Sagan’s Alberta Housing Market Report for January

January started off strong for Alberta with a significant increase in year-over-year sales (up 57.0 percent). Most markets continue to see increased demand with overall sales-listings ratios at 75 percent. Calgary and Edmonton had 77 percent of the residential sales volume for the province.

The provincial unemployment rate showed modest improvement over December but remains one of the highest in the country. The current rebound in oil prices (WTI ~$60) will be welcome relief to the industry, however, uncertainty remains whether that will translate meaningfully into the employment data.

The Alberta government reduced restrictions on February 8 to allow for some increased business activity. Overall, Alberta has seen a decrease in the number of COVID-19 active cases, however, the new variants have arrived and pose a high level of uncertainty as to the overall impact and what restrictions, if any, will be required over the next few months.

The vaccine continues to be provided to the front-line workers and more vulnerable population as the rollout continues.

Thank you Sagen for the report!