Published May 14, 2020. This article reflects the rules and conditions at the time of writing and may not be current — always confirm against the latest provincial legislation.
How did the coronavirus affect the housing market in Alberta? It was no surprise that the economic shutdown and rising unemployment would impact the Canadian housing market, especially alongside record-low oil prices. According to the Alberta Real Estate Association's April report, 2020 housing sales decreased an average of 57% across the province compared to April 2019, with Fort McMurray hit hardest at an 81% decrease. New listings also fell by 51% on average compared to April 2019. April was the first full month with quarantine orders in effect, leading to the biggest contraction in the Alberta housing market seen to that point.
The housing market in British Columbia saw a similar contraction. Metro Vancouver saw a 40% decrease in home sales in April 2020 compared to 2019, making April the worst month of the pandemic in BC to that point, with sales down 56% from March — the lowest since 1982. New listings dropped 60% compared to 2019 and 48% compared to March 2020.
With a relaxation of quarantine measures, May brought the beginning of economic rebuilding. Housing prices remained relatively stable in BC while decreasing in Alberta due to economic contraction and low confidence in the oil market — creating opportunity for buyers. Lowered lending rates and an oversupply of housing favoured anyone with cash on hand.