With prices that more than compete with those in the big city, while keeping amenities closer than many Calgary communities, Chestermere and Langdon offer an attractive package for prospective buyers.

Chestermere's status as "Alberta's Oasis" is evident in the number of homebuyers making the town home. Over the last decade, the population of Chestermere has more than tripled, rising from less than 4,000 residents in 2002 to 15,352 in 2012.

At a stones throw away from the Calgary city limits — with views of both the prairie grasslands and Rocky Mountains — the communities of Springbank and Bearspaw offer open air living with easy access to city amenities.

The Canadian Pacific Railway established the Bearspaw Station in 1909. Named for Chief Masgwaahsid or Bear's Paw, the station west of Calgary has become a sought-after destination for acreage living and commuters.

Tightening market conditions are supporting price growth in Airdrie, Okotoks and Cochrane, although overall inventory levels of property remain healthy in areas surrounding Calgary.

Property sales in the surrounding areas totalled 865 units after the first quarter of the year, running at a similar pace to the same period in 2012. As in the entire region, the number of new listings has been falling at double-digit rates.