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

April sales hit 573 units, a decline of 63 per cent over last year. “The decline in home sales does not come as a surprise. The combined impact of COVID-19 and the situation in the energy sector is causing housing demand to fall,” said CREB® chief economist Ann-Marie Lurie. “Demand is also falling faster than supply. This is keeping the market in buyers’ territory and weighing on prices.” Sales activity eased across all price ranges, but the largest declines were for homes priced above $600,000.


With a greater share of the sales occurring in the lower price ranges, the average price decline was more than eight per cent. Prices for...

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