It's the question I get asked more than any other. The honest answer is that it depends on what you're buying and how long you plan to stay. The numbers right now favour buyers more than they have in a while, though, so it's worth looking at what's actually happening.
What the latest numbers say
These are the Greater Edmonton Area figures for September 2026 from the REALTORS® Association of Edmonton:
Sales: 1,959 homes sold, down 10.3% from September 2025.
New listings: 3,864, up 11.3% year over year.
Inventory: up 16.7% from last year.
Average price, all residential: $466,080, up 2.9% year over year.
MLS® benchmark price: $423,100, down 0.3% year over year.
In plain terms, more homes are coming on the market while fewer people are buying. That's the opposite of the bidding wars we saw a few years ago.
Why the average price can be misleading
You'll see headlines saying prices are up 2.9%. You'll also see the benchmark price is essentially flat. Both are true.
The average price moves with whatever happened to sell that month. If more detached homes sell, the average goes up even when no individual home got more valuable. The benchmark price tracks a "typical" home over time, so it's the better read on real value. Right now it's telling us prices are holding steady, not climbing.
It depends a lot on property type
Average prices in September 2026, compared with a year earlier:
Detached: $569,820 (up 2.9%)
Semi-detached: $412,974 (down 4.8%)
Row/townhouse: $289,640 (down 4.5%)
Apartment condo: $208,672 (up 0.6%)
Detached homes are still holding their value. Semi-detached homes and townhouses have softened, and townhouse sales are down about 20% from last year. If you're shopping in that range, you likely have more choice and more room to negotiate than buyers did a year ago. You can browse current condos and townhouses, freehold townhomes or single family homes to see what's available.
What this means if you're buying
More choice: with inventory up about 17%, you're less likely to feel rushed into the first home that fits.
Room to negotiate: conditions on financing and inspection are back on the table for many homes, and price isn't always fixed.
Steady rates: the Bank of Canada held its policy rate at 2.25% in September. Rates can change, so get pre-approved to know your real budget.
When it might make sense to wait
Buying is a long-term decision. If you might move again within a couple of years, the costs of buying and selling can outweigh any gain. The same goes if your job or finances are uncertain, or if you're stretching to qualify. In those cases, waiting is a reasonable choice, and I'll tell you that.
Frequently asked questions
Are house prices dropping in Edmonton?
Overall, no. The benchmark price is roughly flat year over year. Townhouses and semi-detached homes have dipped about 4–5%, while detached homes are up slightly.
Is Edmonton a buyer's or seller's market right now?
It's leaning toward buyers. New listings are rising while sales are falling, which gives buyers more options and negotiating power. Individual neighbourhoods can still be competitive.
How much do I need to buy a home in Edmonton?
The minimum down payment is 5% on the first $500,000. That's about $14,500 for a $290,000 townhouse. Plan for closing costs too: legal fees, title insurance and land title registration. Alberta doesn't charge a land transfer tax, which keeps closing costs lower than in many provinces.
The bottom line
The market isn't about to rush away from you. This fall gives buyers something they haven't had in a while: time to look, compare and negotiate. Whether it's the right time for you depends on your plans, not the headlines.
If you'd like to talk through your situation, with no pressure either way, call or text me at 780-205-3000 or send me a message.
Related reading: Why Is Edmonton Real Estate So Affordable Compared to Calgary and Toronto?
Source: REALTORS® Association of Edmonton, September 2026 market statistics. Figures are for the Greater Edmonton Area and vary by neighbourhood.