Kitchener Mayor Carl Zehr is currently reading the motion, and it has been seconded by Sean Strickland.

I am in support of LRT – rails specifically – and I hope that Regional council votes YES.

We should have a vote shortly – stay tuned!

For the fastest updates, follow #LRTvote on twitter!

UPDATE – LRT Rails Passes 9-2!

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I wrote about this a while back, when covering the new Apple Store opening in Waterloo, but I can now officially announce what I told you:

TARGET is coming to Conestoga Mall in Waterloo

As anyone who follows Retail & Commercial Real Estate in Canada likely knows by now, Target bough Zellers for $1.82 billion, mainly for the leases it owned in prime retail locations.  Zellers has a huge presence across Canada in premier malls, and it would be impossible to replicate that presence quickly, without buying a competitor.

Target will be taking the old Zellers space in the North East part of Conestoga Mall.  I do not expect the second Zellers in Waterloo, on bridgeport, to become a Target, but ya never know.

What is significant is that TARGET announced that it is coming to Waterloo in its first round of store annoucnements – Kitchener Waterloo is a major market that American retailers want to be in.  Just look at the new Apple Store we will soon have!

TARGET Comes To South Western Ontario

Target is moving into South Western Ontario’s Retail scene in a major way, announcing stores in Waterloo, Cambridge Centre, Masonville Mall and Westmount Mall in London, 175 Stone Road W in Guelph, at Gates of Fergus, among others.

The rest of the stores in Canada are as follows:

Alberta
•       Chinook Centre, Calgary
•       Forest Lawn Shopping Centre, Calgary
•       Market Mall, Calgary
•       Shoppes at Shawnessy, Calgary
•       Signal Hill Centre, Calgary
•       Sunridge Mall, Calgary
•       Bonnie Doon, Edmonton
•       Kingsway Garden Mall, Edmonton
•       Mill Woods Town Centre, Edmonton
•       Prairie Mall, Grande Prairie
•       Bower Place, Red Deer
•       St. Albert Centre, St. Albert
•         Sherwood Park Mall, Sherwood Park

British Columbia
•       Abbotsford Power Centre, Abbotsford
•       Metropolis at Metrotown, Burnaby
•       Discovery Harbour Shopping Centre, Campbell River
•       Cottonwood Mall, Chilliwack
•       Coquitlam Centre, Coquitlam
•       Driftwood Mall, Courtenay
•       Tamarack Mall, Cranbrook
•       Scottsdale Mall, Delta
•       Willowbrook Shopping Centre, Langley
•       Haney Place Mall, Maple Ridge
•       Nanaimo North Town Centre, Nanaimo
•       Pine Centre, Prince George
•       Oakridge Shopping Centre, Vancouver
•       Village Green Mall, Vernon
•       Tillicum Mall,  Victoria

Manitoba
•       Shoppers Mall, Brandon
•       Grant Park, Winnipeg
•       Kildonan Place Shopping Centre, Winnipeg
•       Polo Park Shopping Centre, Winnipeg
•       Southdale Centre, Winnipeg

New Brunswick
•       McAllister Place, Saint John

Newfoundland and Labrador
•       Corner Brook, Corner Brook
•       Cabot Square, St. John,s

