UPSIDE RISK TO THE FORECAST:

Government support and the low interest rate environment may be enough to prevent any substantial rise in supply levels. If supply levels remain relatively low, prices could continue to trend up at a faster pace throughout 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.

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.

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

Activity in the region completely turned around last year following the weakness recorded in 2019.

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

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

All major markets across the province felt the impact of the shutdowns in the early part of 2020.