By Ryan Wyse, Manager, Analytics | July 22, 2020

The Calgary new home market saw an improvement in sales activity as COVID-19 related restrictions were eased in late May, with a total of 574 sales reported in the second quarter of 2020 – an increase of 23% over the first quarter.  New home sales on a year-to-date basis were down by only 19%, despite the challenges surrounding the COVID-19 pandemic and the unprecedented level of uncertainty – suggesting that the consumer demand that existed pre-pandemic, at least in the short term, appears to be resurfacing.

Townhouse sales led the way in the Calgary market in the second quarter, continuing the trend seen over the past 2 years. More than two-thirds of these townhouse sales occurred in the second half of the quarter as government restrictions began to ease, suggesting there was a level of underlying demand in the marketplace even with the economic uncertainty that currently exists.

Calgary new home sales by type

While there are still many challenges ahead, including continued COVID-19 related restrictions, a possible second wave, uncertainty in the energy sector, high unemployment and continued economic uncertainty, the Calgary new home market does appear to be showing some positive signs as the economy continues to open.

 

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