Nova Scotia
•       Bedford Place, Bedford
•       Mic Mac Mall, Dartmouth

Ontario
•       Durham Centre, Ajax
•       Aurora Shopping Centre, Aurora
•       Bramalea City Centre, Brampton
•       Shoppers World Brampton, Brampton
•       Trinity Common, Brampton
•       Burlington Mall, Burlington
•       Millcroft Centre, Burlington
•       Cambridge Centre, Cambridge
•       Woodbine Centre, Etobicoke
•       Gates of Fergus, Fergus
•       175 Stone Road W., Guelph
•       Centre Mall, Hamilton
•       South Hamilton Square, Hamilton
•       Hazeldean Mall, Kanata
•       Cataraqui Town Centre, Kingston
•       Lindsay Square Mall, Lindsay
•       Masonville Place, London
•   Westmount Shopping Centre, London
•       Milton Mall Shopping Centre, Milton
•       Erin Mills Town Centre, Mississauga
•       Square One, Mississauga
•       Meadowlands Shopping Centre, Nepean
•       Upper Canada Mall, Newmarket
•       1899 Algonquin Ave., North Bay
•       Centerpoint Mall, North York
•       Orillia Square Mall, Orillia
•       Place D,Orleans, Orleans
•       Five Points Mall, Oshawa
•       Bayshore Shopping Centre, Ottawa
•       Billings Bridge Plaza, Ottawa
•       RioCan St. Laurent, Ottawa
•       Hillcrest Mall, Richmond Hill
•       Bridlewood Mall, Scarborough
•       County Fair Mall, Smiths Falls
•       Niagara Pen Centre, St. Catharines
•       Stratford Mall, Stratford
•       Sudbury Supermall, Sudbury
•       Intercity Shopping Centre, Thunder Bay
•       Cloverdale Mall, Toronto
•       Shoppers World Danforth, Toronto
•       East York Town Centre, Toronto
•       Flamborough Power Centre, Waterdown
•       Conestoga Mall, Waterloo
•       Taunton Gardens Power Centre, Whitby
•       Devonshire Mall, Windsor

Prince Edward Island
•       Charlottetown Mall, Charlottetown

Quebec
•       Galeries d,Anjou, Anjou
•       Faubourg Boisbriand, Boisbriand
•       Carrefour Angrignon, Lasalle
•       Mega Centre Notre-Dame, Laval
•       Galeries Chagnon , Levis
•       Place Longueuil, Longueuil
•       Place Alexis Nihon, Montreal
•       Place Vertu, Montreal
•       Terrarium Shopping Centre, Pointe Claire
•       Les Galeries De La Capitale, Quebec City
•       Place Fleur De Lys, Quebec City
•       Place Laurier, Quebec
•       Le Carrefour Rimouski, Rimouski
•       Promenades Saint-Bruno, Saint-Bruno-de-Montarville
•       Carrefour Saint-Georges, Saint-Georges
•       Carrefour Richelieu,  Saint- Jean sur-Richelieu
•       Carrefour du Nord, Saint Jerome
•       Carrefour de L,Estrie, Sherbrooke
•       Les Rivieres Shopping Centre, Trois Rivieres

Saskatchewan
•       Northgate Mall, Regina
•       The Centre, Saskatoon

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As the first quarter of 2011 draws to an end, Kitchener Waterloo’s real estate market is very healthy.  We continue to see strong activity in the residential & condo markets, as well as the commercial and investment markets.

Development land is in strong demand all over the region, with developers competing for prime retail & residential development parcels.

Student Rental Market

New construction student rentals continue to rise in value, with a building under construction recently selling for over $81,500 per bedroom, and another recently completed building hitting the market at over $85,000 per bed.  So far, all the buildings commanding these prices have been “solid” concrete construction; newer wood frame buildings are trading at lower per bedroom valuations.

Multi Family Market

The multi-family market is also very competitive right now, a result of it being such a steady cash flow producer in both good and bad economic times. Everyone has to live somewhere, and affordable rental units are always in high demand.

High quality apartment buildings are in high demand: Two large condo-titled rental towers in Cambridge traded at a 5.7% cap rate, being bought up by a Canadian REIT from out East that has partnered with a foreign investment fund.

Rental Market Update

The rental market is just as hot; CMHC’s recent report puts the vacancy rate for Kitchener Central at 1.6% and Waterloo at 1.8% – even lower (0.7%) for properties newer than 1990. The vacancy rate for apartment buildings with more than 100 units in Kitchener Central is 0.1%. That’s a pretty tight rental market, and good news for landlords.

Available Investment Opportunities

Here are some investment opportunities we have available:

3-333 Northlake Drive – $144,000

Larger Investment Properties

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Yes it’s true – the City of Waterloo has lost its title of the Zone with the lowest vacancy rate in the Kitchener CMA.

According to the CMHC Rental Market Statistics just released, Kitchener Central is the tightest rental market in the Region, with a vacancy rate of just 1.6%.

Click map to enlarge

Why is the vacancy rate lower in Kitchener Center?

