Calgary has been named "a lone shining star" in Canada's real estate market, in a report by TD Economics.
Calgary was the only city to report positive sales growth in 2012 of 14.3 per cent and is also benefiting from a 38.2 per cent increase in new housing starts, a sharp rebound from 2011, the report adds.
Canadian sales dropped by 10.5 per cent in 2012 overall, Vancouver by 26.6 per cent and Edmonton by 4.1 per cent.
"Stability in Calgary; fragility in Vancouver," says a chart documenting Vancouver's haywire average house prices.
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Saskatoon and Winnipeg also reported a drop in sales by 5.5 and 6.9 per cent respectively.
Residential building permits were also up in western Canada, signalling more upcoming projects.
While Calgary's market condition is experiencing positive momentum, population growth and low unemployment rates in Winnipeg, Saskatoon and Edmonton have remained far superior to the national average.
These metros are bouncing back shortly after the recession, says the report.
"A happy west side story," it adds.