And here's the truth about the 'average' prices in that article. They are heavily skewed by the high end houses, not the ones the average person buys. Ive owned there for 35 years and my two houses have always within 10k of the average price. Now, the average is 160k higher? That'll happen when the high end houses are selling for 10 million when we rarely had a house over 1 million a few years ago.

Here's a chart showing the actual average prices: http://www.chpc.biz/uploads/9/7/9/5/9795010/chart-calgary1j_...

The top purple line shows single family homes which peaked at about 500k in 07, about 14 years ago. Now they are supposedly about 550k which is only a few percent rise per year. This is totally consistent with my own house values.

The CBC article says prices are up 9% from last year. It doesnt bother to mention that they aren't much different than 14 years ago.

Edit: I recall about 10 years ago when someone built a house in a nice part of Calgary that was over 3M and people were surprised there was a house that expensive. A quick check shows there are several homes for sale over 10M now and there are over fifty at 3M and up. The high end stuff keeps rising astronomically.