08/18/2013 03:36 EDT | Updated 08/18/2013 03:39 EDT

Alberta House Prices: What $1 Million Will Buy (PHOTOS)


Average house prices in Calgary had the highest increase across major markets in Canada, according to a report by the Canadian Real Estate Association (CREA).

Calgary saw a nearly 7 per cent increase in July when compared to prices a year ago, while Toronto saw a 3.4 per cent rise and Vancouver prices declined about 2.3 per cent.

Sales were also up on a year-over-year basis in parts of Alberta, with Calgary and Edmonton boasting double-digit gains.

Alberta saw a 12.6 per cent increase in sales while average Canadian sales were up 9.4 per cent.

“Sales dropped sharply in August last year, so we may see some year-over-year increases in sales and average prices next month that would reflect weakness in the rear-view mirror," said Gregory Klump, CREA’s Chief Economist.

As home prices and sales are on the rise, here's a look at what $1 million would buy in Alberta:

Photo gallery What $1 Million Will Buy In Alberta See Gallery