Despite the severely high price of real estate in Alberta, the province's housing market remains among the most affordable in Canada because of high household income, according a new report by the Royal Bank of Canada (RBC).
The cost of owning a detached bungalow in Alberta eats up an average of 32.2 per cent of household income, while a standard two-storey home would take up 34.7 per cent, the report adds.
The province remains one of Canada's housing "bright spots," with house prices rising modestly, adds the report.
"Higher prices are not a hindrance to Alberta home-buyers, who enjoy substantial buying power thanks to their higher income," the report states.
Proof is in resale activity, which increased by 3.7 per cent in this first quarter of this year, compared to the last quarter of 2012.
With the exception of unexpected turbulence in the economy, Alberta' real estate market should stay brisk in 2013, the report predicts.
With the promise of being one of Canada's most affordable and stable real estate markets, here's a look at what $2 million will buy in Alberta.