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Calgary Real Estate Statistics for April 2020

Impact of COVID-19 on Calgary real estate market

With social distancing measures in place, the housing market is adjusting to the effects of COVID-19.

April sales were 573 units, a decrease of 63 percent 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."

Eased sales activity seen in all price ranges, but the largest decreases occurred in homes priced over $600,000.

With more of the sales seen in the lower price ranges, the average price decrease was higher than eight percent. Average prices for homes are also declining, indicated by the benchmark price, that dropped by almost two percent in comparison to last year.

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