Canada’s Technology Triangle, comprised of Kitchener, Waterloo and Cambridge, attracts the best and the brightest to study and work. For over a decade, investors have flocked here to supply much needed housing solutions, and the current market perception says the supply is sufficient, even overflowing. Not so.
“Waterloo just keeps growing at such a strong rate,” says Hunter Milborne of condo leaders Milborne Real Estate “It’s going to be hard for supply to catch up to demand.”
As of May 2017, the supply of off-campus student housing is reported by CBRE at 21,059 beds with demand at 23,392, not including potential demand from local, nearby or co-op students, or those attending satellite campuses or Conestoga College. The number of beds in the pipeline will bring on a mere 1,964 total student beds during 2017.
Over the longer term, all new developments added together will only deliver a total of 2,063 units with 3,475 beds by 2020, at which time there will be a total of 55,000 students.
Both Wilfrid Laurier University and University of Waterloo are forecasting growth in their student body, with no on-campus beds planned. For example, a new $88 million Engineering “E7” building at University of Waterloo will add 1,500 undergraduate and 500 graduate positions in the next 4 years. At Laurier, $72 million from the government will finance the new Lazaridis School of Business & Economics, named after Blackberry founder Mike Lazaridis. Conestoga Campus is also undergoing a $43.5 million expansion that will add 3,350 students.
Another growth area is the increase in rental demand by young professionals who are finding employment in Waterloo’s tech sector and others. These young singles and couples are increasingly renters due to home ownership affordability issues and lifestyle choices.
As well, there’s the issue of quality of student housing. Most of the current supply is classed as C or D. According to the latest CBRE Waterloo Student Residential Market Overview, there is a clear undersupply of A Class buildings and above.
The CBRE study shows that in the walkable areas surrounding University of Waterloo and Laurier are 291 D Class, 300 C Class and 96 B Class buildings. Only 26 buildings are designated as A Class, which includes A-, A and A+ buildings. To qualify for A Class designation, buildings are judged based on location, purpose built design, professional management including 24-hour security, as well as their amenities including elevator, fitness room, theatre, study area, laundry, ensuites, furniture, utilities and internet.
Sunview Suites, coming soon to Waterloo’s prime location, passes the test with flying colours with brand new A+ Class condos, priced from the low $200’s.
A magnificent modern architectural statement, the Sunview Suites condominium community offers the latest in open concept suite design with the appeal of dazzling building amenities for contemporary living. Ideal for young professionals, Sunview Suites offers a choice of fully furnished suites with studios, 1-bedrooms, 1-bedroom+dens, and 2-bedrooms.
At Sunview Suites, amenities are all about community. Residents can hold a meeting in the meeting rooms, relax in the games room, catch a film in the movie room, enjoy the city views with friends on the spectacular rooftop terrace, or run to the shops on the ground floor.
In the heart of Waterloo’s University District near the Idea Quarter, Sunview Suites delivers unmatched proximity to campuses. Once complete, residents can walk to Wilfrid Laurier University in just 2 minutes and the University of Waterloo in just 8 minutes. In addition, the new $818 million ION LRT rapid transit is slated to begin operating in 2018 and will stop at the new University of Waterloo station, only steps from Sunview Suites.
This exciting real estate property comes from Prica, Waterloo’s leader in student housing for over a decade. Sunview Suites is a hassle-free, fully managed real estate opportunity with a 2-year rental guarantee. Expert property management will be provided by KW4Rent, a wholly owned Prica subsidiary with an enviable track record of excellence in building management over the past decade.
If an A+ condo in Waterloo’s best location seems like a bright idea to you, learn more about Sunview Suites. Demand is high. Visit SunviewSuites.com today. -CINEWS