Monthly Calgary Stats

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After the first full month with social distancing measures in place, the housing market is adjusting to the effects of COVID-19.

April sales hit 573 units, a decline of 63 per cent over last year.

"The decline in home sales does not come as a surprise. The combined impact of COVID-19 and the situation in the energy sector is causing housing demand to fall," said CREB® chief economist Ann-Marie Lurie.

"Demand is also falling faster than supply. This is keeping the market in buyers' territory and weighing on prices."

Sales activity eased across all price ranges, but the largest declines were for homes priced above $600,000.

With a greater share of the sales occurring in the lower price ranges, the average price decline was more than eight per

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After a strong start to 2020, economic conditions have dramatically changed, as COVID-19 is impacting all aspects of society.

The economic impact is starting to be felt across many industries. This includes the housing market.

March sales activity started the month strong, but quickly changed, as concerns regarding the spread of COVID-19 brought about social distancing measures. This had a heavy impact on businesses and employment.

“This is an unprecedented time with a significant amount of uncertainty coming from both the wide impact of the pandemic and dramatic shift in the energy sector. It is not a surprise to see these concerns also weigh on the housing market,” said CREB® chief economist Ann-Marie Lurie.

By the end of March, sales

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