Innovation - Spring 2021

Exploring Condo Living In Kitchener, Waterloo, Cambridge And Guelph

Innovation

Business, Industry & Real Estate In The Region Re-imagined

Condo Culture, Brokerage

Table of Contents

CONDO CULTURE

Contents 3 Jeff’s Letter Welcome to Condo Culture from Managing Partner, Broker of Record Jeff Gibson

12 The Condo Culture Difference Learn How Condo Culture Is Different From Traditional Real Estate Brokerages

4 New Listings & Developments Discover The Regions Most Sought After Condos And Projects

14 Market Intel & Stats Find Out How The Local Condo Market Is Performing

8 Innovation District Transformed From Industrial Factories To High Tech Office Space And Condo Developments

16 Real Estate Evolving Understanding Pre Construction Assignment Sales

10 Welcome to Station Park Largest And One Of The Most Anticipated New Condo Developments

20 Innovation + Real Estate What It Means To Be A Tech Driven Real Estate Agency

Photos by Mariah Bridgeman & Michael Jeong

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Jeff’s Letter

CONDO CULTURE

Jeff’s Letter Since the beginning, we saw that condos are different from other types of real estate, and to us, that meant dedicating ourselves to condos alone. We’ve since developed and fine-tuned a tailored approach to condo real estate that focuses on exceeding client expectations and delivering results.

This magazine is a continuation of that commitment to providing local, condo-focused market intel and information. This first edition, Innovation, takes a look at how Kitchener’s Innovation District and new condo developments like Station Park, continue to transform business, industry, and real estate in the Region. We also explore the technology that separates Condo Culture from other traditional brokerages.

We invite you to get to know us better; reach out to us online, give us a call, drop us an email or stop by one of our retail stores and learn how our team of condo experts can help facilitate your future condo needs.

Jeff Gibson Broker of Record C O N D O C U LT URE® B ROKER AG E

JG Condo Culture, Brokerage

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condoculture.ca

New Listings & Developments

CONDO CULTURE

Listings $ 5 8 9 ,9 0 0

$360,000

$360,000

2 BED | 2 BATH | 840 sq. ft

1 BED | 1 BATH | 644 sq. ft

1 BED | 1 BATH | 549 sq. ft

8 5 Du ke St .

U NI T 1 7 0 4

Kitchener, Ontario

New L i st i ng

B l a ck ston e C on dos

UNI T 2 01

Waterloo, Ontario

New Listin g $454,900

$ 4 2 9 ,9 0 0

C ha rlie We st

U N IT 8 03

Kitchener, Ontario

New Listing $589,900

1 BED | 1 BATH | 617 sq. ft

1 + 1 BED | 1 BATH | 590 sq. ft

2 BED | 2 BATH | 809 sq. ft

Mi d tow n L o f t s

St a tion Pa rk

108 Ga r men t St .

Kitchener, Ontario

Kitchener, Ontario

U N I T 31 2

Kitchener, Ontario

New L i st i ng

UNI T 1708

New Listin g

Scan to view all available listings for sale in Kitchener, Waterloo, Guelph and Cambridge www.condoculture.ca/listings

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UN IT 2 305

New Listing

CONDO CULTURE

$2 ,50 0 /M o n t h

2 BED | 2 BATH | 1,264 sq. ft

2 BED | 2 BATH | 1,034 sq. ft

2 BED | 2 BATH | 967 sq. ft

B au e r L of ts

144 Pa rk St.

155 C a rolin e St .

Waterloo, Ontario

Waterloo, Ontario

Waterloo, Ontario

U NIT 2 1 3

Re n t a l

UNI T 609

Ju st S old

U N IT 16 01

Ju st S old

$ 2 ,10 0 /M o n t h

1 + 1 BED | 1 BATH | 722 sq. ft

1 BED | 1 BATH | 600 sq. ft

1 BED | 1 BATH | 540 sq. ft

14 4 Pa rk St.

