As the first quarter of 2013 rolls along, Calgary's condominium market is thriving.

"With less selection in the singlefamily market, particularly at the lower price ranges, more consumers are turning to the condominium market," said Ann-Marie Lurie, CREB® chief economist.

Calgary Regional Housing Market Statistics: February 2013

Total residential sales for the month of February 2013 totaled 1,711 units, a one per cent decline over the previous year. Accounting for the leap year in 2012, activity in the single family market resembles last year's activity. However, even with one less day in the February 2013 figures, condominium sales have made significant gains increasing by 13 per cent relative to February 2012.

East Village is on its way to becoming one of Calgary's most sought after neighbourhoods.

"Starting this year it's fast forward again, it hasn't slowed down at all actually which is really great," said Susan Veres, vice president marketing and communications for the Calgary Municipal Land Corporation (CMLC).

"We finished the year last year (and) interest in the remaining parcels of land was really quite high so our focus last year and this year will be on commercial development, less on the multifamily side."

With two kids, two cars and a dog, the Robsons are the image of the typical family.

Having purchased a larger home in the city's northwest to accommodate their growing family, the Robsons are typical in another way as well, as they're part of a growing number of Calgarians who are upgrading to bigger and more expensive homes.

Once thought of as one of Canada's youngest cities, Calgary's aging population could have implications on the city's real estate industry.

In 2011, the first wave of Calgary's 268,000 baby boomers – those born between 1945 and 1965 - turned 65.

It is estimated that there are around 100,000 seniors living in Calgary, a number that comprises roughly 10 per cent of the city's entire population. While it has taken a full 70 years for Calgary seniors to climb from five per cent to 10 per cent of the population, estimates suggest it will only take 30 years to climb to almost 20 per cent of the population by 2040.

Growth is the key word in a report outlining Calgary's office, industrial, commercial and multi-residential sectors from one of Canada's leading fully integrated real estate organizations.

In Morguard's 2013 Canadian Economic Outlook and Market Fundamentals Research Report, Calgary was singled out as one of the best markets in the country, with the organization predicting even more expansion in the coming year.

It's a happy New Year for Calgary's real estate market, as the city ended 2012 with sales volume up 15 per cent and benchmark prices up five per cent.

Average sale prices were the highest ever in Calgary at $428,655 for combined single family and condominium, but this figure was skewed by a surge in $1-million plus homes sold in 2012. The benchmark price of $381,408 is lower than the average because tracking is based on comparable properties.

Buying a condominium means you're buying into a form of home ownership that's different from a single-family dwelling.

A condominium generally refers to the privately owned unit you'll call home and the common areas, which can include hallways, the exterior of the building, green space and other areas for which owners share responsibility.

If you were to choose a theme for real estate in the Calgary area in 2012, perhaps it would be the "year of the pleasant surprise".

Heading into 2012, CREB® predicted an 11 per cent increase in sales, citing the persistent record low interest rates that have greeted Canada homebuyers since 2009 as a key contributor to the increase. Instead, the Calgary area experienced a 23 per cent increase in year-over-year sales in October and is headed for equally positive numbers by the end of the year.