• There is a higher concentration of larger rental apartment buildings, which typically have fewer vacancies than smaller buildings.  
• Affordable rents:  rents rose slowest in Kitchener Central, and the average rent is the lowest of any zones aside from the townships.
• Close to major employers, transportation and amenities.
• Desirable condo buildings like the Kaufman Lofts draw tenants to the area

As you can see in the figures above and below, the vacancy rate in the region varies. When we look at the data, we see a range between 1.6% for Kitchener Central to 4.3% in Cambridge.

While the small pocket of Kitchener Central has the lowest vacancy rate, when we look at the cities, not zones, Waterloo still comes out on top with a vacancy rate of just 1.8%, vs 2.4% for the City of Kitchener, 3.4% in Guelph and 4.3% in Cambridge.

The vacancy rate across Ontario is 2.9%.

When we look at which type of property have the lowest vacancy rate, properties built since 1990 have a dramatically lower vacancy rate of 0.7% – compared to over 3% for units from between 1975 and 1989.

That’s one reason many of our clients buy units built in the last twenty years.

Comparing buildings by size, properties with 100 or more units had the lowest vacancy rate.  This can be attributed to professional management and better amenities that are usually present in larger complexes.  The vacancy rate of 100+ unit apartment buildings in Kitchener Central is 0.1%.

Waterloo’s Vacancy Rate Goes Up

One of the stats I found interesting is that the vacancy rate for the City of Waterloo has almost doubled since last year – it’s jumped from 1% to 1.8%.  What is contributing to this increase ?

• There has been an increase in the number of people purchasing condos & homes, ending their tenancies.  Waterloo has higher average rents, so more tenants in Wateloo are closer to affording to purchase a home.
• The average rent in Waterloo increased 1.9% in the last year, more than any other zone. Price sensitive tenants have the opportunity to move to a more affordable area like Zone 2 (Kitchener Central) that only saw rents increase 1.1%.
• The average rent in Waterloo is $889, vs $776 in Kitchener Central (and $806 for the City of Kitchener).
• An increase in supply of new rental units & condos (Like Bauer Lofts & the BPR Lofts in Waterloo)

Vacancy Down In Other Areas

With the exception of Waterloo, every other city saw a decrease in their vacancy rate. Kitchener’s vacancy rate declined to 2.4% from 3.2%. Cambridge’s rate fell to 4.3% from 5.6%.

These decreases come in the face of increased supply, and average rents increasing:

• There were an additional 470 rental units completed between July 2009 and June 2010 – 50% of these were in Kitchener, 30% in Cambridge and 20% in Waterloo – and 183 new condo units were finished between Oct 2009 & September 2010.
• Rents moved up in every city: from $792 to $806 in Kitchener, from $883 to $899 in Waterloo, and from $811 to 837 in Cambridge.

Note: Student housing is not counted in these figures

Outlook Going Forward

My crystal ball is as broken as everyone else’s, but when we look at the data we see some indicators:

• Immigration will continue to be strong to Kitchener Waterloo, lagging only Toronto, Ottawa & Hamilton in Ontario.
• 668 rental apartments are under construction now, up from 227 at this time last year
• Mortgage Rates will rise at some point, potentially making buying your first home more expensive
• Rising post secondary enrollment figures means that more young people will continue to be attracted to the region
• Youth unemployment looks to remain high.  This means more kids living at home and not renting their first apartment.

Demand should outpace supply in 2011, and the market is likely to see slight rent increases.  (The 2011 Rental Increase Guideline is 0.7%)

I expect the Kitchener Central area to stay hot – as companies like Google move into the area (Google moves offices from Waterloo to Kitchener’s Tannery), and as projects like the City Centre condos are built, more people will want to live downtown. 

For the full CMHC report, email me and I’ll send it right over to you

Statistics and figures from CMHC

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Big transit announcement today for Waterloo Region – GO Trains will be running twice a day, extending the Georgetown Line (green on the map below) to KW.

Here are some details live from the announcement from GOKW.org:

@ 2 trips per direction per day
@ 18 million dollar project
@ new kitchener layover facility
@ presto card/transit integration
@ first train at 6:15, second 7:30
@ compliment via service, 87 to remain

Making it easier to get into the GTA is great for residents & business in Kitchener , Waterloo, Cambridge, Guelph and the surrounding areas.

