Calgary has an abundance of extravagant properties, from luxurious penthouses with downtown views to mansions that provide an escape in the vibrant city.

As Alberta's housing starts face a decline, Calgary's bustling market has been kept busy by the increase in activity after the June flood.

Alberta accounted for the bulk of the drop in housing starts in the Prairies in August, according to new data from the Canada Mortgage and Housing Corp.

Starts were down 21 per cent in the Prairies, and 18 per cent in B.C. Ontario was one of the few bright spots, with starts up 14 per cent.

Starts of 982 in Calgary census metropolitan area were off from 1,039 in August of 2013, the Calgary Herald reports.

BMO economist Benjamin Reitzes suggested efforts to clean up from devastating floods in late July may have diverted resources away from new home construction.

"Canada's housing market remains in good shape despite the larger-than-expected decline in August housing starts,'' Reitzes said in a commentary.

Regardless of housing starts, the June flood has contributed to a booming housing market in Calgary where real estate people are reporting a big upswing again.

As Calgary's real estate market is bustling with activity, here's a look at what $5 million would buy in the city:

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  • $4.9 Million

    Ten minutes away from downtown Calgary, this 6,500 square feet how backed onto 4.25 acres of Edworthy park over looking the river valley. The property has 16 feet living room ceilings, a walkout basement sportsbar and a nanny suite with a full kitchen, fireplace and elevator.

  • $4.9 Million

    Ten minutes away from downtown Calgary, this 6,500 square feet how backed onto 4.25 acres of Edworthy park over looking the river valley. The property has 16 feet living room ceilings, a walkout basement sportsbar and a nanny suite with a full kitchen, fireplace and elevator.

  • $4.9 Million

    Ten minutes away from downtown Calgary, this 6,500 square feet how backed onto 4.25 acres of Edworthy park over looking the river valley. The property has 16 feet living room ceilings, a walkout basement sportsbar and a nanny suite with a full kitchen, fireplace and elevator.

  • $4.9 Million

    Ten minutes away from downtown Calgary, this 6,500 square feet how backed onto 4.25 acres of Edworthy park over looking the river valley. The property has 16 feet living room ceilings, a walkout basement sportsbar and a nanny suite with a full kitchen, fireplace and elevator.

  • $5.2 Million

    This penthouse in downtown Calgary offers panoramic views of Prince's Island Park, the City lights and the river has a total living space of over 3,200 square feet. It building offers a 24 hour concierge service, a high speed elevator opening directly onto the suite, private secure parking with a heated ramp and car wash bay, an exercise room, a guest suite, a conference room and a temperature controlled wine cellar.

  • $5.2 Million

    This penthouse in downtown Calgary offers panoramic views of Prince's Island Park, the City lights and the river has a total living space of over 3,200 square feet. It building offers a 24 hour concierge service, a high speed elevator opening directly onto the suite, private secure parking with a heated ramp and car wash bay, an exercise room, a guest suite, a conference room and a temperature controlled wine cellar.

  • $5.2 Million

    This penthouse in downtown Calgary offers panoramic views of Prince's Island Park, the City lights and the river has a total living space of over 3,200 square feet. It building offers a 24 hour concierge service, a high speed elevator opening directly onto the suite, private secure parking with a heated ramp and car wash bay, an exercise room, a guest suite, a conference room and a temperature controlled wine cellar.

  • $5.2 Million

    This penthouse in downtown Calgary offers panoramic views of Prince's Island Park, the City lights and the river has a total living space of over 3,200 square feet. It building offers a 24 hour concierge service, a high speed elevator opening directly onto the suite, private secure parking with a heated ramp and car wash bay, an exercise room, a guest suite, a conference room and a temperature controlled wine cellar.

  • $5.3 Million

    This home is situated on 17,933 square feet corner lot and offers over 6,200 square feet of developed living space, 4 + 2 bedrooms, hardwood floor and four fireplaces. It also has a triple attached garage, a private south back yard and a large patio.

