Thank you all for your comments.
Please see the photo of the plant. The late frost has passed in Alberta. I will keep an eye on the weather. I think you are right, the overwater was the issue. It has been 4 days since the first water, the soil is still very moist to touch. It is currently raining and will rain for the next two days. It will need to ride it out. I will minimize the amount of water next time.
As per attached photo, please feel free to provide any comment on the set up of the peony bed. To locate a sunny location, I prepared a 16 x 4 feet peony bed from the existing lawn (not a raised bed). The bed is about 2 inches below grade. I would like to have 5 to 6 peonies in the bed. I trenched around the perimeter of the bed and filled with gravel for drainage. 2 layers of landscape fabric were installed to control the grass and weeds. I put a small amount of gravel to keep the fabric in placed.