New Condos for Sale in Cambridge

About New Condos for Sale in Cambridge

Are you considering investing in new condos in Cambridge? Here’s what you need to know.

Key Real Estate & Market Insights in Cambridge, Ontario

1. Cambridge-Specific Resources

• Waterloo Region Home Builders’ Association: Provides resources and information for new construction projects including condominiums in the Waterloo Region, which includes Cambridge.
• Cambridge Association of REALTORS®/Kitchener-Waterloo Association of REALTORS®: These recently merged associations offer market statistics for Cambridge and the surrounding region.
• City of Cambridge Planning Services: Provides information on development applications, zoning, and future growth plans affecting condominium developments.
• Waterloo Regional Economic Development Corporation: Offers insights on economic trends, population growth, and development opportunities impacting the housing market.

2. Cambridge Condo Market Statistics

• As of mid-2024, the average price of a new condominium in Cambridge was approximately $520,000, representing a 3.7% year-over-year increase.
• New condo developments in Cambridge have seen an absorption rate of approximately 68% in 2024, indicating healthy demand.
• The average time on market for new condo units in Cambridge was 35 days in 2024, compared to 49 days in 2023.
• Pre-construction condo prices averaged $580 per square foot in downtown Cambridge (Galt) and $550 per square foot in other areas of the city.
• Approximately 850-950 new condominium units were under construction or in the pre-construction phase across Cambridge as of mid-2024.
• The rental yield for investment condos in Cambridge averaged 5.4% in 2024, attractive compared to larger Ontario cities.

Source: Cambridge/Kitchener-Waterloo Association of REALTORS® Market Reports, CMHC Housing Market Reports, Statistics Canada

3. Financial Incentives and Programs for Condo Buyers

• First-Time Home Buyer Incentive: The federal program offers 5-10% of the purchase price to reduce monthly mortgage payments.
• Home Buyers’ Plan (HBP): Allows withdrawal of up to $35,000 from RRSPs tax-free for home purchases.
• Land Transfer Tax Rebate: First-time homebuyers in Ontario may qualify for a rebate of up to $4,000.
• Cambridge Core Areas Community Improvement Plan: Offers development incentives for projects in the three core areas (Galt, Preston, Hespeler), potentially benefiting certain condo developments.
• Region of Waterloo Affordable Housing Strategy: Provides some options for affordable units within select new developments across the region.

4. Key Areas for New Condo Developments in Cambridge

• Galt City Centre: Historic downtown area seeing revitalization with boutique and mid-rise condo developments along the Grand River.
• Preston: Growing area with new condos near the Speed River, offering more affordable options than Kitchener-Waterloo.
• Hespeler Village: Historic area with boutique condo conversions and small new developments.
• East Galt/Dundas Street Corridor: Developing area with several new mid-rise developments offering modern amenities.
• West Galt/Bismarck Area: Higher-end developments in this established residential area.

5. Important Considerations for Condo Buyers in Cambridge

• Transit Development Impact: The ION LRT Phase 2 planning (extending to Cambridge) is beginning to influence property values, particularly near proposed station areas.
• Development Charges: Cambridge’s development charges for multi-residential units average $30,000-$40,000 per unit as of 2024.
• Condo Fees: Average maintenance fees range from $0.45-$0.65 per square foot in Cambridge, generally lower than larger cities in the GTA.
• Pre-Construction Deposit Structure: Typically 15-20% of purchase price spread over 12-18 months.
• Heritage Considerations: Many new condos in Cambridge’s core areas involve heritage buildings or heritage-inspired design, which may have special considerations or restrictions.
• Tri-City Market Dynamics: Cambridge’s real estate market is influenced by its position within the Kitchener-Waterloo-Cambridge tri-city area, with comparatively lower prices making it attractive to commuters.
• Industry Growth Impact: The growth of technology and manufacturing sectors in the Waterloo Region is driving housing demand in Cambridge, as commuters seek more affordable options than Kitchener-Waterloo.

New Pre-Construction Condos in Cambridge: Diverse Options

Cambridge has long been a hub of activity, evolving into a sustainable community that supports both residential and commercial growth. Leading developers are taking note, with several new pre-construction condos planned or already available in Cambridge.

These developments offer a range of options, from high-rise condos to more intimate, boutique buildings.

Here’s a list of some notable Cambridge new condos:

• The Gaslight Condos by HIP Developments
• The Riverwalk Condos by Times Group Corporation
• Black Bridge Condos by Polocorp Inc.
• The Waterscape Condos by HIP Developments

These condos are designed with the modern resident in mind, offering everything from state-of-the-art fitness facilities to access to natural trails along the Grand River.

The tranquil environment of Cambridge, combined with its proximity to downtown Toronto and nearby cities like Kitchener and Waterloo, makes it an ideal place for those seeking a balanced lifestyle.

A Healthy Cambridge Real Estate Market

Cambridge’s real estate market is robust, with ongoing projects to expand both residential and commercial spaces. New developments are focusing on creating master-planned communities that integrate seamlessly with the city’s existing infrastructure.

Wider sidewalks, pedestrian crossings, and green spaces are being added to enhance the living experience.

These developments, coupled with urban amenities like the ION Light Rail Transit and Grand River Transit, ensure that residents enjoy easy access to all parts of the city.

While the average resale price of condos is on the rise, the investment potential remains strong, particularly in pre-construction condos.

Cambridge’s Thriving Business Scene

Cambridge is home to major corporations such as Toyota Motor Manufacturing Canada, Loblaw Company Limited, and Frito Lay Canada, making it an attractive destination for professionals and businesses alike. The city’s municipal government is committed to fostering a business-friendly environment, further boosting its appeal.

Despite its growing business sector, Cambridge retains a small-town charm, with festivals like the Mill Race Festival, Cambridge History Festival, and the Mill Road Winter Fair celebrating the city’s rich cultural heritage.

These events, along with a burgeoning arts scene, contribute to a vibrant community spirit.

Excellent Transportation

Cambridge condos are well connected to the rest of the tri-city area. The city benefits from an extensive transportation network, including the ION Light Rail Transit and Grand River Transit, which provide efficient access to nearby cities.

For those who need to travel further, the city is just a short drive from downtown Toronto.

Cambridge’s proximity to major highways, as well as its connectivity via public transit, makes it an ideal location for commuters. The ongoing improvements in transportation infrastructure ensure that Cambridge remains accessible, even as it continues to grow.

World-Class Healthcare

Cambridge is committed to providing excellent healthcare services to its residents. Plans are underway to expand and improve local healthcare facilities, ensuring that residents have access to the best medical care.

This commitment to health and wellness is reflected in the city’s support for an active, healthy lifestyle, with numerous recreational facilities and natural trails available.

Cultural and Recreational Opportunities

Cambridge offers a wide range of cultural and recreational activities. From the Jazz Festival to the Cambridge History Festival, the city is alive with events that cater to all interests.

The Grand River provides a picturesque backdrop for outdoor activities, while the city’s parks and trails offer plenty of opportunities for relaxation and exercise.

For those interested in shopping and dining, Cambridge’s downtown area features a variety of boutiques, restaurants, and cafes, all within walking distance of new condos. The city’s commitment to maintaining its heritage while embracing modern development ensures that residents enjoy the best of both worlds.

Committed To The Environment

Cambridge is dedicated to preserving its natural beauty and ensuring that new developments are environmentally sustainable.

The city’s municipal government works closely with developers to create green spaces and parks, making it a great place to live for those who value nature and an active, healthy lifestyle.