Along with Kitchener-Waterloo, Cambridge is the third member of the tri-cities and is an excellent choice for young professionals and investors looking to tap into the young professional rental market.
More affordable than Kitchener-Waterloo and yet still very close to everything that KW has to offer, Cambridge is definitely worth exploring.
In this article, we will take a look at the three main areas of Cambridge and what they have to offer young professionals and investors looking to rent to this demographic.
Preston
Preston is located in central Cambridge and is bordered by the Grand River. The downtown core of this large area is a fantastic location for finding charming, historic homes, some of which may be in need of some work.
Buyers are likely to find their diamond in the rough on a larger-than-average lot, tucked away on a tree-lined street waiting for the right buyer to scoop it up and bring it back to life.
Buyers that are looking for a move-in-ready property, may want to look toward the outer periphery of Preston, where one will find newer townhomes and condo developments, many of which are in close proximity to the Grand River.
Preston has very convenient access to Highway 8 and Highway 401, making it a breeze to get to Kitchener-Waterloo, the tech hub, Conestoga College, the universities, and many other desired amenities.
For those staying local, downtown Preston is very walkable and is undergoing continuous upgrades, adding to the already ample amenities available for residents. These amenities include; the Cambridge Memorial Hospital, grocery stores, hair salons, and pharmacies.
Riverside Park and Dumfries Conservation Area are two large parks located in Preston and are the escape for those craving time outdoors. Riverside Park runs along the Grand River and is over 250 acres in size.
It offers sports fields, walking trails, a splash pad for those hot summer days, picnic areas, a BMX park, and a skateboard park.
Residents can also privately book some of the facilities which include; volleyball courts, soccer fields, baseball diamonds, and group picnic sites.
For hockey fans, it is worth noting that the completion of the Preston Auditorium Improvements and Expansion Project is set for 2025.
This new NHL-sized ice pad will replace the old Karl Homuth Arena and will feature improved dressing rooms and spectator facilities and is part of the effort to help revitalize recreation in Cambridge.
Hespeler
Located in north-central Cambridge, Hespeler is characterized by its quiet, suburban feel. Located very close to Highway 401, this area is ideal for those young professionals commuting to Kitchener-Waterloo or Toronto.
Hespeler will really appeal to buyers who value an active, outdoor lifestyle as it is home to several large natural conservation areas, including Chilligo Conservation Area, Shade’s Mill Conservation Area, and Hespeler Mill Pond.
These natural parks offer walking trails, fishing, swimming, picnic areas, and lots of open green spaces for sports and other activities.
Although not as walkable as Preston, this area is just a short drive (less than 10 minutes) away from Highway 24 where you will find every amenity imaginable.
These include; grocery stores, home improvement stores, big box outlets, loads of restaurants, coffee shops, gas stations, a variety of services, and the Cambridge Centre Mall.
Property types in the Hespeler area range from older, highrise-style condos to newly built single-family detached homes to large, luxury houses bordering rural Cambridge.
For those young professionals who enjoy a quieter lifestyle and who are perhaps looking to expand their family one day, this area may be just the right fit.
Investors looking for an older detached home to renovate and rent or even flip will be sure to find what they are looking for in Hespeler as well.
Galt
Scenic Galt is located in the south end of Cambridge and is, without a doubt, the prettiest out of the three areas that make up Cambridge.
Straddling the Grand River, Galt has so much to offer the young professional, starting with its amazing, walkable downtown core.
Full of historic architecture and views of the Grand, the downtown is home to many boutique shops, restaurants, pubs, and the Cambridge Farmer’s Market (which started in 1830, making it one of Canada’s oldest markets!).
The unique building styles continue in the historically charming homes of yesteryear and can be seen in the variety of trendy condos and loft-style apartments located in Galt.
For many years now, Galt has been recognized as a historically significant part of Cambridge. In 1985, a block of commercial buildings located on Main Street between Ainslie and Water Streets were deemed especially valuable and were designated the “Main Street Heritage Conservation District”.
Since that time, much effort has been put forth by the city to study and preserve the historically significant architecture of Galt, and most recently in 2021 work was approved to begin on a Heritage Conservation District Plan.
The University of Waterloo’s architecture campus is situated in this area, which makes it a good location for student rentals although this market base is relatively small as it is only a one-program campus.
Unfortunately for some, Galt is not that close to the highways, so buyers should expect a longer commute to Kitchener-Waterloo or Toronto.
Living in Galt may appeal to those working from a home-based office most, if not all, of the time.
There are plenty of walking trails to enjoy along the Grand River in Galt as well as plenty of parks including; the Cambridge Sculpture Garden and Waterworks Park.
During the warmer months, it is not unusual to see residents strolling along the streets enjoying an ice cream cone or coffee.
Conclusion
We hope you enjoyed our picks for the best areas for young professionals in Cambridge! Much like Kitchener-Waterloo, Cambridge has so much to offer this demographic but without the higher price tag.
Easy access to highways, employment, and education as well as great restaurants and coffee shops all make Cambridge a great place for the young professional and those interested in investment properties.
If you or anyone you know would like more information on real estate in Cambridge, please do not hesitate to contact us. We are happy to help!