General Urban Kitchener Updates and Rumours

[CP42]

Where is this from out of curiosity? Wanted to read a bit more about it and googling isn't helping

Here is the original source which includes a lot more interesting data:
https://rentals.ca/national-rent-report

Additional quotes involving Kitchener include:
“Kitchener has become extremely popular in recent years, likely amplified by the pandemic-induced exodus from downtown Toronto.”
And
“Kitchener becoming such a desirable municipality (with rents increasing 14% in 2020 and 15% in 2021) could be a sign of things to come as tenants continue to look for more affordable options for larger units. Other cities and areas outside of downtown city centres could begin or continue to heat up in a similar fashion.”

Attached is an additional article that also uses the figure: 
https://www.blogto.com/real-estate-toron...s-toronto/

[jeffster]

Will they, or will they be above-average rents, I wonder?

New builds most certainly will be on the higher end of rent costs. What happens though, older builds have to start discounting rents. If you are in a new rental unit, paying $1800 is OK if you're the first tenant. IF you are in an older building, with 30-70 years of tenant history, $1800 is a bit much. So new builds should reduce rental costs of old builds.

Problem is, Kitchener (the region) has a low vacancy rate. Until the city shuts down NIMBY's and let developers develop high density projects, we'll continue to have high rental costs.

[CitizenX]

Does anyone know what's planned for the District Nightclub land?

[danbrotherston]

Is there a post, or anyone have any information about 257 Dumfries?

Apparently they want to sever the property and develop two 2-story duplexes, and the neighbours are absolutely losing their minds. They successfully got committee to oppose the project (against staff's recommendation) and are now going to oppose it at LPAT. I find this absurd lack of perspective absolutely infuriating, and frankly, I hate this kind of bullshit, I cannot believe how wilfully blind folks are in our community. They don't believe themselves selfish, because they've convinced themselves they aren't the problem. But this is a choice to believe this fantasy.

Honestly...insanity.

[nms]

Will they, or will they be above-average rents, I wonder?

New builds most certainly will be on the higher end of rent costs. What happens though, older builds have to start discounting rents. If you are in a new rental unit, paying $1800 is OK if you're the first tenant. IF you are in an older building, with 30-70 years of tenant history, $1800 is a bit much. So new builds should reduce rental costs of old builds.

Problem is, Kitchener (the region) has a low vacancy rate. Until the city shuts down NIMBY's and let developers develop high density projects, we'll continue to have high rental costs.

What about when old buildings are bought up by developers and they are either renovated to higher rental price, or demolished and something high end put in its place? Affordable (and often better constructed) units are removed, higher ends units are built, and the affordable and usable housing stock is reduced.

[Lebronj23]

Something is definitely brewing at 10 Duke st W. It was mentioned in this thread a while ago but we didn’t know who the developer was. Looks like it’s Van Mar. Very early, no info/renders yet. This was the parcel that set the record for price in Kitchener, I suspect something dense will go here

Exciting new multi-residential condo living — coming soon!

https://vanmardevelopments.com/10-duke-st-w-kitchener/

https://www.buzzbuzzhome.com/ca/10-duke-st-w

[panamaniac]

Condo rather than expanded office space at this location seems unfortunate. Another facade to be saved?

[Rainrider22]

It would be nice if they could save the facade and have office condos on lower floors followed by residential above..

[LesPio]

Something is definitely brewing at 10 Duke st W. It was mentioned in this thread a while ago but we didn’t know who the developer was. Looks like it’s Van Mar. Very early, no info/renders yet. This was the parcel that set the record for price in Kitchener, I suspect something dense will go here

Exciting new multi-residential condo living — coming soon!

https://vanmardevelopments.com/10-duke-st-w-kitchener/

https://www.buzzbuzzhome.com/ca/10-duke-st-w

Just for fun....I'm speculating that they will build something in the range of 50 floors or more.

[tomh009]

Condo rather than expanded office space at this location seems unfortunate.  Another facade to be saved?

The original plan was to add floors, and sell them as office space condo units. The early info doesn't really tell us what the new plan is.

[taylortbb]

Condo rather than expanded office space at this location seems unfortunate.  Another facade to be saved?

The original plan was to add floors, and sell them as office space condo units. The early info doesn't really tell us what the new plan is.

My understanding is the office condo plan failed. The developer has been trying to sell the office condos for a while, and never managed to sell a majority. Hence their ability to sell the whole property to Van Mar. Given that, I think it's safe to say that office condos on this site are dead.

IMO I'm expecting just a facade preservation proposal, basically the only way to dig down for underground parking. But I'll be pleasantly surprised if they manage to integrate more of the existing structure.

[jeffster]

New builds most certainly will be on the higher end of rent costs. What happens though, older builds have to start discounting rents.  If you are in a new rental unit, paying $1800 is OK if you're the first tenant. IF you are in an older building, with 30-70 years of tenant history, $1800 is a bit much. So new builds should reduce rental costs of old builds.

Problem is, Kitchener (the region) has a low vacancy rate. Until the city shuts down NIMBY's and let developers develop high density projects, we'll continue to have high rental costs.

What about when old buildings are bought up by developers and they are either renovated to higher rental price, or demolished and something high end put in its place? Affordable (and often better constructed) units are removed, higher ends units are built, and the affordable and usable housing stock is reduced.

That happens too. We have a small apartment up the street from my place, maybe 16 or 17 units. They basically renovicted the place and create higher end units. Mind you, this occurred just after the region stopped transit service in our area to help fund the Ion, so 3/4's of the tenants moved out - so I am not actually sure anyone was actually evicted.

But there are still a lot of older apartments out there, that simply need more competition for prices to decrease to more affordable levels, and this won't happen until we have more units come online.

[Acitta]

Public Open House - Comprehensive Review of the Zoning By-Law - Wards 3, 4 & 5 Residential Zones (CRoZBy Stage 2b)

[CP42]

Stumbled across this drone footage of DTK today:

https://www.youtube.com/watch?v=zlCSax_vTfE&t=2s

[Acitta]

Stumbled across this drone footage of DTK today:

https://www.youtube.com/watch?v=zlCSax_vTfE&t=2s

I previously posted it in " Post your pictures of Waterloo Region!".