Maybe even a bigger deal than LRT…

Update

GO Train Service On The Way For Guelph And Kitchener-Waterloo Region
November 12, 2010 | http://news.ontario.ca/mto/en/2010/1…oo-region.html

McGuinty Government Building Better Public Transit

The McGuinty government is building on the success of GO bus service to Guelph and Kitchener-Waterloo, bringing GO train service to the region. The Georgetown line is being expanded with stops in Acton, Guelph and Kitchener. Trains will be running by the end of 2011.

Inaugural service will include two morning trains to Toronto Union Station and two return afternoon trains.

Commuters will be able to use their PRESTO cards to get on the GO train in Guelph, Acton and Kitchener, seamlessly connecting them with other transit systems that are PRESTO-enabled.

GO will be commencing construction on a layover facility in Kitchener to store the GO trains and making improvements to the Acton, Guelph and Kitchener stations.

This project will create approximately 180 design and construction jobs and is part of the Open Ontario plan to create opportunities across the province.

QUICK FACTS

• The McGuinty government is expanding GO Transit service to Guelph and the Kitchener-Waterloo area. The project is expected to cost $18 million.
• In September 2007, GO Transit began a new GO bus service to the University of Guelph and the Aberfoyle Park-and-Ride. And on October 31, 2009 GO Transit began a new GO bus service to the Region of Waterloo, serving Kitchener, Waterloo and Cambridge.
• Since 2003, the Ontario government has invested approximately $4.7 billion in GO Transit to improve service and expand routes. GO Transit moves 55 million riders a year.

Quotes

Our government is committed to public transit. Expanding GO Train service for Kitchener, Waterloo and Guelph commuters will make it even easier to take public transit and leave the car at home.

– Kathleen Wynne, Minister of Transportation

By expanding GO Train service to the Kitchener-Waterloo Region commuters will have more options and more time to spend with family and friends.

– John Milloy, Kitchener Centre MPP

This is great news. Commuters in Kitchener-Waterloo and throughout Waterloo Region will soon be able to take public transit to work, school or appointments. Our investments in transit are creating jobs and improving our environment.

– Leeanna Pendergast, Kitchener-Conestoga MPP

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Here is a video with some more information:

To recap, the investment property in Cambride, Ontario was purchased at a 5.7% cap rate.

Between both apartment buildings there are 225 units, and the average rent is above $1500 per month.

High valuation, but the properties generate premium income, are prestigious assets, and are very recent (6 years and 1 year) construction.

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•  
  • Sales will continue at a strong pace through the fi rst half of 2010  before moderating later this year and into 2011.
  • Low interest rates, population growth and a slightly better job market outlook will support housing demand through 2010.
  • New home construction will increase signifi cantly in 2010, but will remain below levels recorded between 2000 and 2005.  
  • Listings will respond to increasing home prices resulting in more balanced markets by 2011.

Kitchener Waterloo Real Estate Market Strong in 2010

Homebuyers returned to the market in 2010 due to the low mortgage rates and many have brought their home purchases forward in anticipation of the increase in mortgage rates in the

second half of 2010 and into 2011. Affordability will continue to play a major role in the strong level of sales through the spring and summer this year, but will slowly erode later this year and into 2011 as both as an increase in mortgage rates and higher prices combine to boost the

cost of home ownership. Moreover, the pool of potential fi rst-time buyers will diminish as this segment remains very price sensitive. Many were able to enter the market when mortgage

rates dropped in early 2009 and completed their purchase in the latter part of 2009 and early 2010.

CMHC had some interesting commentary on mortgage rates in Canada too:

With the overnight rate expected to increase in the coming months, mortgage rates have begun to rise. According to CMHC’s base case scenario, posted mortgage rates will gradually increase throughout the course of 2010, but will do so at a slow pace. For 2010, the one-year posted mortgage rate is assumed to be in the 3.6-4.8 per cent range, while three and fi ve-year posted mortgage rates are forecast to be in the 4.2-6.7 per cent range. For 2011, the oneyear posted mortgage rate is assumed be in the 5.0-6.0 per cent range, while three and fi ve-year posted mortgage rates are forecast to be in the 5.6-7.2 per cent range.

Rates could, however, increase at a faster pace if the economy recovers more quickly than presently anticipated. Conversely, rate increases could be more muted if the economic recovery is more modest in nature.

