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Most people can see that every market has taken some financial hits, even the real estate market. Calgary has a 24% lower sales average than the past five-year average. This is on top of having a drop in energy prices. Despite a promising start in March, sales in the real estate market dropped in Alberta by 9% and new listings declined by 15%. The chief economist of AREA, Ann-Marie Lurie admits that these are unprecedented times with lots of uncertainty. There is no surprise that so many are concerned with the local housing market.
Unfortunately, the problem will likely continue through the next quarters. Even before the pandemic, Calgary had a sluggish housing market with sales and prices continuing to drop since 2017. Despite this, the nearly 10% decline in March sales this past year doesn't seem too bad. However, what it means is that home sales are 24% below the five-year average. New listings in and around Calgary have dropped by nearly 19%, which might take some pressure off the huge overstocked market. What has contributed to the failing housing market in Calgary is the fact that they were already having problems due to oversupply and price declines, in addition to the oil price crash. The reduced demand for supply may help to prevent further price declines. In Edmonton, sales didn’t take such a steep hit. Sales only dropped by less than 2% to 1,304. However, this is where the housing market for Edmonton had just a year ago. Tom Shearer, a Royal LePage broker said that the beginning of last year was the hardest year of real estate that he had ever experienced. AREA canceled open houses two weeks after the WHO (World Health Organization) declared a pandemic. It doesn’t make sense to show a home when self-isolation and the virus itself make sellers and buyers wary. Consider that there is a new normal for most markets and the housing market is no different. May agents are resorting to digital technology to sell homes. Although people want to walk around and see things in person, this just doesn’t seem possible. However, if they are willing to view it online then they can find realtors who have posted his or her listings online. They are typically able to see the interiors and exteriors of the home that they are interested in. The region that was hit the hardest was Fort McMurray. Sales in this region dropped by 30% in March of 2019. This was the lowest since 2016. Current sales are tracking at 21% lower than the previous five years. Grand Prairie also took a significant hit. It is the oil-and-gas community in northwestern Alberta where sales have dropped by 19% over the last year. Reports indicate that they are continuing to drop without a real end in sight. The new COVID-19 pandemic has taken a toll on practically every industry and every market in Canada.
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Everything from carnivals to music festivals has been canceled due to COVID-19. Many of these festivals mark the opening of festival season and the summer for many Canadians. It is clear that a lot has changed and will continue to change as cities begin to reopen. This is sure to be a summer unlike any other.
Many major city-led events, cultural programs, and conferences have already been canceled due to the COVID-19 pandemic, through June 30. This would also include the popular Caribbean Carnival, and Pride parades; which typically attract thousands. Calgary Stampede organizers have canceled this yard annual rodeo and exhibition. In Ottawa, this year's bombastic Canada Day celebration will be a virtual show. Edmonton and Winnipeg are known for their folk festivals but unfortunately, they have also been canceled. This means that it is likely that fairs throughout Canada will also be canceled. This sounds like the makings of a very boring summer. However, it is better than the alternative, which is more deaths due to exposure due to the lifting of restrictions too soon. Those living in the city look forward to spending time in the pool, at the park, and playgrounds. The closures create a cultural shit, unlike anything that Canadians have seen before. The long winters make the anticipation of summer more appealing. The summer is a festival season in Canada and creates not only cultural value but also significant financial losses. It also affects the restaurant and tourism sectors. Many people are suffering in silence and simply waiting for the day that they can once again, here the sound of music. Thankfully, some find it impossible to express themselves without music. This has led to a movement across the world, which has resulted in many musicians holding virtual concerts. Everyone from Lady Gaga, John Legend, Coldplay's frontrunner, Chris Martin, Keith Urban, Pink, Jan Arden, Natalia MacMaster, Rob Thomas, and more have held virtual concerts. Social distancing is undoubtedly difficult for many but it is equally as difficult and frustrating for the thousands of musicians who just want to entertain. Even though many musicians have had to cancel their tour dates, they still feel compelled to entertain. Many local musicians are also going live and CBC music is finding out who they are. Keep up with the many musicians who are contributing to the movement by following @CBCMusic on Twitter. Music is universal, which is probably why it stirs up so many emotions. You can listen to practically any type of music that you want to from your favorite musicians simply by logging onto your computer, which is probably something that you do every day anyway. Now that you are already online, just search for local virtual concerts and you’re sure to see a line-up that will appeal to you. If you’re not satisfied with what we have to offer locally, then look for national virtual concerts. The music will do on! Local Canadian arts programs have received $500 million in federal funding amidst the COVID-19 pandemic. It is unclear when it will be distributed and who will receive the funds. It is expected that the recipients of the funding will be non-profits, music organizations, television production, and national sports organizations.
