Despite the significant instability and uncertainty with which Q1 ended, overall the first quarter of 2020 was considered relatively stable with vacancy rates increasing only marginally by 0.2%, albeit listing announcements continue to be on the rise.
- The economic landscape has changed significantly in the last few weeks of the quarter due to the Covid-19 pandemic. Global supply chains were heavily impacted as manufacturers were closing operations around the world in response to reducing the spread of the coronavirus which led to a decrease in shipped goods.
- Alberta is experiencing a 'double whammy' as the price of oil, in particular, the Western Canadian Select (WCS) hit an extreme low this quarter under $5.00 per barrel; the lowest Alberta has ever seen.
- However, on March 31, the Premier announced the Government of Alberta has finalized an agreement with TC Energy to provide financial support for accelerated construction of the Keystone XL Pipeline. This offers Albertans a glimmer of hope for the future, along with the promise of much needed jobs within Alberta's industrial sector.