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

The Bank of Canada announced on April 15 that it would keep its overnight rate target at 0.25 per cent and that no additional rate cuts should be expected.

This decision to hold rates steady came on the heels of three rate cuts in over a month, as the COVID-19 pandemic and plummeting oil prices exact a heavy toll on the Canadian economy.

When the novel coronavirus arrived in Alberta, residents and managers of tightly packed multi-family housing developments quickly realized special precautions were necessary to keep people safe and healthy.

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.

If you're reading this in our print newspaper, congratulations – you are holding one of the last physical copies of CREB^®Now.

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.

One of the key factors impacting the Calgary resale housing market in the last year or so has been affordability.

With economic uncertainty top of mind due to the collapse in oil prices and the COVID-19 crisis, prospective homebuyers are increasingly looking for more affordable options when making a purchase.

That will likely lead to more demand in the condominium apartment market in the future.

In an unscheduled move, the Bank of Canada (BoC) recently announced it was cutting its overnight lending rate to 0.75 per cent, effective March 16. The move was made to counter the negative economic repercussions of the COVID-19 pandemic and plummeting oil prices.