Timber wood A new market report from the Realtors Association of Edmonton found sales had decreased by 7.6 per cent in July compared to the previous month. But those sales are also down 11 per cent from the same time last year. Photo by Jim Watson /AFP via Getty Images Article content
Edmonton’s red-hot housing market is hitting a cold spell, driven by a surplus of condominiums and slowing migration. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
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A Wednesday market report from the Realtors Association of Edmonton found sales in the greater Edmonton area had decreased by 7.6 per cent in July compared to the previous month. But those sales are also down 11 per cent from the same time last year. Article content
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The report also found listings rose slightly from June, but were up significantly at a 17.9 per cent increase from July 2025. Article content
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“We’re seeing a much slower pace right now,” said Darlene Reid, board chair of the Realtors Association of Edmonton.
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“That is normally a seasonal trend, but we are seeing a little more of a slowdown than we saw last year.”
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Reid said demand isn’t consistent across the city and is segmented depending on what kind of home people are looking at. Some pockets, like the southwest, remain warm, and demand for single-family detached homes is still high. Article content
Things are also tipping more towards a buyer’s market, Reid said.
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“We’re not into a buyer’s market yet, but we’re slowly transitioning,” she said.
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When it comes to apartment-style condominiums, the conditions are already there, Reid said. She added that comes as an influx of new builds, started in previous years, are finishing and stocking new inventory into the market. Article content
Meanwhile, migration into Edmonton has also slowed down significantly, and the city is seeing fewer newcomers from B.C. and Ontario, Reid said.
It’s also typical for parents of international students to buy up condos, but due to decreased international enrolment, that kind of activity is also down. Article content
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“But I’d say this is a much healthier market,” Reid said. Article content
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While overall demand is cooling, house prices are still steady. The MLS Home Price Index benchmark for a home in Edmonton was at $429,100. That number is a 0.3 per cent decrease from June and is no different from July 2025.
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Local realtor Wendy Theberge said she’s already been feeling the slowdown on the front lines. Article content
While it was “pretty much hair straight back for most of the year,” she said things have calmed down.
Theberge said her situation might be an anomaly, but it had been her busiest year on record. Article content
Given what things were just recently, she said the current environment feels fairly normal, and that the cooling conditions aren’t cause for alarm. Article content
For sellers, she said it might take a bit more effort to get their property to stand out. Article content
“Whatever you have to sell, it has to be the best, the prettiest, the best price. Those three rules of real estate never change,” she said. Article content
When it comes to buyers, she said there are still a good variety of options and that people should feel less pressure to choose a home.
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“Edmonton’s such a steady market,” Theberge said. “It just keeps on chugging along.”