As of mid-May this year, less than 30 per cent of homes are selling at or above list price, according to a report by realty firm HouseSigma. This marks a significant shift from previous years when supply struggled to keep pace with demand, leading to multiple offers and prices above asking.
Market Reset After Surge
Phil Soper, chief executive officer of Royal LePage, describes the current conditions as a reset following a period of rapid growth. “There’s nothing unhealthy about the Alberta market now,” he says. In Edmonton and Calgary, 2024 and 2025 saw supply unable to meet demand, but now the market has normalized.
Homes Selling at Fair Value
Soper explains that homes are now selling for what they are worth, which is often less than what sellers expect based on past prices. “Sellers tend to use past pricing as their guide for listing today,” he notes. While this may lead to price flattening or slight declines, Edmonton is unlikely to experience the sharp drops seen in Toronto and Vancouver.
In Toronto, prices have fallen 30 per cent from their 2022 peak, with more than 74 per cent of resales selling at or under list in April. In contrast, Edmonton’s market remains balanced, supported by stable demand and a lack of the fundamental uncertainties affecting other cities.
Neighbourhood-Level Variations
Edmonton realtor Nathan Mol with Liv Real Estate points out that it is normal for the majority of homes to sell at or below list price. “Unlike last year, when it was a strong seller’s market across the board, this year we are seeing widely different market conditions in different price ranges, property types, areas, and even neighbourhoods,” he says.
Buyers are advised to take a neighbourhood-by-neighbourhood approach. In-demand communities still experience strong price gains, while less popular areas offer more opportunities to negotiate. While not mathematically a buyer’s market, the improved balance between supply and demand benefits purchasers.
Outlook for Alberta
Soper emphasizes that Alberta’s market is healthy, with sustainable sales and price growth expected. The absence of investor exodus, declining immigration, and consumer confidence issues that plague other regions positions Alberta for a stable real estate future.
