Despite rising home prices, many Nepalese still see real estate as an essential investment, with many of them searching to buy an affordable home in Canada after a few years of migration. In the years following the pandemic, the interests of buying homes might have differed. Still, real estate records the lowest interest rate, providing the perfect opportunity to buy a first home for thousands of Nepalese livings in the Edmonton area.
However, how do you buy a house in Edmonton, Canada? It may seem not very clear if you have never done it before. When you call a realtor and set up a viewing, the process of buying a home doesn’t begin. Instead, it starts years early when you decide that you’re ready to buy a home.
In contrast, the possibility of higher rates in the second quarter of 2022 has prompted many more home buyers to lock in rates, get pre-approved and close as soon as possible. So here in this article, we shall highlight the best residential areas in Edmonton along with the ongoing real estate price.
Best residential areas for Nepalese in Canada, Edmonton City
The estate of Edmonton’s goal is to build an inclusive city where all communities and individuals migrating from Nepal or foreign land can live in safety stability and accomplish their dreams. Providing housing options is the first step.
Traditionally, Nepalese have settled primarily in urban areas. Most of them are in Ontario, and the second-largest community is in British Columbia. Over 2000 Nepalese migrated to Alberta between 2013 and 2014. The remainder of them is scattered throughout Canada.
The Canadian Government’s immigration overview lists 8218 people from Nepal as the source country who became permanent residents of Canada between 2004 and 2013.
Whether you’re a first-time buyer, upgrading, or relocating from out-of-province, you can find a great option within your budget. So here we bring the top best residential areas for Nepalese to buy real estate in Edmonton, Canada.
- Downtown Edmonton
- Ritchie
- Strathcona
- McKernan
- Cloverdale
- Aspen Garden
- Garneau
- Summerside
- Bonnie Doon
- Terwillegar Towne
- Fort McMurray
- Cold Lake
- Grande Prairie
- Airdrie
- Fort Saskathewen
How many Nepalese living in Edmonton?
Edmonton is quite popular among Nepalese living in Canada, many Nepali international students make this city study destination as well as Nepalese settlers in Canada settle permanently here. According to 2021 census total 1,860 Nepalese are living in Edmonton. 975 men and 890 Nepalese women living in Edmonton. Total Nepalese population living in Alberta is 5,140, and out of them 2655 are men and 2485 are women.
What must the Nepalese migrants know about the real estate market of Edmonton?
In Edmonton’s housing market for January 2022, sales continued to rise as home prices remained stable. A home in Edmonton sold for an average of $376,923 in January 2022, a 3.5% increase year-over-year.
Canada’s housing market has seen one of the lowest annual price increases among the country’s largest cities.
In January 2022, the average sale price of single-family detached homes was $445,932, an increase of 4% over January 2021. The average property sold price of a townhouse increased nearly 11% year-over-year to $382,471 in Edmonton’s housing market, making it the highest performing property type in terms of annual price growth.
The average townhouse price has also gone up by 5% since December 2021. A condominium apartment’s average sale price in January 2022 was $224,566, an increase of 3.7% over the previous year.
Although home prices have consistently increased slowly in Edmonton relative to other cities, home sales have increased year-over-year.
Unlike other major Canadian cities, such as Toronto’s and Vancouver’s housing markets, sales and listings have declined year-over-year.
New listings in Edmonton’s housing market have also declined 9% year over year. Home sales in Edmonton have increased nearly 14.4% year over year.
Despite fewer new listings this month than last year, there are still 53 percent more than the 1,411 new listings seen in December 2021.
Housing affordability in Edmonton, Alberta
There are 439,664 homes in Fort McMurray, with an average price of $439,664. Accordingly, the average dual-income in Minnesota is $221,425 while the average single income is $106,912, making the prices to income ratios 2:1 and 4.1:1, respectively.
A typical home in Canmore costs $676,093. Dual incomes are a median of $116,975, and single incomes are a median of $52,224, which make up price-to-income ratios of 5.8:1 and 12.9:1, respectively.
According to the marker report summary of Edmonton, at the earliest of January 2022, Edmonton Housing did see rapid growth in sales in a home listing.
The average price of the house sold turned out to be $376, 923 which further showed modest growth of 3.5% increase every year.
The townhouse faced a sudden increase in the price by 4%, which was $382k, while the condo apartments saw an increment of 4%, making it $225k.
Read Also: Holidays and long weekends in Japan for 2022, Nepalese in Japan need to know
Earning of Nepalese and can they buy a house in Edmonton?
Can you buy an average home in a major city in Canada with an average income and down payment? There are markets where purchasing a home is more accessible than others, but it is still a significant financial milestone. Toronto or Vancouver might be difficult for young people to break into the real estate market, but Edmonton does seem easy to get hold of.
The average detached house in Canada is $688,208 as of May 2021. To purchase one, you’ll need a down-payment of $43,821 and an income of at least $109,000.
However, the average price of real estate in Edmonton is around $343, 300 requiring immediate down payment of $17,165, while the minimum earning needed for the individual Nepalese household is approximately $75,000.
Can Nepalese build house in Edmonton, Canada?
A Registrar must issue a license to owners who wish to build their own homes without a builder’s consent. An owner-builder can acquire building permits without a permit, and warranties can be purchased or not.
After getting the permit, building a house of nearly 2000 sq ft in Edmonton would cost almost $400,000. While for 1000 sq. ft, the cost would be between $100,000 to $200,000, and for 1500 sq ft, the average cost would range between $150,000 to $300,000.
The building time in Edmonton, Canada, is between six to ten months. After the builder receives the mortgage approval, the design department takes about a month to approve the plans and architecture.