Ancedotaly, Kitchener Waterloo’s real estate market is still red hot. My friend Linda just sold a home for her clients in twenty-two (22!) hours, in multiple offers, for $7000 above asking price.

If you want a full copy of the CMHC report, send me an email, and I’ll send you the PDF in full.

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Monthly/Yearly Stats February 2010

Kitchener-Waterloo:

There were 30 commercial transactions in February, a 150% increase over the 12 transaction done in Feb 2009

Year to date, there have been 54 commercial properties sold in 2010, vs 34 to this point in 2009

In terms of value of those transactions, February 2010 saw $11,538,111 transacted vs $3.27 million in Feb 2009

On the supply side, 118 new commercial properties came on the market, including units available for lease. This is a contraction of 13% from last February, when 137 units came on the market.

For specific questions about the market, and what properties in your area are trading at, email me at Benjamin@BenjaminBach.com or call me at 519-772-4376

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Hi, I’m Vince Jelenic, a resident of Cambridge, and owner of a local business called Green Spot Antiques – TwoJJs.  Benjamin asked for some of my thoughts on the recent talks about the possibilities of  Kitchener & Waterloo municipal amalgamations.   My viewpoint is one of a general resident of the region, and I claim no expertise or special interests.

The fact that two municipalities such as Kitchener & Waterloo (KW) would at some point amalgamate is a given, or almost.  As an outsider when I travel to KW I see only one city.

When I was a child, my mother used to clean houses for wealthy Toronto residents in the Avenue Rd & St. Clair area.  I remember how when we got to ALMOST our destination, there would be a second ticket to pay on the streetcar.  There was this invisible line somewhere on the road, and if we crossed it , it cost more.  Sometimes on nicer days, we would “choose” to walk the few extra blocks. That extra ticket line functioned as a reminder how the two sections of town were connected, but quite distinct, both in terms of wealth, provenance, and services. 

In KW today, there is still a two-ticket zone mentality but in the end it is the consumer who pays – each citizen.  There are many areas where rationalizations and savings could be obtained through amalgamation, and even standards of service raised to equivalent standards.  This is a good thing.  Toronto outgrew it’s two-ticket zones years ago,  KW should too.

Recent talks have indicated how Cambridge, the third partner in this Region of Waterloo, is not to be privy to these talks.  I understand this is by choice and by design.  We, in Cambridge have been very reluctant interlocutors with regards to amalgamation of our municipalities. 

While some of it may be due to the fierce pride of local residents, and their ties to history, I think it is more due to the “marginalization” rationale. We are at the “ends of the earth” for the Region, at it’s borders, so to speak.

We sit on the outskirts of Waterloo Region  — with our City Hall in Galt, the southernmost part of the three municipalities. So let’s call us “outskirters”, just for fun.

We, in Cambridge, are also made up of three smaller village cores, each with it’s own sense of history, and there are internal struggles within our own municipality for services. Witness the previous debates on  the “proper” placement of our new City Hall .

For Kitchener, was there ever a doubt as to where their new City Hall should be?   Yes, give or take a block, perhaps. Kitchener has a downtown; we don’t -not really. 

And that is the problem of “critical mass” which Cambridge has to live with.  As part of the Region, we can very seldom benefit from new initiatives because we cannot bring critical mass to the table of needs and benefits. We have a tough time doing that even within our own municipality. 

Most services are built from Hubs, made sustainable, and then extend outwards to reach all an area’s citizens.  Cambridge will never be the Hub of this Region.  We know that, and fear it.

A KW amalgamation puts Cambridge in the very disadvantageous position of now dealing with a true HUB mentality up north of the 401, an economic powerhouse..  While Cambridge is oft-times under represented today in Regional Government, we can only imagine that representation being further eroded in the “new Region” with KW amalgamated.

In all countries, “outskirters’ are often the last to benefit from the gains of their economy. It is a natural occurrance due to fiscal and resource restraints.  On the other hand, outskirters are first to be courted to by the neighbours.  Of course, both parties, would love the free flowing tax dollars from the “outskirters” for their own. 

As an immigrant from a border area I know that feeling well. I come from Istria, a peninsula close to Trieste, Italy, and our conquerers (friendly neighbours) have changed a multitude of times since before the early Romans. A fiercly proud populace in a veritable “no man’s land”. 

