CMHC: Edmonton Is the Only Major Market With No Housing Supply Gap

Edmonton is the only large Canadian market with no measurable housing supply gap, according to CMHC's Fall 2026 Housing Supply Report, published September 10, 2026. The federal housing agency says Edmonton's home construction has generally kept pace with population growth, so the region already builds roughly what it needs to hold affordability at pre-pandemic levels. Nationally the picture is very different: CMHC estimates Canada needs 417,000 to 469,000 housing starts per year, a gap of 187,000 to 238,000 homes annually, to restore 2019 affordability by 2036. Edmonton itself carries no such gap. The city's own numbers show a market moving from a building boom into a delivery phase: total housing starts fell 20 percent in the first half of 2026 against a record 2025, yet stayed above historical norms, while apartment completions rose 30 percent and units under construction hit a record 17,900. Condominium apartment starts climbed 14 percent. For Edmonton buyers and sellers, the bottom line is that supply has stayed ahead of demand even as new launches cool, though CMHC still flags affordability pressure for the lowest-income households.

Information last verified on September 11, 2026. Rates and rules change; figures below are current as of that date.

What CMHC's Fall 2026 Housing Supply Report found for Edmonton

CMHC's Housing Supply Report models how many homes each major market must build to bring affordability back to 2019 levels by 2036. It compares a business-as-usual pace of construction against the pace the math says is required. For Edmonton, those two lines meet: the report puts the city's supply gap at zero.

In CMHC's words, "Edmonton has no measurable housing supply gap because housing construction has generally kept pace with population growth." That is a modelled finding, not a claim that Edmonton has every home it could ever use. CMHC is explicit that "continuing challenges" remain for the lowest-income households, including homelessness, which market-rate construction alone does not solve.

The national backdrop makes Edmonton stand out. CMHC says "Canada still faces a long-term housing supply gap of 187,000 to 238,000 homes per year over the next decade," which works out to the 417,000 to 469,000 annual starts the country would need to close it. Of the major markets in CMHC's report, Edmonton is the only one already on track, with a modelled gap of zero.

Why Edmonton starts fell 20 percent while completions and construction hit records

A 20 percent drop in housing starts sounds like a slowdown, but the rest of the data tells a different story. Starts measure new projects breaking ground. After a recent stretch of record building, fewer new projects began in the first half of 2026, yet CMHC notes the level stayed above Edmonton's historical average.

Meanwhile the homes already started kept moving through the pipeline. Apartment completions rose 30 percent, and the number of units under construction climbed to a record 17,900. In other words, builders are finishing what they began rather than launching as many new sites, which is what a delivery phase looks like.

The condo segment is the clearest bright spot. Edmonton condominium apartment starts rose 14 percent in the first half of 2026, and CMHC reports completed unsold condo inventory fell by almost half, a sharp contrast with the weak condo construction it describes in most other major markets. You can follow that trend in our coverage of Alberta's condo market trends in 2026 and in the July 2026 Edmonton housing starts data.

How Edmonton compares: Calgary, Toronto, Montreal and Ottawa

Edmonton's zero gap is unusual, but it is not alone in improving. Here is how CMHC describes the other large markets in the Fall 2026 report.

Calgary almost halved its gap through strong construction, though CMHC says affordability challenges remain there for lower-income households and would-be buyers. Toronto's gap narrowed mostly because lower home prices improved affordability, even as new construction weakened sharply. Montreal has the largest gap of any major market, with a cost-to-income ratio CMHC puts at 48 percent, its highest since the 1990s. Ottawa's gap widened as affordability deteriorated.

Clay mid-rise apartment buildings with balconies

What a no supply gap finding means for Edmonton buyers and sellers

For buyers, CMHC's finding lines up with what the local market already shows: steady choice rather than the bidding frenzies seen where supply runs short. A balanced construction pipeline is one reason Edmonton has stayed more affordable than Toronto or Montreal. Here is the current mix of active Edmonton listings by type, so you can judge that selection for yourself, then browse active Edmonton listings in full and compare against the earlier CMHC mid-year 2026 outlook for Edmonton.

For sellers, that balance is a reminder that buyers have choices. A steadier condo construction pipeline in particular means well priced and well presented homes still move, while overpriced ones tend to sit. If you are weighing a sale, it helps to get an estimate of your Edmonton home's value before you list.

None of this is a forecast of where prices go next, and it is not individualized advice. CMHC's report is a supply-and-affordability model, not a price prediction. For your own situation, a conversation with a local REALTOR® or mortgage broker will weigh your timing, budget, and the segment you are buying or selling in.

Frequently Asked Questions

Does Edmonton have a housing supply gap, according to CMHC? No. CMHC's Fall 2026 Housing Supply Report, published September 10, 2026, finds Edmonton has no measurable housing supply gap, the only large Canadian market in that position. CMHC says construction has generally kept pace with population growth.

Why did Edmonton housing starts fall in 2026 if there is no supply shortage? Starts fell 20 percent in the first half of 2026 after a recent run of record building, but they stayed above historical norms. Apartment completions rose 30 percent and units under construction hit a record 17,900, so builders were finishing homes rather than launching as many new projects.

How many housing units are under construction in Edmonton right now? CMHC reports a record 17,900 units under construction in Edmonton in the first half of 2026, alongside a 30 percent rise in apartment completions and a 14 percent rise in condominium apartment starts.

How does Edmonton compare with Calgary and Toronto? Edmonton has no measurable gap. Calgary almost halved its gap and needs an estimated 4,000 to 5,000 more starts a year. Toronto narrowed its gap but still needs to lift starts by at least 50 percent, an estimated 20,000 to 26,000 more a year.

Does no supply gap mean Edmonton housing is affordable for everyone? No. CMHC is clear that its finding applies to market-rate supply and affordability benchmarks. It still flags continuing challenges for the lowest-income households, including homelessness, which new market housing alone does not address.

This article was researched and drafted with AI assistance, fact-checked against the primary sources listed below, and reviewed by the hômm editorial team before publication. Market data is live from the MLS®.