Alberta Housing Market Update

Alberta Housing Market Update

February 2021

February continued where January left off with strong sales for Alberta (+61.6% year-over-year) and all submarkets except Fort McMurray. Calgary and Edmonton are still showing a lot of strength with some sales getting multiple offers.

The provincial unemployment rate showed modest improvement over January and dropped below 10% for the first time since the pandemic started. The current rebound in oil prices (WTI ~$60) seems to be holding for now, which will help companies in this sector. The Canadian Association of Petroleum Producers is predicting investment will increase 14% in 2021 to 27.3 Billion, though still significantly lower than the $81 billion In 2014.

The Alberta Government eased restrictions on March 8 to allow for some increased business activity. The number of COVID-19 cases has increased since then and it is unclear when further easing will occur. Vaccines are being distributed in a phased roll-out with the higher age groups of 65+ currently receiving the vaccination.

Information courtesy of Sagen