The Canadian Real Estate Association (CREA) has updated its forecast for home sales in 2012 and 2013, with MLS® transactions in Alberta set to lead the country.

Coming off 2011, which saw Alberta's 8.1 per cent increase second only to Saskatchewan in terms of annual sales growth, CREA is predicting MLS® sales in the province rise by 13.1 per cent in 2012 to lead the country in growth.

Buoyed by net migration, job prosperity and low mortgage rates, MLS® sales in Calgary this year are expected to reach their highest level since 2007, before increasing even further in 2013.

As outlined in the Canada Mortgage and Housing Corporation's (CMHC) annual Calgary Housing Outlook Conference, which took place Nov. 20 at the BMO Centre, Richard Cho, CMHC's senior market analyst for Calgary, said sales in Calgary should increase by almost 16 per cent in 2012 to 26,000 units, rising by another 500 units in 2013 to 26,500.