After a strong start to 2020, economic conditions have dramatically changed, as COVID-19 is impacting all aspects of society.

The economic impact is starting to be felt across many industries. This includes the housing market.

This month saw a double-digit gain in sales, but last February was one of the slowest levels of activity since the late '90s.

With the extra day this February, monthly sales totaled 1,197 units.  A combination of these two factors resulted in a 23 per cent improvement over last year, but sales remain well below longer-term trends and consistent with the lower levels reported over the past five years.

Housing market conditions continue to follow similar trends to last year, with gains in sales.

At the same time, there have been further reductions in new listings and inventory, and more declines in prices.

December sales improved to levels more consistent with activity recorded over the past five years. This follows weak sales activity last year.

A stronger second half in 2019 was enough to push annual sales up by one per cent.

Year-to-date residential sales in the city remain just above last year's levels due to improvements in the attached sector so far this year.

However, November sales activity eased over last year's levels, mostly due to pullbacks in the apartment sector.

Sales activity in October improved by nearly 10 per cent compared to last year, driven mostly by improvements for apartment and attached product.

For the past couple years, the Calgary condo market has been plagued by elevated inventory, but there has been some improvement in that area over the past year.

Let's look at some key stats that have defined the condo market so far this year in Calgary.

For the third consecutive month, sales activity improved over last year's figures, and year-over-year new listings and inventories eased. This trend will help support more stability in the housing market.

Increased sales and easing new listings reduced housing inventories in August. Sales were primarily driven by homes priced below $500,000.