  • $5.3 Million

    This home is situated on 17,933 square feet corner lot and offers over 6,200 square feet of developed living space, 4 + 2 bedrooms, hardwood floor and four fireplaces. It also has a triple attached garage, a private south back yard and a large patio.

  • $5.3 Million

    This home is situated on 17,933 square feet corner lot and offers over 6,200 square feet of developed living space, 4 + 2 bedrooms, hardwood floor and four fireplaces. It also has a triple attached garage, a private south back yard and a large patio.

  • $5.3 Million

    This home is situated on 17,933 square feet corner lot and offers over 6,200 square feet of developed living space, 4 + 2 bedrooms, hardwood floor and four fireplaces. It also has a triple attached garage, a private south back yard and a large patio.

  • $5.3 Million

    This home backs onto a 40 acre hillside reserve, and boasts breath-taking, unsurpassed city views. It has 8,500 square feet of living space, and also has a climate controlled wine cellar, theater room and gym.

  • $5.3 Million

    This home backs onto a 40 acre hillside reserve, and boasts breath-taking, unsurpassed city views. It has 8,500 square feet of living space, and also has a climate controlled wine cellar, theater room and gym.

  • $5.3 Million

    This home backs onto a 40 acre hillside reserve, and boasts breath-taking, unsurpassed city views. It has 8,500 square feet of living space, and also has a climate controlled wine cellar, theater room and gym.

  • $5.3 Million

    This home backs onto a 40 acre hillside reserve, and boasts breath-taking, unsurpassed city views. It has 8,500 square feet of living space, and also has a climate controlled wine cellar, theater room and gym.

  • $5.8 Million

    This penthouse is located along the Bow River pathway and boasts spectacular 360 degree panoramic views of the city and mountains. It has direct secured elevator access, remote controlled window coverings, four fireplaces, three separate balconies, and a 1,970 square foot roof top patio.

  • $5.8 Million

    This penthouse is located along the Bow River pathway and boasts spectacular 360 degree panoramic views of the city and mountains. It has direct secured elevator access, remote controlled window coverings, four fireplaces, three separate balconies, and a 1,970 square foot roof top patio.

  • $5.8 Million

    This penthouse is located along the Bow River pathway and boasts spectacular 360 degree panoramic views of the city and mountains. It has direct secured elevator access, remote controlled window coverings, four fireplaces, three separate balconies, and a 1,970 square foot roof top patio.

  • $5.8 Million

    This penthouse is located along the Bow River pathway and boasts spectacular 360 degree panoramic views of the city and mountains. It has direct secured elevator access, remote controlled window coverings, four fireplaces, three separate balconies, and a 1,970 square foot roof top patio.

  • LOOK: Cheapest Houses For Rent In Calgary

  • $1695

    Community: Citadel Monthly Rent: $1695.00 Bedrooms: 3 Bathrooms: 3 Square Footage: 1465

  • $1695

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  • $1680

    Community: Crescent Heights Monthly Rent: $1680.00 Bedrooms: 2 Bathrooms: 1 Square Footage: 970

  • $1680

  • $1680

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  • $1680

  • $1600

    Community: Oakridge Monthly Rent: $1600.00 Bedrooms: 3 Bathrooms: 1.5 Square Footage: Approx. 1175

  • $1600

  • $1600

  • $1600

  • $1600

  • $1600

    Community: Coventry Hills Monthly Rent: $1600.00 Bedrooms: 3 Bathrooms: 2.5 Square Footage: 1361

  • $1600

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  • $1600

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  • $1600

    Community: Somerset Monthly Rent: $1600.00 Bedrooms: 3 Bathrooms: 1.5 Square Footage: 1230 plus basement

  • $1600

  • $1600

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  • $1600

  • $1600

    Community: Coventry Hills Monthly Rent: $1600.00 Bedrooms: 4 Bathrooms: 2.5 Square Footage: 1100

  • $1600

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With files from The Canadian Press

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