As Canada slowly gets a handle on the COVID-19 crisis, we are seeing signs of economic recovery and optimism, particularly in the real estate sector.
Calgary, the market that where we are based and what we focus on, saw a 12% improvement in July 2020 sales vs July 2019. This is largely a result of the pent up demand from March to June when Calgary saw the height of the first COVID-19 wave and shut-downs.
Alberta overall is seeing new real estate trends, such as renewed interest in vacation properties (due to global travel restrictions, ie. the Canada-US land border remains closed for personal travel), increasing interested in an urban-to-rural move, and demand for homes with larger backyards. Rather than traveling, Albertans are seeking more and more to enjoy their own province as well as their own personal home.
Many Albertans are still working from home. As such, they are seeking to enjoy their homes more and more, through renovations and outdoor landscaping. And if they are not able to improve their existing space, they can seek to purchase a new home that better meets their new needs.
As a result, we anticipate seeing continued growth through H2 2020. And while we may not see much price inflation (at least not in the Alberta area — Ontario and BC are seeing this), the number of home sales continues to rise.
As the Canada Emergency Response Benefit (CERB) expires at the end of August 2020, we expect Realtors to have an even greater need for faster access to their firm sales commission. So we expect to see continued demand for our commission advance services through the 2nd half of 2020.