In 2020, housing markets across the country surprised many with a stronger-than-expected rebound in the second half of the year despite record-high unemployment rates and significant job losses.

Despite recording a significant drop in sales from March through May, sales activity surged through the remainder of the year, resulting in an annual gain of 18 per cent.

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

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

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.