Pre-flood home sales activity in communities surrounding Calgary saw an increase of 4.6 per cent over the first half of the year, but CREB® cautions the cleanup and rebuilding post-flood will have an as-yet unknown impact on those communities.

"While not all towns follow the same pricing trends, on aggregate the surrounding areas have been recording year-over-year price gains in excess of six per cent," said Ann-Marie Lurie, CREB®'s chief economist. "This in part is a result of the tighter supply levels in the city market spilling over into the surrounding areas."

Boasting "sweeping views of the Rockies", a new development will bring an eco-friendly approach to the banks of the Bow River in Cochrane.

Dubbed Riviera of Riversong, the new community on the south bank of the Bow River, east of Highway 22, will eventually provide a mix of 1,250 single-family, duplex and townhomes.

Tucked away in a Bow River valley 15 minutes away from Calgary, the Town of Cochrane is a mix of big city amenities and small town charm situated a stone's throw from the Rocky Mountains.

"Cochrane is a small, friendly community with big hearts," said resident Kim Cruickshank.