Last Updated on November 5, 2024 by CREW Editorial
The Platform, a new master-planned development in Kitchener-Waterloo, is set to meet the growing demand for premium housing in one of Canada’s most rapidly expanding tech hubs. Offering a mix of luxury amenities and a prime location near major employers and educational institutions, it addresses a critical need for high-quality residential options in the area. Occupancy is slated for 2028.
The Platform is being developed by Vanmar Developments and Urban Legend Developments, two well-regarded names in the Canadian real estate industry.
On November 9th, a one-day-only sales event will give investors the chance to secure units with exclusive benefits, including significant discounts and favourable purchase terms. However, attendance is by invitation only, making early inquiries essential for those looking to take advantage of this unique opportunity.
Growth in the Area
The Platform will be located directly across from Google’s headquarters in Kitchener’s Innovation District, a major employment center that is currently experiencing significant growth. Google is in the process of expanding its local workforce, with hundreds of new jobs being created, many of which offer salaries exceeding $125,000 annually. The broader tech sector in Kitchener-Waterloo is booming, with over 20,000 tech-related jobs and an annual growth rate that sees around 55 new companies established each year. This influx of high-paying tech jobs is attracting a steady stream of young professionals and executives who require premium housing options close to their places of employment. The Platform’s location positions it perfectly to meet this growing demand.
The development is also located just minutes from major educational institutions, including the University of Waterloo and Wilfrid Laurier University, which together attract more than 100,000 students annually. The University of Waterloo is a recognized leader in computer science, engineering, and AI research, ranking #1 in Canada for both computer science and engineering. This educational presence adds a further layer of demand for rental housing, as there is currently a shortage of beds on these campuses, forcing students to turn to the private rental market.
Kitchener-Waterloo is rapidly becoming one of Canada’s most desirable investment locations. In addition to its status as a major tech hub, the region is experiencing significant population growth. By 2041, the population is expected to increase by 200,000, and by 2051, it is projected to be 1.5 times larger than today. Despite this growth, there is a housing shortage in the region, with the Waterloo area forecasted to have 30,000 fewer homes than required over the next seven years. This imbalance between supply and demand presents a significant opportunity for investors, particularly in developments like The Platform which are located in high-demand areas close to major employers and educational institutions.
Convenience and Connectivity
Transit connectivity is another key strength of The Platform. The development is connected to the new Light Rail Transit (LRT) system, which links Kitchener-Waterloo to surrounding regions, including Toronto. Proximity to transit hubs has been shown to increase property values, with real estate near transit lines appreciating by as much as 24% more than properties not located near transit. This connectivity will enhance both rental demand and long-term property value appreciation, making The Platform an attractive option for investors seeking high returns.
The Platform’s master-planned design sets it apart from other developments in the region. It is the only development of its kind in Kitchener-Waterloo, offering a level of luxury and convenience that has previously been more commonly associated with Toronto’s financial district. The project is designed to meet the needs of a diverse range of tenants, from students to tech professionals. Its location, next to Google’s headquarters and just five minutes from Grand River Hospital, caters to a large pool of potential renters.
Airbnb Permitted
Short-term rentals are permitted within the development, offering the potential for higher rental returns. AirDNA data indicates that even non-peak season rental rates for one-bedroom units in the area can reach $119 per night, and with Kitchener-Waterloo’s constant flow of business travellers and tech professionals, there is demand for short-term executive rentals.
Comprehensive Amenities
The project will include a range of high-end amenities designed to attract young professionals, students, and executives. These amenities include a 20,000-square-foot Skydeck with an Olympic running track, hot tubs, and an outdoor gym, as well as a year-round skating rink, music studio, chef’s kitchen, and Peloton studio. The development also features 180,000 square feet of office space and 50,000 square feet of retail and dining options, making it a self-contained community that offers a complete lifestyle for residents.
Investor Series Sales Event and Incentives
Investors attending the November 9th sales event will have the opportunity to learn more about the development and secure units at pre-construction prices. With construction expected to be completed in 2028, The Platform offers investors a chance to get in early on a project that is positioned for long-term success in one of Canada’s fastest-growing regions.
Additionally, the one-day sales event on November 9th offers investors exclusive incentives, including up to $49,000 in total discounts, a 10% deposit payable over 365 days, and no condo fees for two years. Buyers will also receive a $20,000 discount on the purchase price, discounted parking and storage lockers valued at $12,500, and a reduced short-term operating license fee, allowing investors to capitalize on the lucrative Airbnb market.
Registration starts at 11:00 a.m.; attendance includes a free lunch. A presentation on how to profit with Airbnb and how to optimize returns follows. At 12:30 p.m., the special sales event begins, allowing attendees to be the first to invest in Platform Condos and receive insider incentives.
For more information about The Platform and to register for the exclusive Investor Series Sales Event, visit The Platform’s event page.
