Greater Edmonton's housing market is splitting in two, with detached gains masking a sharp condo slump
Edmonton's residential property market delivered a split verdict in May 2026, with robust annual growth in detached homes contrasting against accelerating weakness in the apartment condo segment.
The REALTORS Association of Edmonton (RAE) recorded 2,557 total residential sales in May, a 3.2% rise from April 2026 and a 13.4% decline from the same month last year.
New listings climbed 21.7% from the previous month to 4,855, while overall inventory rose 13.4% month-over-month and sits 23.9% above May 2025 levels, a significant supply shift for a market that was considerably tighter just months ago.
The all-residential average price reached $491,794, up 2.7% from April and 6.3% annually. The MLS Home Price Index (HPI) composite benchmark came in at $432,200, up just 0.1% from April and down 1.8% year-over-year, a gap suggesting elevated average figures are partly driven by strength at the upper end of the market.
Detached homes leading the gains
Detached properties remain the standout performer. Average prices reached $604,744 in May, a 2.6% monthly gain and a 4.8% annual increase.
Detached sales rose 6.4% from April, with new listings in that category climbing 19.5% over the same period.
"May saw steady price growth across our residential market, with the all-residential average price rising to nearly $492,000," said Darlene Reid, 2026 board chair of the REALTORS Association of Edmonton.
"Detached homes led the way with a 4.8% year-over-year price increase — significantly outperforming other housing types, which saw more modest gains or outright declines. Condominiums in particular have seen weakening prices, as available inventory and competition has risen."
Semi-detached homes averaged $433,478, dipping 1.5% year-over-year, while row/townhomes edged up just 0.9% annually to $309,554, modest movements that bracket the wider performance gap between ground-oriented and high-density product.
Condo weakness deepens across Alberta
The apartment condo segment is signalling a more serious correction. Average condo prices fell to $206,282 in May. That's down 8.7% from April and 3.7% below May 2025.
Sales rose only 2.2% month-over-month and were 21.6% lower year-over-year. The data echoes conditions emerging in Calgary's housing market, where the Calgary Real Estate Board reported a 15.5% sales decline in May and a 3% annual drop in the benchmark price to $570,500, as new construction and easing migration pressure the province's two largest centres simultaneously.
Earlier in 2026, mortgage broker Dustan Woodhouse of Be The Better Broker told Canadian Mortgage Professional that Edmonton resembled "roses and rainbows" compared with Toronto and Vancouver. That description still holds for the detached segment, but it sits uneasily alongside condo data pointing in the opposite direction.
TD Bank's updated 2026 Canadian housing forecast outlined in March revealed that Alberta is expected to see trend-like price growth this year as new supply meets normalised demand. That's a trajectory the May numbers largely confirm, though the pace of condo softening may be moving faster than most analysts anticipated.
Make sure to get all the latest news to your inbox on Canada’s mortgage and housing markets by signing up for our free daily newsletter here.
