Quick take: Edmonton's resale market softened in August — sales down, inventory up, prices flat to slightly lower — while the city simultaneously kept 18,544 homes moving through construction, one of the strongest population-adjusted building rates of any major Canadian market. Those two facts are usually reported separately. Looked at together, they point toward more choice and more negotiating room for buyers over the months ahead, whether they're shopping resale or new construction.
Edmonton Real Estate Market Snapshot — September 2026
The latest complete statistics available when this article was published cover August 2026, for Greater Edmonton (Edmonton and several surrounding municipalities), alongside CMHC's newest construction data reported September 16, 2026.
Sources: REALTORS® Association of Edmonton — August 2026 statistics; CMHC — Fall 2026 Housing Supply Report and August 2026 construction data; Bank of Canada — September 2, 2026 rate decision.
For current advertised mortgage-rate examples, see MortgagesForLess.ca's Alberta mortgage rates. For Bank of Canada announcements and local context, see Edmonton Home Team's Bank of Canada updates. Actual mortgage rates vary by lender, down payment, mortgage-insurance status, amortization, property and borrower qualifications.
What the Board's Own Numbers Show
Sales: 2,143 residential sales in August, down 15.4% from July and down 9.8% from a year earlier
New listings: 3,769, down 8.1% month over month but still up 3.3% year over year
Inventory: 15.1% higher than August 2025
Average selling price: $469,602, down 1.1% from July but up 1.8% year over year
MLS® HPI composite benchmark price: $426,900, down 0.6% from July and down 0.6% from August 2025
Sales-to-new-listings ratio: approximately 56.9% (2,143 sales ÷ 3,769 new listings)
The REALTORS® Association of Edmonton didn't officially call this a buyer's market. But its own language is worth paying attention to — the Association said there are indicators that "a shift in the wider market is taking place," and warned that ample supply without enough demand could put downward pressure on prices beyond normal seasonal patterns.
That sales-to-new-listings ratio of 56.9% still sits inside the standard "balanced" range on paper. What matters more is the direction: sales falling, inventory building, the benchmark price softening, and the board itself flagging what could happen next if demand doesn't keep pace.
Meanwhile, Edmonton Keeps Building
CMHC's newest data shows Edmonton had 18,544 homes under construction in August 2026, up from 18,289 in July. The pipeline has grown every month since spring:
May: 17,440
June: 17,878
July: 18,289
August: 18,544
The growth rate is slowing, though:
May → June: +2.5%
June → July: +2.3%
July → August: +1.4%
At the same time, approved units waiting to start construction have moved from 5,503 in June to 5,316 in July and 5,262 in August. That doesn't mean Edmonton builders have stopped building — they haven't. It means a very large amount of housing is still moving through the pipeline, while there are early signs worth watching around what comes next.
Edmonton Is Still Building at One of the Strongest Rates Among Major Canadian Markets
A raw number like 18,544 doesn't tell you whether that's actually a lot relative to the size of the city. CMHC's Fall 2026 Housing Supply Report answers that by comparing housing starts per 10,000 residents across major Canadian markets for the first half of 2026:
Calgary: 61
Edmonton: 51
Vancouver: 41
Ottawa: 37
Montréal: 30
Toronto: 19
Among the six markets CMHC compared, only Calgary built more per capita. Edmonton's rate is down about 20% from the unusually high pace set in 2025, but CMHC's own report notes construction here "remains above historical averages" — meaning this is a slowdown from a very high level, not from a low one. A significant amount of housing is already committed and will keep moving toward completion regardless of what resale demand does in the short term.
Why Completions Bounce Around So Much
July completions jumped to 1,729 units. In August they dropped 11.4% to 1,532. I wouldn't read too much into either month by itself.
Multi-family construction makes completion numbers naturally lumpy. If a large apartment project finishes, hundreds of units can move into the completed category at essentially the same time — July's 1,729 completions included 908 apartment units, more than half the total, almost certainly reflecting one or two larger buildings wrapping up at once. The next month can then show a substantial decline without anything fundamentally changing in the market. That's why the overall construction pipeline is more informative than whether completions happen to be up or down in any single month.
What This Means If You're Buying
You likely have more room to compare homes, neighbourhoods, builders and specifications than you did a year ago, rather than feeling pressure to jump at the first listing that fits.
New construction and resale increasingly compete for the same buyers — a family looking at a detached home might be comparing a five-year-old resale property with a quick-possession home from a builder.
If you're considering new construction, look at the all-in price, not just the advertised base price. Builder incentives (appliances, air conditioning, landscaping, upgrades, possession terms) are only worth what they're actually worth to you — a $10,000 incentive isn't automatically $10,000 of real value.
Financing conditions matter too. The Bank of Canada held its policy rate at 2.25% on September 2, so it's worth comparing current mortgage rates before locking anything in.
If you want a second set of eyes on a specific listing or builder offer before you commit, call or text Jay Lewis at 780-220-8449 — no pressure, just a sounding board.
