ALBERTA

Calgary House Prices: What $5 Million Will Buy (PHOTOS)

09/15/2013 03:32 EDT | Updated 09/15/2013 03:54 EDT
Realtor.ca

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:

LOOK: What $5 Million Will Buy In Calgary

With files from The Canadian Press