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.

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  • Rural Rockyview County, Alberta: $2,030,000

    Just over two acres, this home has mountain views, sunny verandas, five bedrooms and an outdoor sport court.

  • Rural Rockyview County, Alberta: $2,030,000

    Just over two acres, this home has mountain views, sunny verandas, five bedrooms and an outdoor sport court.

  • Rural Rockyview County, Alberta: $2,030,000

    Just over two acres, this home has mountain views, sunny verandas, five bedrooms and an outdoor sport court.

  • Rural Rockyview County, Alberta: $2,030,000

    Just over two acres, this home has mountain views, sunny verandas, five bedrooms and an outdoor sport court.

  • Rural Rockyview County, Alberta: $2,050,000

    This home situated on just over four acres has three bedrooms, a library, gym and wine cellar.

  • Rural Rockyview County, Alberta: $2,050,000

    This home situated on just over four acres has three bedrooms, a library, gym and wine cellar.

  • Rural Rockyview County, Alberta: $2,050,000

    This home situated on just over four acres has three bedrooms, a library, gym and wine cellar.

  • Rural Rockyview County, Alberta: $2,050,000

    This home situated on just over four acres has three bedrooms, a library, gym and wine cellar.

  • Calgary, Alberta: $2,070,000

    This 3,300 square foot home is close to river pathways and only minutes from downtown. It had four bedrooms, 10 foot ceilings and an over-sized deck with a hot tub that can seat seven.

  • Calgary, Alberta: $2,070,000

    This 3,300 square foot home is close to river pathways and only minutes from downtown. It had four bedrooms, 10 foot ceilings and an over-sized deck with a hot tub that can seat seven.

  • Calgary, Alberta: $2,070,000

    This 3,300 square foot home is close to river pathways and only minutes from downtown. It had four bedrooms, 10 foot ceilings and an over-sized deck with a hot tub that can seat seven.

  • Calgary, Alberta: $2,070,000

    This 3,300 square foot home is close to river pathways and only minutes from downtown. It had four bedrooms, 10 foot ceilings and an over-sized deck with a hot tub that can seat seven.

  • Calgary, Alberta: $2,089,000

    This five bedroom, open concept home is designed to save energy and the environment. It includes elevator cervices to all three levels, a root cellar and has a view of the mountains.

  • Calgary, Alberta: $2,089,000

    This five bedroom, open concept home is designed to save energy and the environment. It includes elevator cervices to all three levels, a root cellar and has a view of the mountains.

  • Calgary, Alberta: $2,089,000

    This five bedroom, open concept home is designed to save energy and the environment. It includes elevator cervices to all three levels, a root cellar and has a view of the mountains.

  • Calgary, Alberta: $2,089,000

    This five bedroom, open concept home is designed to save energy and the environment. It includes elevator cervices to all three levels, a root cellar and has a view of the mountains.

  • Edmonton, Alberta: $2,190,000

    This bungalow boasts spectacular river valley and park views. It has four fireplaces, six bedrooms and comes is fully furnished.

  • Edmonton, Alberta: $2,190,000

    This bungalow boasts spectacular river valley and park views. It has four fireplaces, six bedrooms and comes is fully furnished.

  • Edmonton, Alberta: $2,190,000

    This bungalow boasts spectacular river valley and park views. It has four fireplaces, six bedrooms and comes is fully furnished.

  • Edmonton, Alberta: $2,190,000

    This bungalow boasts spectacular river valley and park views. It has four fireplaces, six bedrooms and comes is fully furnished.

  • Rural Foothills M.D., Alberta: $2,199,900

    This six bedroom property boasts spectacular city and mountain views. It has a fully finished walk-out, engineered oak hardwood and an over-sized triple garage.

  • Rural Foothills M.D., Alberta: $2,199,900

    This six bedroom property boasts spectacular city and mountain views. It has a fully finished walk-out, engineered oak hardwood and an over-sized triple garage.

  • Rural Foothills M.D., Alberta: $2,199,900

    This six bedroom property boasts spectacular city and mountain views. It has a fully finished walk-out, engineered oak hardwood and an over-sized triple garage.

  • Rural Foothills M.D., Alberta: $2,199,900

    This six bedroom property boasts spectacular city and mountain views. It has a fully finished walk-out, engineered oak hardwood and an over-sized triple garage.

  • Rural Foothills M.D., Alberta: $2,200,000

    This property has picturesque mountain views and a creek that runs year around. It also has a barn with six stalls and is ideal for a horse enthusiast.

  • Rural Foothills M.D., Alberta: $2,200,000

    This property has picturesque mountain views and a creek that runs year around. It also has a barn with six stalls and is ideal for a horse enthusiast.

  • Rural Foothills M.D., Alberta: $2,200,000

    This property has picturesque mountain views and a creek that runs year around. It also has a barn with six stalls and is ideal for a horse enthusiast.

  • Rural Foothills M.D., Alberta: $2,200,000

    This property has picturesque mountain views and a creek that runs year around. It also has a barn with six stalls and is ideal for a horse enthusiast.

  • Rural Rockyview County, Alberta: $2,225,000

    This six bedroom home boasts spectacular mountain views and a design ideal for functionality and "striking good looks." It also has a fully developed basement complete with a games room, gym and two bedrooms.

  • Rural Rockyview County, Alberta: $2,225,000

    This six bedroom home boasts spectacular mountain views and a design ideal for functionality and "striking good looks." It also has a fully developed basement complete with a games room, gym and two bedrooms.

  • Rural Rockyview County, Alberta: $2,225,000

    This six bedroom home boasts spectacular mountain views and a design ideal for functionality and "striking good looks." It also has a fully developed basement complete with a games room, gym and two bedrooms.

  • Rural Rockyview County, Alberta: $2,225,000

    This six bedroom home boasts spectacular mountain views and a design ideal for functionality and "striking good looks." It also has a fully developed basement complete with a games room, gym and two bedrooms.

  • Canmore, Alberta: $2,299,000

    This custom built timber frame home has five bedrooms, soaring ceilings and a rock faced fireplace. It offers breathtaking views of The Three Sisters and Ha Ling mountains and an abundance of light.

  • Canmore, Alberta: $2,299,000

    This custom built timber frame home has five bedrooms, soaring ceilings and a rock faced fireplace. It offers breathtaking views of The Three Sisters and Ha Ling mountains and an abundance of light.

  • Canmore, Alberta: $2,299,000

    This custom built timber frame home has five bedrooms, soaring ceilings and a rock faced fireplace. It offers breathtaking views of The Three Sisters and Ha Ling mountains and an abundance of light.

  • Canmore, Alberta: $2,299,000

    This custom built timber frame home has five bedrooms, soaring ceilings and a rock faced fireplace. It offers breathtaking views of The Three Sisters and Ha Ling mountains and an abundance of light.

  • Edmonton, Alberta: $2,350,000

    This four bedroom home and in-floor heating, two decks and a four stop elevator with access to the garage. It also has a view of a pond, a theatre room and gym.

  • Edmonton, Alberta: $2,350,000

    This four bedroom home and in-floor heating, two decks and a four stop elevator with access to the garage. It also has a view of a pond, a theatre room and gym.

  • Edmonton, Alberta: $2,350,000

    This four bedroom home and in-floor heating, two decks and a four stop elevator with access to the garage. It also has a view of a pond, a theatre room and gym.

  • Edmonton, Alberta: $2,350,000

    This four bedroom home and in-floor heating, two decks and a four stop elevator with access to the garage. It also has a view of a pond, a theatre room and gym.

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