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.

With strong gains in the detached sector, October sales in the city reached 1,764 units. This is a 23 per cent increase over last year and well above longer-term averages.

The gain in citywide residential sales outpaced the growth in new listings, supporting tighter market conditions and improving prices.

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

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.

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.

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

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

New listings coming onto the market continued to decline in June, which is helping to reduce the oversupply of homes in Calgary.