What This Means If You're Selling
Understanding your competition matters more than it did a year ago — and your competition may not just be another resale home down the street. If you're near an active new community, buyers may be comparing your home against a brand-new property.
That comparison isn't purely about price. A resale home may already have landscaping, fencing, a deck, window coverings, appliances or a finished basement; a new home may offer warranty coverage and modern systems. Buyers weigh the whole package.
With inventory up 15.1% year over year, accurate pricing from the start matters. Overpricing into a market with this much competing supply typically means a longer time on market and eventual price reductions.
If you're weighing when to list or how to price against nearby new construction, reach out to Jay Lewis at 780-220-8449 or jay@jaysells.ca for a current comparison of your specific street.
What This Means If You're Building or Considering New Construction
A growing under-construction count paired with a shrinking not-yet-started pool suggests the next wave of completions will land in a resale market that's already softening — worth factoring into your timing if you have flexibility.
If you want a deeper comparison of the two paths, I've written a full guide to new construction vs. resale homes in Edmonton, covering warranty coverage, GST treatment, contract terms and what to watch for with a builder's sales representative.
Before you register with or visit a builder's show home, contact Jay Lewis at 780-220-8449 if you want your own representation — builder cooperation and registration policies vary, and some require your REALTOR® to be identified at the first visit.
So, Is Edmonton Becoming a Buyer's Market?
The numbers tell us something more useful than the label. Inventory is higher, sales are lower, the benchmark price has softened slightly, and the REALTORS® Association of Edmonton is openly warning that prices could face additional downward pressure if demand doesn't keep pace with supply. That's a market shifting in the buyer's direction.
But Edmonton isn't experiencing a housing-market collapse. The benchmark price is only 0.6% lower than a year ago, while the average selling price remains 1.8% higher. Both things can be true at once: buyers can be gaining leverage without prices falling dramatically.
What I'm Watching Next
The more interesting question isn't whether we can officially call Edmonton a buyer's market today — it's what happens next. Resale inventory is already elevated and demand has softened, while 18,544 homes remain under construction and Edmonton posts one of the strongest population-adjusted building rates among major Canadian markets. If resale inventory stays elevated while that construction pipeline moves toward completion, buyers could gain additional leverage. If demand strengthens enough to absorb the new supply, the picture could shift again. That's why I'm watching the pipeline, not just this month's sales number.
For buyers right now, the important thing is that you have something valuable: more choice. Use it.
Get the New-Construction Buyer Checklist
Trying to decide between new construction and resale in Edmonton or the surrounding area? Contact Jay Lewis for a new-construction buyer checklist and a side-by-side comparison of what your budget can buy in both markets.
Call or text Jay Lewis: 780-220-8449 Email: jay@jaysells.ca Website: jaysells.ca
Frequently Asked Questions
Is Edmonton a buyer's market right now? Conditions are moving in the buyer's direction. August inventory was 15.1% higher than a year earlier while sales were 9.8% lower, and the REALTORS® Association of Edmonton has warned that ample supply without sufficient demand could put additional downward pressure on prices. Conditions still vary by neighbourhood, property type and price range.
How many homes are under construction in Edmonton right now? CMHC reported 18,544 homes under construction in the Edmonton CMA in August 2026, up 1.4% from July's 18,289 units.
Is Edmonton still building a lot of homes compared to other Canadian cities? Yes. Edmonton recorded roughly 51 housing starts per 10,000 residents in the first half of 2026, second only to Calgary among the six major Canadian markets CMHC compared, and construction here remains above historical averages even after slowing from 2025's unusually high pace.
Why are so many homes still under construction if the market is slowing? Construction responds to changing conditions with a lag. Projects already underway continue toward completion even as demand shifts, which is why the under-construction count can stay high even while other market indicators soften.
Could all this new construction push Edmonton home prices lower? It could add to buyer choice and competition, but new construction alone doesn't determine prices. The outcome depends on demand, population growth, interest rates, property type, location and how quickly both new and resale inventory get absorbed.
Should I wait to buy a home in Edmonton? There's no reliable way to identify the exact bottom of a housing market in advance. More inventory can mean better selection and negotiating room, but the right decision depends on the specific property, your financing, timeline and how long you expect to own the home.
Why did completions drop in August after jumping in July? Completions are naturally lumpy in a market with significant multi-family construction. July's spike was driven mostly by apartment completions — 908 of 1,729 units — so August's pullback likely reflects that batch settling rather than a genuine slowdown.
Sources and Important Information
This article provides general information only and is not legal, tax, accounting or mortgage advice. Real-estate market statistics, construction data and mortgage rates can change. Confirm information that applies to your specific transaction with the appropriate qualified professional. The August 2026 completions figure for Edmonton is cited as reported by CMHC's September 16 release.
Jay Lewis | REALTOR® | RE/MAX Excellence
With more than 20 years of residential construction experience, I help buyers and sellers understand both the real-estate side and the construction side of the market — particularly when new construction and resale are competing for the same buyers.
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