On the east side of the Elbow River bordering Mission sits a hidden gem – the community of Erlton. Here, pockets of vintage heritage homes along with architecturally pleasing townhomes and condo developments are tucked away along the east banks of the Elbow River, mere steps from the trendy streets of Mission.

"Erlton is one of Calgary's best kept secrets. I love living here. It's just such a small, connected community," said Viccy Grace, an area resident and president of the Erlton Community Association. She and her husband purchased and refurbished a century-old home on the hill in Erlton.

YYC's expansion could help city's real estate market soar

Foreign investment in the city's real estate market is poised to take flight.

And it's in no small part thanks to the ambitious expansion of the Calgary International Airport. From the recent opening of its new runway—the longest commercial airstrip in Canada—to its $1.4-billion new international terminal opening this fall, Calgary's bigger, better international airport dramatically increases the number of travellers from overseas.

While it's undoubtedly a shot in the arm to the city's struggling economy, it's not a leap in logic to assume more foreign business and pleasure travellers could provide a boost to its real estate sector, says Eric Horvath, vice president of investment sales at Colliers International.

Residential sales for last month, highest ever recorded in Calgary

Calgary's residential housing market continued its upward surge last month with a record-setting May that saw a 16 per cent increase in sales.

A combined 2,948 single- and multi-family homes switched hands last month, compared with 2,535 in May 2013. This year's total represents the most sales in May in Calgary's history.