The COVID-19 pandemic caused home sales in Airdrie to dip, according to a new report by the Calgary Real Estate Board (CREB).
CREB's second-quarter report – released July 27 – shows there were 322 home sales between April and June, a nearly 14 per cent drop compared to the same period in 2019. According to the report, the drop can largely be attributed to the COVID-19 pandemic and the quarantine that followed.
“This decline was not as high as what was seen in Calgary, likely due to the more affordable product available in Airdrie,” the report said. According to CREB, Calgary home sales dropped by 35 per cent compared to the previous year.
The report stated Airdrie’s second-quarter inventory of 407 homes is a 23 per cent drop in comparison to 2019. New listings also dropped by 23 per cent, down to 500.
Realtor Gary Lock said the situation isn’t as bad as it seems based on CREB's report. Although home sales in March and April were low, he said the housing market started to stabilize when Stage 2 of Alberta’s economic relaunch plan came into effect.
“Things just picked up right away,” Lock said.
Lock said June and July saw big numbers for local home sales, with 166 and 163 respectively during those two months. He said from January to August, there have been 748 home sales in Airdrie. During the same time period in 2019, there were 758.
“That is insignificant statistically speaking,” Lock said. “What is important here is people weren’t doing anything for a period of time.”
During April – which Lock said was the most impacted month – 60 homes were sold locally. He added that number is low in comparison to previous years. With the increase in June and July, Lock said the fluctuation in home sales is an “empty bubble filling up.”
“Overall sales this year are just about the same as they were last year,” Lock said. “[Sales] were just horrible for people in March and April.”
Lock said the rising numbers indicate a nice recovery, considering the circumstances. He added homes in the $300,000 to $400,000 range sell quickly, regardless of circumstance.
“Those houses are moving well,” Lock said. “Airdrie has a better value to your dollar.”
According to Lock, the real estate market always responds to the current economic climate. He noted 2006 and 2014 were good years for sales, but both were followed by drops due to economic and political circumstances.
Jordan Stricker, AirdrieToday.com
Follow me on Twitter @Jay_Strickz
