January sales were the highest they have been for the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021.Sales activity improved across all product
Housing market second quarterly of 2020 prediction
Dated: August 3 2020
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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 per cent compared to the previous year. This is better than original expectations, thanks to June and July 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. The big surprise was the number of sales with about 10% increase compared with July 2019. The second quarter benchmark price trended down compared to the first quarter and eased by 2.3 per cent compared to last year, just slightly above initial forecasted levels. “Unquestionably, COVID-19 will continue to impact the housing market over the next several quarters. However, the extent of the impact may not be as severe as estimates from three months ago,” said CREB® chief economist Ann-Marie Lurie. “While the situation may look brighter than it did a few months ago, it is also important to note that challenges remain.” Overall, we continue to expect citywide benchmark home prices to ease by nearly three per cent this year and sales activity will remain weak compared to the already low levels recorded last year. Despite the wide range of expectations on home prices, we do not expect a stronger price decline in 2020 for a couple of reasons:
As we move into the second half of this year and into 2021, there remains a significant downside risk. If jobs do not return as anticipated and the support from lenders and government ends, we could start to see a rise in supply relative to demand. This may cause stronger price declines in the market entering 2021. For more information, please download CREB®’s Q2 2020 Calgary & Region Quarterly Update Report here. |
Mehrdad Bagheri
Your life biggest investment is buying or selling your house, this is the reason you need an experienced professional to help. Mehrdad Bagheri is a CIR REALTY Agent and member of Leading Real Estate C....
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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS® System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS® System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
Last Update: September 16, 2026 9:45 PM UT
Information should be deemed reliable but not guaranteed, all representations are approximate, and individual verification is recommended. Copyright ©2026 All rights reserved.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS® System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.