Commentary  Over the past two or so years, our economy has been far from “normal.” The pandemic wreaked havoc on a bustling economy seemingly overnight and quickly ignited a recession in all of the G20 countries. Despite that, in 2020, the demand for housing was insatiable, which caused huge jumps in home prices, a stark contrast to the drop in house prices that usually occurs in a recession.
The housing market isn’t the only thing that made the recession of 2020 a statistical outlier. Unlike other recessions, which are usually the result of a longer-term boom and bust cycle, this recession was the immediate result of COVID-related lockdowns. Across virtually every sector, businesses were forced to close down immediately, and employees were either furloughed or laid off. Thankfully, with the availability of vaccines, a major recovery kicked in in 2021.
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