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Calgary Real Estate Statistics for March 2020

COVID-19 weighing against the housing market

Following a solid start to 2020, economic circumstances have dramatically shifted, as COVID-19 is affecting all aspects of society.

The economic impact is across many industries, including the housing market.

Sales activity for March began the month strong only quickly turned, as concerns regarding the spread of COVID-19 brought about social distancing measures, which caused a substantial 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 activity had fallen 11 percent compared to last year. This is 37 percent lower than long-term averages. The drop in sales pushed March levels to the lowest...