02/02/2014 03:25 EST | Updated 02/02/2014 04:59 EST

Fort McMurray's Million Dollar Houses Complement Oil Boom

Alberta's oilsands hub is home to an oil boom and soaring real estate prices and has seen many luxurious, million dollar homes being built in recent years.

The oil and gas industry is also the number one contributor to an increase in Canada's economic output, according to recent numbers by Statistics Canada.

While Alberta is not the only oil and gas producing province in the country, it is the largest one, says Todd Hirsch, Chief Economist, ATB Financial in a blog post.

"Oil and gas extraction can be volatile month-to-month," says Hirsch, but a strong advance in extraction activity suggests the oil and gas was a significant contributor to Canada's overall economic growth.

As the industry booms, an increase in Fort McMurray's population and the flow of money into the city has lead to many luxurious pads being built.

Here's a look at what $1 million will buy in Fort McMurray:

Photo gallery Million Dollar Homes In Fort McMurray See Gallery