Previously, the government sector responsible for allocating funding was not creating eligibility for the arts. However, the arts organizations that will now benefit from the funding are glad that they are now being seen as a business entity. Regardless of which programs receive the funding, they all benefit, directly or indirectly. More than 70 arts organizations will receive funding in addition to local artists. The arts sector is like other sectors, which have had social gathering restrictions placed on them. They have also been one of the last to receive consideration for emergency funding. Due to the recent restrictions, it has had a significant impact on the arts community. The CEO of the Canadian Sport Institute Calgary, Dale Henwood admits that they would welcome the emergency funding. If they can get some financial assistance to help retain some of their players they will gladly accept it. So many involved in Canadian sports have been affected by COVID-19. The Canadian Sport Institute Calgary operates mainly at WinSport but is also involved with athletes and facilities at the Olympic Oval and in Canmore. They are responsible for paying strength coaches, trainers, support staff, athletes, and medical professionals. They have been all been impacted by the current pandemic. Henwood said that it has been financially difficult. They received commitments from the government in the early part of the pandemic from the government for financial support. While his organization is eligible for part of the subsidy program, they were vague about how when they would receive the funding or how much they would receive. Catriona Le May Doan, Olympic speed skater and president and CEO of Sport Calgary says that they know how much the sports community, the society, and culture would be impacted if sports were taken away. It is a big part of the fabric of the country and community. Many in the Canadian sports sector are just grateful to receive the acknowledgment. The organizations throughout Canada will be watching closely to find out whether they will be eligible for the funds and how it will be allocated. In Western Canada, the arts sector is facing similar challenges. Theatre companies, festivals, and presentation sectors will be looking into the possibility of receiving some type of subsidy. The funding could help us hang on until things improve. Most involved in the arts are simply in survival mode. Just to put things in perspective, Arts Commons, a non-profit organization that includes the city’s largest arts organizations, which also include the Calgary Philharmonic Orchestra, Alberta Theatre Projects, and Theatre Calgary, could lose as much as $3.2 million in revenue if they remain closed until August. Some businesses are allowed to continue doing business and those are the ones that are considered 'essential'. However, some Alberta businesses would consider themselves to be essential. Unfortunately, they are not the ones who can make that call. On March 17, 2020, the Province of Albert's Chief Medical Officer of Health officially declared a public health emergency due to the COVID-19 crises. Ten days later, the Government of Alberta ordered the closure of all "non-essential" businesses. The dates of when this would end were not indicated.
Non-essential Services must remain closed to the public and if you are confused about these services, consult the Government of Alberta website. Here is the list for your consideration. • Brick and mortar retail businesses offering exclusively non-essential services or goods (curbside pickup and online shopping, however, are permitted to continue) • Private and public recreation and entertainment facilities • Food courts and dining establishments (delivery, takeout, and drive-throughs are allowed); non-profit soup kitchens and work camp dining halls may continue to operate with proper risk management strategies in place • Nightclubs and bars • Salons, barbershops, and other personal services • Non-essential health services and cosmetic enhancement services The Government of Alberta has also released a list of essential services that can continue to offer services. This list is also published on the government website and include: • Public administration and government • Public safety and security • Essential medical and public health services • Shelter and food (restaurants are limited to delivery and takeout only) • Utilities and energy • Specified industrial services; natural gas, coal, and petroleum • Transportation • Construction projects and services required for the healthcare sector or critical municipal and provincial infrastructure • Health and safety environmental rehabilitation projects • Agricultural and horticultural • Retail (including grocery stores, pet supply stores, pharmaceutical businesses, liquor and cannabis retail outlets, hardware stores, auto repair and parts suppliers, office product supply businesses, and medical supply centers) • Financial institutions such as banks and credit unions, as well as investment management, insurance brokerages, and the Alberta Securities Commission • Information and telecommunications While there are still some businesses and services on the essential services list can continue to offer services, they must still implement risk mitigation measures to help prevent the spread of further infection. Such measures include social distancing and heightened sanitization. There are, on the other hand, some businesses that are not considered essential services but are still allowed to remain open. If the business is not listed as an essential service but is not prohibited from offering services in a publicly accessible area, it is allowed to remain open under certain conditions. These businesses can have up to 15 or more workers on-site if they continue to follow public health orders and guidelines about physical distancing and not allowing workers to work if they are sick. |