If we look at Cambridge geographically, and culturally,  we probably have more in common with our southern neighbours such as Paris& Brantford,  than we do with Waterloo or Kitchener today. In terms of distance, both are closer to Galt than Waterloo is, for example. Perhaps a KW amalgamation is a good thing, it may help Cambridge reconsider it’s struggles with the north and make us concentrate on increasing our collaborative efforts with the south. 

While the Region markets Waterloo & Kitchener to the world, and the HUB of activity grows with leaps and bounds to the north of us, perhaps we can make OUR little neck of the woods a more pleasant place to live.  So much so that the go-getters from Waterloo will consider Cambridge a prime place to reside, even if they have to work in Waterloo. They may even take comfort in our historic downtown and river settings. 

Cambridge has a choice here: either remain an “outskirter” in Waterloo Region, facing a tougher and larger opponent to the north, or become a HUB of it’s own for a different concept of growth.  

We are a small town.  We should stop acting like a big city.  So far, in doing so, we’ve not only lost our identities, our downtowns, but also our shirts – our economic drivers.

I believe KW amalgamation will have the effect of finally putting the roaring Cambridge dog to rest so that it concentrate on it’s own house a little more and make it a more lively and comfy place.

However, it should be kept in mind that within the Region, “taxation without proper representation” will lead to larger problems later.  There are many instances where the “centralization” or “regionalization” of services has lead to a total disregard for Cambridge interests. To continue down that path during a KW amalgamation period would only add obstacles in the way of a productive change.

So, yes, please leave Cambridge out of it. It’s best for all parties. There is much to be said in recognition that one’s place in a partnership will not actually lead to profit.  It puts a stop to wasted energy. 

Cambridge is full of energetic people, and is a great community.  It just might begin to concentrate on itself more. 

—-

Vince (Venanzio) Jelenic is co-owner and partner (along with Wanda Jimenez) of Green Spot Antiques in Cambridge, Ontario which is situated in the old Cedar Hills Dairy building (nee’ Hutchinson’s Dairy in 1904) at 49 Cedar Street.

Vince has been active in the antiques field since 1979, in Italy, and Canada and now sells worldwide through his online stores.  Cambridge, Ontario thus became a veritable “hot spot” for antiquers from across the globe.
With over 80% of our business from out of town, our innovative outreach programs bring customers to Cambridge every day, whether virtual or in person. A resident of Cambridge since 1990, Vince has a keen interest in this city’s developments and consider Cambridge HOME now.

We ARE:
Green Spot Antiques : http://greenspotantiques.com
Green Spot LIVE: http://greenspot.ning.com
And we’re everywhere on the net too — just google “green spot antiques” you can’t miss us.

–

and if you’d like to share your perspective on amalgamation, or any other local issue, just drop me a line.

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WATERLOO REGION – Waterloo is a Canadian leader in attracting immigrants to power its economy, while Kitchener is in the middle of a pack of 50 cities nationwide, according to a study by the Conference Board of Canada.

Cambridge was in the bottom nine, scoring poorly in most categories – particularly innovation, health care and education of its population.

“Cities that fail to attract new people will struggle to stay prosperous and vibrant,” Mario Lefebvre, director of the centre for municipal studies at the Conference Board of Canada, said in a press release.

The “city magnets” study compared 41 indicators that make Canada attractive to skilled workers and mobile populations. Waterloo was in league with Calgary, Ottawa, Vancouver, St. John’s and Richmond Hill in the battle for people needed to fuel economic and population growth.

“These six cities come on top across all the rankings, so they appear to have an overall winning combination that is attractive to migrants,” Lefebvre said.

Waterloo earned an overall A ranking. Kitchener got a C, along with 21 other cities including Winnipeg, Hamilton and Montreal.

Cambridge was marked D, in a cluster of nine cities, including Oshawa, Windsor and Saint John, NB. It’s a class of cities generally battered by job losses in the recession of which seven face population declines, the report says.

Waterloo also has a lower vacancy rate for rental properties (“Waterloo Vacancy Among Canada’s Lowest”) than Kitchener and Cambridge, although there are uber-desirable enclaves in all three cities.

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