eco-system, Kitchener is host to more AAA caliber tenants. With more of these types of tenants working from home, affordable and larger dwellings outside of the GTA are in demand.
Source: CMHC Rental Market Report