K a uf ma n Lof ts

108 Ga r me n t St.

Kitchener, Ontario

Kitchener, Ontario

U N IT 4 0 4

Waterloo, Ontario

Re n t a l

UNI T 134

J u st S old

UN IT 2 110

Ju st S old

PRO TIP - Filter By ‘CC Exclusives’ On Our Website For Off-Market Inventory Not Available On MLS.

Condo Culture, Brokerage

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condoculture.ca

CONDO CULTURE

New Listings & Developments

NEW DEVELOPMENTS STAT I ON PA R K Lu xu r y, H ig h R ise C ondo ADDRESS

6 0 7 K i ng St W. K i tc hener, O N

STATUS

Un de r C o nstruc ti on / Tower 3 Rel ease

AVAILABLE FROM

Hi gh $ 3 0 0 s

FOR MORE INFO

co n do cul ture.c a/ bui l di ngs/ 60 7 - k i ng

PAR KS I D E S of t Lo f t , To wn home ADDRESS STATUS

83 E l m sdal e Dr. K i tc hener, O N Un de r C o n s t r u ct i o n / New Rel ease Com i ng Soon

AVAILABLE FROM FOR MORE INFO

Low $ 4 0 0 s co n do cul ture.c a/ bui l di ngs/ parksi de

WA L L AC E TO N Lu xu r y, To wn h ome ADDRESS STATU S

J o h n Wal l ac e Dr. K i tc hener, O N Un de r C o n s t r u ct i o n / New Rel ease Com i ng Soon

AVAILABLE FROM

Hi gh $ 4 0 0 s

FOR MORE INFO co n do cu l t u r e.ca / bu i l di n g s/ urban- towns- at- wal l ac eton

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CONDO CULTURE

Register here for more information including early access, pricing and availability.

C H AR L I E WE ST Lu xu r y, H ig h R ise C ondo ADDRESS

6 0 C h a rl es Street W. K i tc hener, O N

STATUS

Un de r C onstruc ti on / F i nal Rel ease

AVAILABLE FROM

Mi d $ 3 0 0 s

FOR MORE INFO

co n do cu l t u re.c a/ bui l di ngs/ c harl i e- west

GA RM E NT ST REET CON D OS ( TOWE R 3 ) Lu xu r y, H ig h R ise C ondo ADDRESS

1 2 0 G a r ment Street S. K i tc hener, O N

STATUS

Un de r Construc ti on / F i nal Rel ease

AVAILABLE FROM FOR MORE INFO

Mi d $ 3 0 0 s co n do cu l t u r e.ca / bu i l di ngs/ garm ent- street- c ondos

OTI S Lu xu r y, M id R ise C ondo ADDRESS

5 1 Davi d Street K i tc hener, O N

STATU S

Under Construc ti on

AVAILABLE FROM FOR MORE INFO

Condo Culture, Brokerage

Hi gh $ 50 0 s co n doc ul ture.c a/ bui l di ngs/ oti s

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condoculture.ca

CONDO CULTURE

Department

Kitcheners Innovation District Transformed From Industrial Factories To High Tech Office Space And Condo Developments Once a thriving manufacturing hub, Downtown Kitchener’s Innovation District has transformed into an epicenter for technology and innovation in the Region. What was once a collection of century old historical brick and beam industrial factory buildings, is now home to highly sought after condominiums like the Kaufman Lofts, Garment St. Condos, and Station Park, and some of the world’s leading tech companies like Google and Communitech, one of the largest tech incubators in the world.

“They may have been placid market towns, but they are now a thriving industrial and commercial centre. Reasons: Self reliance, thrift, community spirit“

Frederick Edwards - 1940

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B EFORE

Condo Culture, Brokerage

T HE TA NN E RY B UI LD I NG / COM M UNI T E CH

Photo From Kitchener Public Library

T HE LA N G TA N N E RY C OM PA N Y

GA RM EN T ST. CO N DO S

Photo From Momentum Developments

T H E HUCK G LOVE CO. IN C.

