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5 Reasons Waterloo Region Is A Major Economic Hub

Posted by John Benjamins on July 26, 2016
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Kitchener

Affordability

Kitchener-Waterloo ranks as one of the most affordable places to call home in Canada. Combining record low unemployment rates with below national average housing costs is a recipe for economic success. It’s no wonder, many new Canadians choose to settle in Waterloo Region. The recent Syrian crisis has seen over 1000 refugees welcomed into the community. We’re proud to share our cities with newcomers! Increasingly, we’ve seen many Torontonians resettle in our neighbourhoods for the same reason.

EducationU of Waterloo

Many people choose to move into the Region due to our excellent universities and colleges. The University of Waterloo is recognized internationally for its computer sciences program. Furthermore, in 2013 a study concluded U of W alone contributes up to $1.5 Billion dollars in local GDP, that doesn’t factor in other schools such as Wilfred Laurier or Conestoga.

Transit and Infrastructure

Kitchener -Waterloo has a tradition of early adoption concerning infrastructure and transportation. Highway 7&8 was the first inner-city expressway built in Ontario. Today, our local municipalities have continued this tradition as they funded a substantial portion of the Light Rail Transit system while other larger cities have turned away such initiatives with full Federal funding. Developers often cite the LRT as a central reason for the revitalization interest currently being undertaken in the downtown cores. Furthermore, Kitchener-Waterloo is the least traffic-congested major urban centre in all of Canada.

Cultural Heritage

OktoberfestKitchener-Waterloo boasts a strong cultural history evident still by our heritage retail shops, the largest year-round farmer’s market in Canada, and the most celebrated Oktoberfest this side of Munich, Germany. Home to 7 separate craft breweries along with many excellent restaurants, the area is gaining renown as a culinary hotspot. North Waterloo is still home to a large Mennonite population, hard-working traditionalist farmers and manufacturers who can be seen selling their goods in roadside stands and small independent shops. Finally, an extensive network of local parks and trails make Waterloo region a beautiful place to explore recreationally.

Population Boom

Waterloo Region is projected to outpace population growth in Ontario over the next 15 years. Currently, city limits in Kitchener are capped with most raw land already slated for development. Both the provincial and municipal “Official Plan” calls for urban infill and densification. Such growth will naturally place pressure on residential real estate values. The next 15-20 years could prove financially advantageous to homeowners as steady growth in value is expected.

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