To say that 2020 was an interesting year would be an understatement. We started out with high hopes that this was the turnaround year for the Alberta economy and the real estate market; and for at least a couple of months it looked like our hopes were valid. Then that unwelcome intruder showed up and our hopes dimmed dramatically. In June, when it seemed we were maybe at the end of the worst of it, things brightened considerably and while the economy didn’t improve much, those CERB payments and historic low interest rates were a boon for the real estate market which ended the year with the number of sales in Central Alberta just 5.6% behind last year’s total. In hindsight, it was a fantastic year when viewed from our April and May perspective.
Our crystal ball is a little foggy looking ahead to 2021. Making bold predictions is often a fool’s game, but we are going to step out and say that we expect this year’s real estate market to be much the same as last year’s. There is a slight difference at this point because we are starting out with much lower inventories than we’ve had in Central Alberta for many years. Lower inventories combined with robust demand should dictate price increases, but we believe that robust demand will encourage sellers who have been waiting for fair winds and an end to Covid to re-enter the market and keep things in balance. We believe 2021 will be an interesting year, but in a much better way.