In 2020, housing markets across the country surprised many with a stronger-than-expected rebound in the second half of the year despite record-high unemployment rates and significant job losses.
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Calgary Market Insider November 2020
With strong gains in the detached sector, October sales in the city reached 1,764 properties. This is a 23% increase over last year and well above longer-term averages.
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Calgary Housing Market Quarterly Report
The second quarter of 2020 marked the first full quarter since COVID-19 began to weigh on the economy.
Calgary housing sales slowed by 35% compared to the previous year. This is better than original expectations, thanks to June figures that were far stronger than initial estimates. The pullback in new listings in the second quarter caused inventories to trend down, preventing a more significant decline in prices.
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Calgary 2020 Market Forecast
Since the oil price crash, Calgary has faced job losses, wage reductions and tightening national housing policy. These factors have all contributed to the slower sales environment, excess supply and citywide price adjustments of more than 10%.
However, as Calgary moves into the sixth year of this cycle, there are indications of adjustments to these conditions throughout the housing market.
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