January sales were the highest they have been for the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021.

With December sales of 1,199, this is the highest December total since 2007.

"Housing demand over the second half of 2020 was far stronger than anticipated and nearly offset the initial impact caused by the shutdowns in spring," said CREB^® chief economist Ann-Marie Lurie.

Third-quarter activity was far better than original expectations, as sales activity in the city improved by nearly 12 per cent over last year's levels.

Some of the shift in the third quarter reflects activity that likely would have occurred in the second quarter. The housing market also benefited from easing lending rates and previous price declines. Gains were driven by all property types except apartment condominiums.

Total residential sales in August were relatively stable compared to last year with year-over-year gains in the detached and row sectors.

With higher sales for both detached and semi-detached product, July sales totals rose above last year's levels. Despite the improvements in July, year-to-date sales remain 15 per cent lower than last year's levels.

The second quarter of 2020 marked the first full quarter since COVID-19 began to weigh on the economy.

Calgary housing sales slowed by 35 per cent compared to the previous year. This is better than original expectations, thanks to June figures that were far stronger than initial estimates. The pullback in new listings in the second quarter caused inventories to trend down, preventing a more significant decline in prices.

Housing market activity in May remained slow, but sales exceeded the lows from April, which saw less than 600 sales in Calgary.

May sales totalled 1,080 units, a 44 per cent decline from last year's figures.

After the first full month with social distancing measures in place, the housing market is adjusting to the effects of COVID-19.

As governments and individuals around the world work to combat the spread of the COVID-19 virus, it has become clear the epidemic will have far-reaching impacts for Calgary's residents, businesses and economy.

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.