Calgarians were eager to embrace a little opulence in 2013. As outlined in a report from Sotheby's International Realty Canada, Calgary lead the country in overall sales growth, with property sales over $1 million increasing by 33 per cent compared to the year prior – the biggest increase in Canada.

In total, there were 722 homes over $1 million (condominiums, attached and single family) sold in 2013 in Calgary. Sales over $1 million set records in 10 of the 12 months in 2013, with attached homes sales in the category increasing by 94 per cent year-over-year.

Resale homes sales in Calgary are expected to moderate this year, with volume increasing by 3.6per cent and prices up by 4.3 per cent.

CREB®'s forecast anticipates a rise in resale listings and less upwards pressure on prices. The forecast, presented at the BMO Centre at Stampede Park, predicts sales in the city to moderate, climbing to 24,335 units in total.

Aggregate sales in the communities surrounding Calgary grew by nearly 12 per cent in 2013 for a total of 4,400 units. Unlike trends in the city, the level of new listings in surrounding areas fell by one per cent in 2013 compared to the previous year. Rising sales activity, combined with a decline in new listings, helped reduce somewhat elevated supply levels and supported some price growth.

Areas surrounding the city have not only benefited from the strong economic fundamentals in the region, but have attracted many consumers looking for more affordable product with existing amenities in place.