Located in southern Ontario, Waterloo is a thriving city filled with many high tech jobs, families, and residents from across the world. Since Waterloo has two of the most highly regarded universities in the country, as well as a thriving technology industry and a top college, plenty of shopping, and peaceful suburbs, thousands of people look to move or immigrate to the small city.
Located in between the working city of Kitchener a the mennonite village of St. Jacobs, Waterloo is primely found in a peaceful part of Ontario. With a slower pace of life than Toronto and the Greater Toronto Area, Waterloo also boasts cheaper housing and land prices as well as a cheaper and more affordable cost of living.
However, with a booming technology sector, the city of Waterloo still boasts incredible salaries and incomes from locals.
The City of Waterloo
With over 120,000 residents, Waterloo is an exciting and slow growing city that has a great mix of families, students, and pensioners. With an Uptown area that has sky high apartment and loft buildings and plenty of suburban neighbourhoods, Waterloo has a space for everyone.
The city is trendy and provides an excellent place for both students and families to settle down. With lots of jobs, high salaries, plenty of shopping, entertainment, and nightlife, Waterloo has been ranked in the past as one of the most thriving and high tech cities in the country of Canada.
While many people who move or immigrate to Toronto spend much of their daily time commuting in and out of the city due to extortionate housing and rental prices, many people that reside in Waterloo live and work in the area, ensuring no long commutes and time to spend with the people that matter.
Since Waterloo is closely located to other large cities including Kitchener, Cambridge, Guelph, and Woodstock, many residents do find work out of town, however the commute is still short and the traffic is substantially less than the Greater Toronto Area.
With excellent education, including elementary, secondary, and post-secondary educational facilities, a thriving nightlife, plenty of shopping and entertainment, and top of the line amenities including hospitals, doctors, and dentists, Waterloo is a hub and a paradise for those looking to immigrate to Canada.
Renting vs. Buying
Waterloo has a huge rental market because it is a university and college city. Around the University of Waterloo and Laurier, including parts of Uptown, many houses, apartments, and lofts are purchased by local residents who rent them out to students and young working professionals.
Rent in Waterloo is incredibly affordable. It is easy and possible to find a bedroom in a shared home for just over $500 a month. This would most likely include utilities and would be located in a generally central area to one of the Universities or the Uptown area.
If you are looking to rent an entire house in the suburbs of Waterloo, prices will be substantially more, with $1500 – $4000+ a month in rent. Single apartments and lofts in a central area could cost around the $1000 mark a month. Many young working professionals and families decide to purchase their own houses in order to get on the housing market. Mortgage deposits in Canada currently sit at 20% of the housing price.
After placing a deposit on a house, you would be granted a monthly mortgage payment and take care of your bills and utilities on top of that. Housing in the Waterloo region is very affordable in relation to its nearby neighbours in the Greater Toronto Area.
Since the Greater Toronto Area is always expanding, housing prices moving out from the area are always on the increase. This means that moving toward Waterloo, the housing prices are going up. While it makes a lot of sense to get on the housing market in Waterloo, it is not always possible. A great way to start testing the waters in the region of Waterloo is to discover the different neighbourhoods of the city which vastly differ.
Waterloo offers buyers and renters a wide variety of options when it comes to housing style and living conditions. Perhaps the most common type of home in Waterloo is the suburbia household.
Many neighbourhoods on the outskirts of the city as well as inside the city consist of single homes in neighbourhoods with one or two story houses only. In the older neighbourhoods of Waterloo, which generally surround the Uptown core, many houses are older styles and have a lot of character. In the suburbs, which are constantly growing on the outskirts of the city, many of the houses are brand new or only a few years old and have the same designers, ensuring they all look quite similar.
In the Uptown region and near the universities, there are quite a few sky high apartment and loft buildings. The apartment buildings range in size and modernity. Lofts are another incredibly trendy and popular housing option in the Waterloo region.
Since the city was once a working town, there are many old warehouses and factories that were left abandoned for years. These old buildings have been converted into apartment style homes with plenty of character and authentic and one-of-a-kind finishes. While some neighbourhoods cost more than others, Waterloo is a generally very affordable place to live, whether you are renting or buying.
There are many different neighbourhoods across the city of Waterloo. Older areas of the city sit Uptown and near the centre, including neighbourhoods like Bluevale and the surrounding parts. These neighbourhoods, especially the ones Uptown, boast both new and historical homes and buildings. Many people purchase the land with older, historical homes on them and then rebuild or renovate the homes in order to make them more trendy and modern.
Many new homes and suburbs lie on the outskirts of Waterloo in neighbourhoods like Laurelwood and the surrounding areas. Many of these houses are bungalows or two story homes that have state-of-the-art amenities and back gardens.
As mentioned, Waterloo is a university and college city so there are many university and college homes located in and around the area. Many first year university and college students live on campus and move off campus after their first years. Homes are generally older for students or are brand new apartment buildings constructed around the schools. Depending on the newness and the amenities and location of the building, the rent for students will differ greatly.
Waterloo is a great place to buy a first home or simply rent. With an ever growing population and increasing housing prices due to pressure from the Greater Toronto Area, Waterloo is the perfect city to settle down in.