BR EI THAUPT BLO CK/ GO O GLE

Photo From Kitchener Public Library

BR EI THAUPT R UBBER PLAN T

TH E K AUF M AN LOF TS

Photo From University of Waterloo

K AUF M AN RUB B ER COM PAN Y

STATION PARK

Photo From University of Waterloo

M AN S ION OF K ITCH EN ER IN DUSTRIALIST JACOB K AUF M AN

Innovation District Transformed

B EFORE

B EFORE

B EFORE

B EFORE

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CONDO CULTURE

NOW

NOW

NOW

NOW

NOW

condoculture.ca

CONDO CULTURE

CONDO LIVING RE-IMAGINED

DISTRICT TRANSFORMED

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CONDO CULTURE

Welcome To Station Park

Early pioneer and visionary, Jacob Kaufman, helped to completely transform and develop the City of Kitchener (formerly Berlin), through industry and manufacturing. Now, more than a century later, Kaufman’s former residence at 621 King St. W. continues the legacy of innovation; this time by re-defining condo living through its conversion to Station Park.

“I think what we’re seeing is a real shift in the center-point of our Region. And that center-point is Station Park.”

Scott Cruickshank, Managing Partner, Co-Founder Condo Culture

As innovative as the district that surrounds it, Station Park will push boundaries as an ultra-connected, sustainable, convenient, mixed-use condo development. Through the use of design, technology, and its incorporation of unique amenities, it will set a new standard of what it means to live, work and play in Kitchener-Waterloo.

After the highly successful sold-out releases, construction has commenced on the first two towers which are scheduled to be completed in mid 2022 and early 2023, respectively. Units in the third tower of Station Park are scheduled to be released for sale in the Fall of 2021.

Live

Work

Play

Station Park’s four residential towers will consist of 1 and 2 bedroom units with 3 bedroom townhomes on the lower level perimeter.

With easy access to entertainment, retail, and dining, Station Park will easily satisfy all of the needs of the modern condo dweller as a city within a city.

Conveniently located opposite Canada’s Google HQ and the upcoming Waterloo Region transit hub, Station Park is strategically positioned to further facilitate the growth and development of Kitchener’s Innovation District. One of the five towers comprises 10 storeys and over 160,000 square feet dedicated exclusively to commercial space.

Far exceeding the expected, Station Park’s unparalleled amenities will provide year-round activity including a bowling alley, arcade hall, jam room, fitness and peloton studios, private hydropool swim spa and hot tub, outdoor ice skating rink, dog park with a dog washing station and 2 acres of park space.

Scan for more information or to register for the next release of Tower 3.

Condo Culture, Brokerage

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condoculture.ca

The Condo Culture Difference

CONDO CULTURE

C O ND O C U LT U R E DIFFER E NC E

1

BU Y

Whether it’s your first condo, first investment, part of a growing portfolio, or you’re a long-time condo dweller looking for something different, you’ve come to the right place. Our unparalleled insight into the market and use of technology gives us a true pulse of everything happening in real time and ensures you get the best possible deal.

Condo Culture is Waterloo Region’s only dedicated condominium real estate brokerage; our experienced multidisciplinary team brings a wide range of expertise to everything we do. We raise the bar in the industry and deliver beyond your real estate needs.

3

S E LL

We call it Condo Marketing 2.0… but you can just call it sold.

We’re more than REALTORS®, and since the very beginning, we’ve been on a mission to perfect the best way to sell condos.

We know where the buyers are, and have strategically organized our marketing plan to capture their interest in your unit.

Scan to learn more about Condo Culture services.

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CONDO CULTURE

R ENT

2

Our proven condo leasing system helps tenants find the perfect condo and landlords attract the most suitable and qualified tenants with ease. Our website is designed to simplify your rental search and our dedicated team of professionals are available to not only answer questions and show you units, but also assist with lease applications and agreements.

INVEST

4 Aran

Invest with the Region’s top condo real estate experts. Our profound knowledge of the local condo market and expertise in pre-construction helps our investor clients identify the best returns, and support those investments through our private landlord leasing program.

