COVID-19 has impacted all areas across the country, but in markets like Toronto, Vancouver and Montreal, sellers’ market conditions existed before the pandemic.

While all three markets faced the same pullbacks during the shutdown period, their markets were recording record sales activity in the following quarters. Combined with tight supply conditions, this resulted in significant price gains across their markets.

Calgary did not see the same record-high sales activity or annual price growth. Pre-existing challenges in the energy sector placed us in buyers’ market territory prior to the pandemic and the supply decline brought us into more balanced conditions.