Oil prices are rising, people are moving to Alberta, and the housing market is heating up.

With population growth topping 47 per cent between 1996 and 2011, Calgary is definitely a market to watch. Despite the dip in oil prices in 2008, which caused a slight stall in the market, it appears Cowtown is back on the up-and-up — in a big way.

Nationally, home sales were 11.5 per cent in April 2012 on a year-over-year basis. In the same period in Calgary, though, the number of home sales increased to 2,720 from 2,087. That represents a staggering 30.3 per cent increase. So, hold onto your horses folks, this could be a wild ride.

According to Robert Kavcic, economist with BMO Capital Markets:

“Prices have yet to gain much momentum but supply conditions are tightening rapidly across Alberta… If oil prices remain high enough to continue supporting strong economic growth and migration flows, Calgary could again become Canada’s real-estate hot spot in short order.”

Sounds like Calgary is definitely a buyer’s market. Keep an eye out.

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