Condo Culture Client

“We recently worked with Tim and Becky to sell our Condo. They were able to sell it within the time frame they indicated and at a price greater than expected. Throughout the process, they provided us with regular updates on the number of viewings and any feedback they received about the condo. The entire process was straightforward and smooth. We will definitely use Condo Culture again.”

Condo Culture, Brokerage

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condoculture.ca

CONDO CULTURE

Fine Cheeses and Meats Hot and Cold Lunches Groceries Mediterranean Goods Locally-Roasted Coffee Housewares Gifts and Gift Baskets & Much More

VincenzosOnline.com 150 Caroline Street South at The Bauer Buildings (King & Allen) Waterloo, Ontario

519-741-1437

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Department

CONDO CULTURE

Subscribe To Our Weekly Newsletter For More Updates On Market Intel & Much More!

C E MAIL

condoculture.ca/cc-newsletter

Condo Culture, Brokerage

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Real Estate Evolving - Understanding Preconstruction Assignment Sales

Photo by CCW Inc.

Over the years, real estate has evolved from simply buying and selling a property to more complex and involved transactions. With the emergence of the pre-construction industry, came the need for assignments, a new and important type of agreement to enable purchasers to buy and sell units after the original sale.

ASSIGNMENT SALE DEFINED

REASONS FOR ASSIGNMENT SALES

In pre-construction, a condo unit isn’t owned by its purchaser until all units in the condo development have been completed and the building has been registered. Only a purchaser’s legal rights and obligations outlined in the Agreement of Purchase and Sale (APS) can be sold prior to the building’s completion. This is referred to as an assignment sale. The seller of this contract is the assignor and the purchaser, the assignee.

Pre-construction condos can take years to build. During the construction of a new condo, the circumstances of the original purchasers can change and they may wish to sell the unit rather than close on the unit themselves. When this happens, purchasers can opt to sell their purchase contract to a willing buyer. Typically, an original APS assignment clause must be included to allow assignors to sell their contract through an assignment.

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S SI GNMENT SALE

CONDO CULTURE

CONDO CULTURE

BENEFITS OF ASSIGNMENTS FOR ASSIGNEES

BENEFITS OF ASSIGNMENTS FOR ASSIGNORS

• Sold-Out Project Access -Purchasing an assignment can be a great way to get into a project that is in high demand or otherwise sold out.

• Freedom - By selling your assignment contract, you are no longer legally obligated or bound to the terms of your APS.

• Value Opportunity - In some scenarios, assignments may be a result of an assignor who is motivated to sell based on changes in life circumstances. In these situations, it may be possible to negotiate and purchase an assignment at a reduced price.

• Less Competition - Given that assignments are a unique product type, many purchasers and even some realtors aren’t as familiar with them. This may mean less competition for these units, which can be advantageous to purchasers especially in extremely competitive real estate markets.

• Profit - Where the price of the condo unit has increased significantly since it was initially purchased, the assignor may be able to sell an assignment and realize a profit. Many developers discourage using assignments as a strategy to profit, and it is strongly advised that assignors fully understand all costs associated with an assignment before attempting to do so.

• No Closing Costs - Because the assignment is sold prior to construction completion, the assignor will not have to take out a mortgage or be responsible for any of the closing costs.

As Assignment Sales Can Be Much More Complex Than Other Real Estate Transactions, Working With An Experienced Realtor And Lawyer Can Help To Simplify This Process. In The Last Year, Condo Culture Has Helped To Facilitate Dozens Of Assignment Transactions; We Are Experts In This Space. Contact Us For More Information.

Scan to access exclusive, off-market assignment listings.

Condo Culture, Brokerage

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condoculture.ca

CONDO CULTURE

Department

BE LM ON T T S W.

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CONDO CULTURE

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R EGI STER HE RE TO LE ARN MORE A BOUT PRICIN G AN D AVAILABILIT Y.

