Purchasing off Campus Housing when Living In Waterloo Ontario
With two world class universities in Waterloo, there are huge numbers of students living in Waterloo Ontario. What is particularly interesting to note is that a big number of these students from the University of Waterloo and Wilfred Laurier University prefer to live in off-campus housing. Why is this so?
There are many reasons that can explain this trend of students taking up off-campus housing when living in Waterloo Ontario.
Kenny Chen, a real estate broker for Remax Realty explains that most students live on campus for only their first year of study and when they write their final exams for that year, they begin looking for off-campus housing.
While the University of Waterloo guarantees housing for first year students on campus, there are still as many as 1,500 new students who choose to live off campus. Add to this number the large number of returning students, plus visiting faculty and it’s easy to see why many look off campus for housing when they’re living in Waterloo Ontario.
Chen identifies the most popular areas for off campus accommodation:
“The most popular areas are surrounding University of Waterloo and Laurier University. From here it is very easy to access all bus routes to Conestoga mall and uptown Waterloo, which students prefer, especially if they don’t have their own car and rely on busses or their bicycles.”
Smarter to buy?
Other parents opt for buying a condo or apartment for their children while their child is moving to Waterloo Ontario. Chen explains why they do so.
“Buying is like a saving for your capital to accumulate. KW real estate has a very stable market. We have had a 2-2.5% increase in our market for the past 25 years. Some parents like to purchase a house or condo for their children to live in and rent out the extra rooms to make some income during the 4 year period, especially if the child plans to go further in their education.”
Chen goes on to explain why so many of his clients invest in the local real estate market: “It is definitely a good investment. Not only can the child who attends school live for free, but you will have extra rooms to rent out that can generate some income for cash flow. It is also training the child to own his/her own property as a mature adult and be more responsible.”
As you can see, parents that choose to buy a condo for their kids are looking at not only saving on monthly payments but also giving the kids a shot at owning property early on in life.
According to Kenny Chen, neighbourhoods like Uptown Waterloo, Lakeshore and even Laurelwood are attracting more students who are craving a quieter place to live while completing their studies. These neighbourhoods offer easy access around the city because of their multiple bus stops. This interactive map will help you determine the neighbourhood that is the best choice for you.
Wrapping it up…
There are many considerations that go into which off-campus housing facility is best for a student. Research online the many options available to you when moving to Waterloo Ontario. Kenny Chen and his wife Lori, both active real estate professionals in Waterloo can offer sage advice when moving here. To contact them, visit their website here: http://www.kennychen.ca/
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