Rising sales in the second half of the year were enough to offset the pullbacks created by the shutdowns, as 2020 sales activity rose by 16 per cent. Sales in the area were at the highest level recorded since the 2014 peak.

COVID-19 has impacted all areas across the country, but in markets like Toronto, Vancouver and Montreal, sellers' market conditions existed before the pandemic.

COVID-19 has had widespread impacts on the economy. The shutdowns had significant economic repercussions in the retail, arts and entertainment, tourism, service, and transportation (airlines) industries across the country.

Calgary was already experiencing some job losses prior to the spring shutdown. However, the three-month shutdown resulted in a dramatic decline in employment.

Stronger sales in the second half of the year offset earlier pullbacks, resulting in a sales increase of 12 per cent in 2020.

Prior to the shutdowns, there were signs of improvement in this sector. While the shutdowns impacted all sectors, apartment sales did not rebound in the same manner as the rest of the product types.

Over the past two years, the detached sector has struggled with slower sales and elevated inventory. Lower lending rates and low prices contributed to the rebound in detached sales in the second half of the year.

Row sales activity recorded the strongest growth relative to the other property types in 2020.

A significant drop in inventory and stable sales in 2020 pushed the semi-detached sector into the tightest conditions seen since 2014.

The significant impact COVID-19 has had on the economy resulted in a pivot for the Bank of Canada, which cut the overnight target rate to 0.25 per cent. This is the lowest level in over a decade and the decline in the target rate has resulted in lower mortgage rates.