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condoculture.ca

CONDO CULTURE

Innovation + Real Estate

IN N OVAT I O N + R E A L E STAT E W H AT I T M E A N S TO BE A T E C H DRI VE N R E A L E STAT E AG E N CY Well before the pandemic and the need for business to be conducted in a more virtual environment, Condo Culture recognized the inefficiencies of the traditional real estate approach and had a vision to incorporate technology and knowledge of the local condo market to reshape how condos are viewed, bought, and sold.

Using the most comprehensive condo platform in the Region, buyers, sellers, renters, andinvestors alike can access key data, trends, and listing information to gain a competitive edge in an extremely robust and aggressive real estate market.

The key features of condoculture.ca were designed to reduce the friction from the traditional real estate experience, providing customers with more control.

01

INDUSTRY LEADING SEARCH & ANALYTICS • Complete database of available condo listings including exclusive properties not listed on realtor.ca.

• Sold price data and advanced market insights into all of the area’s top condo buildings.

CONDOCULTURE.CA ACCOUNT • Advanced Analytics & Personalized content to match your unique interests • Daily & Weekly updates showing changes to your favourite buildings or units

Scan to create a Condo Culture account

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CONDO CULTURE

02

SELF SERVE CONDO EVALUATIONS • Leveraging sold price data in our platform, our online self-serve tool provides automatic, estimated condo values.

• For a more hands-on & personalized evaluation supported by a Condo Culture REALTOR® visit condoculture.ca/evaluations.

This will be the best approach to evaluate the unique features of your condo and maximize your value

03

VIRTUAL TOURS OF UNITS • It’s important, now more than ever, that potential buyers are able to virtually tour a listing before they even set foot in it.

• Our immersive 3D Matterport tours bring listings to life and allow potential buyers to interact with our listings.

04

WEB BASED LEASING PLATFORM (BETA) • Coming Soon! Stay tuned for updates on our new Online Leasing Tool allowing landlords to add their rental listings to condoculture.ca with ease and tenants to instantly submit applications and lease a unit 100% online.

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condoculture.ca

T h e A rea’s O n ly Co n d o S p ec i f i c Re a l E st a te Sto re : Visit our unique condo real estate store to easily connect with our experts and get answers to all of your condo questions.

Visit & Contact Us At: 191 King Street South, Unit 101 Waterloo ON N2J 1R1 (519) 744-8700 waterloo@condoculture.ca

Department

CONDO CULTURE

Madeline*

Adam

Justine*

Venetia

Eric*

Becky

Vicky*

Zoran*

Faheem*

Tim*

Scott*

Raj*

CONDO C U LT U R E TE A M YOUR E X P E RTS IN LO CA L C O N DO R E A L E STAT E

Our team has been curated from the ground up, with an expert group of specialists that extends beyond sales to a wide range of industries and disciplines. Our REALTORS® have specialized condo industry insight and expertise to help ensure that whether you are buying, selling, renting, or investing, you are working with a team that you can be proud of, and most importantly, delivers results.

Scan To Speak To A Condo Culture REALTORS®

B R O K ERAG E

*All members of the Condo Culture sales team are REALTORS® under the Canadian Real Estate Association (CREA) and dedicate their focus to condo real estate. REALTORS® shown here include Madeline Flaxey, Justine Feliciano, Eric Maltby, Vicki McFarlane, Zoran Kukic, Faheem Mohammed, Tim Bolton, Scott Jones, and Raj Pathak. Not every real estate agent is a REALTOR®. Only REALTORS® are members of CREA.

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You Need 1 Buyer, We Have Thousands.

The value of the average condo has increased by over $100,000 in the last 3 years.* Get a free evaluation to see how much your unit is worth in the current market. *Average value increase statistics for Kitchener, Waterloo and Guelph, Ontario. Statistics based on MLS sale data provided by the KitchenerWaterloo Association of REALTORS® between February 2017 and February 2020 for apartment-style condos. For additional details on these stats or to learn more about the market in general, request a value above or visit your local Condo Culture Real Estate Store.

Get Your Free Condo Evaluation

B R O K ERAG E