According to a report by Laurentian Bank Securities economic growth within Alberta and Saskatchewan is expected to outpace Canada's other provinces and territories.

The Provincial Monitor stated the two Prairie Provinces will be the driving force behind the national average while the central and eastern provinces will report a weaker performance than the national average.

Alberta has been a veritable hot spot of new residents lately with its strong economy and low unemployment rate.

"There's a reason why Calgary's CTrain has been feeling more congested lately; people have been flocking to Alberta," said ATB Financial economist Will Van't Veld.

A spurt in Calgary's population growth, plus a strong economy and rising home prices is starting to make its mark on the city's rental vacancy and in turn could mean changes for the housing market.

The average apartment vacancy rate in Alberta's urban centres decreased from 4.7 per cent to three per cent between April 2011 and April 2012, according to the Canadian Mortgage and Housing Corporation (CMHC).