Alberta housing market hit hard by Covid-19

The Covid-19 outbreak — combined with oil prices plummeting — has really hurt the Alberta housing market.

While sales in Calgary were actually up year-over-year in Q1, the average home price dropped by 0.1 per cent. Things were worse in Edmonton, with prices dropping 1.4 per cent year-over-year.

Even if the economy resumes by the end of Q2, Edmonton prices will probably drop around 1 per cent for the year, and if the economy remains stalled until late in the summer, prices will likely plummet 3 per cent.

Alberta contractors, how are things looking for you right now? How has the softened market affected you?