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.

The significant impact COVID-19 has had on the economy resulted in a pivot for the Bank of Canada, which cut the overnight target rate to 0.25 per cent. This is the lowest level in over a decade and the decline in the target rate has resulted in lower mortgage rates.

Slowing economic conditions spread to the new-home sector in 2020. Starts in the city declined by 22 per cent in 2020. Most of the decline was driven by multi-family starts, which had eased by 31 per cent. Slower starts contributed to the decline in new-home inventories from the peak levels recorded early in the year.

Okotoks followed many of the same trends as other markets in 2020.

However, there was a dramatic shift by the end of the year where significant improvements in sales were met with large pullbacks in new listings.

With borders closed, COVID-19 impacted the flow of people and we saw the impact in our international migration numbers.

The Rockyview region is relatively diverse, featuring traditional communities as well as acreages. Springbank and Bearspaw, which are home to many of Rockyview's higher-end properties, account for more than half of the sales in the rural region.

Strathmore recorded a dramatic shift in sales in the second half of the year, resulting in annual sales growth of nearly 26 per cent.

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.