While the recent drop in oil prices has caused speculation about implications for the housing sector, stable conditions are expected given current forecasts for employment and migration.

"While employment and migration are expected to support housing demand, estimates could change depending on the extent and duration of oil price declines," said Ann-Marie Lurie, CREB®'s chief economist. "However, concerns over the potential impact will influence consumer confidence. This is expected to cause supply and demand to ease in 2015, maintaining resale market balance and keeping prices relatively stable."

Demographics helping to distinguish Calgary market as Canada's leader

Calgarians need not be defensive about their hometown's place amongst Canada's preeminent cities, at least not when it comes to the world of real estate.

Having seen a rise in sales and prices, Calgary's housing market has been experiencing the same prosperity seen in Vancouver and Toronto – a trio billed as the "hot three" in a recent report from BMO Capital Markets.

There are, however, conditions that separate our city from the housing hot spots to the east and west.

* Part three of three in Calgary's Growing Up series

Calgary's commercial sector riding high with innovative designs, added amenities

It's tough to keep tabs on Calgary's skyline these days.

With new buildings breaking ground every week in an area already adorned with construction cranes, it's no surprise the city's commercial sector ranks as one of Canada's most active.

With 791,344 square feet of office space leased through the first nine months of 2014, and another 3.8 million of square feet under construction, it's not simply the amount of leasing activity taking place in downtown Calgary, but the stature of those building yet to be constructed.

Calgary's commercial sector still among nation's busiest markets

With cranes a seemingly permanent fixture of Calgary's growing skyline, it's of little surprise the city's commercial market has been one of Canada's busiest.

According to a report from commercial real estate services and investment firm CBRE Ltd., demand for office space in Calgary and Toronto has contributed to a decline in the national office vacancy rate, which fell for the first time in two years during the third quarter of 2014.

"The Canadian economy may not be firing on all cylinders, but the Toronto and Calgary office markets turned out quite a performance last quarter," said CBRE chairman John O'Bryan.

Calgary's housing market continues to come of age

* Part two of three in the CREB®Now real estate news' latest series Growing Up

Calgary's increasingly sophisticated housing market is crossing a vital threshold following RioCan Investment Trust and Embassy BOSA's recent announcement of a $300-million 500-unit condo project for the burgeoning East Village, according to industry experts.

"Calgary is on the tipping point right now, with condo living becoming a more sought after alternative to suburban life," said Embassy BOSA president Ryan Bosa in announcing the new development at Sixth Avenue and Third Street. S.E. "The future of Calgary is up not out, and developments like the East Village showcase how Calgary is creating vibrant, sustainable communities."

Growth in new listings outpace sales growth in July, supporting double-digit inventory gains

Residential sales in Calgary this month totaled 2,336 units, a record level for July activity, according to CREB®'s latest stats.

However, year-over-year sales growth in the city slowed to 3.18 per cent.

Mid-year update shows sales up in Calgary market

The beneficiary of a rental market where selection was less than limited, Calgary's condo market saw sales skyrocket through the first six months of 2014.

According to CREB®, year-to-date condo sales (apartment and townhome) in the city rose by 22 per cent through the first six months of 2014, increasing from 3,698 last year to 4,503 in 2014.

Calgary's million dollar market continues to post positive numbers

Calgary's luxury housing market remained among the top performers in all of Canada through the first half of 2014.

Propelled by a thriving economy, high average incomes and an influx of new Calgarians, sales of homes priced at $1 million or more increased by 18 per cent through the first six months of 2014, according to CREB®'s annual mid-year forecast update.

May sales activity highest ever recorded for Calgary

There were 2,948 sales in Calgary in May, a 16 per cent increase compared to the same time last year.

The numbers are the highest recorded in Calgary for that month, ever.

"Strong sales activity is a reflection of improving fundamental conditions such as a growing population, favourable lending rates and rising wages," said Ann-Marie Lurie, CREB's chief economist. "Leading up to May, resale market sales were somewhat restricted by a lack of choice. However, recent price gains have encouraged growth in new listings, helping meet some of the housing demand."

Calgary market is hot, hot, hot

Unlike Calgary's weather for most of this year, the city's condo market is scorching hot, said Matthew Boukall, director of residential advisory services with industry analyst Altus Group.

"We're coming off the best year we've had last year and demand remains strong," he said. "There's a lot of pent-up demand for new housing. So from an inventory perspective we're basically absorbing product as it's coming to market. We don't have an oversupply situation whatsoever."