Calgary's sizzling economy, spurred on by the ripple effects of Alberta's oil and gas sector, is the catalyst for one of the biggest real estate hot spots in Canada. With Calgary's population at well over one million, the condominium market continues to expand as more people demand Calgary condos.

Calgary contains more land area than New York City, and it can be discouraging for potential home buyers to consider the prospect of a daily commute from far-flung areas like Cochrane, more than 30 kilometers (18.6 miles) northwest. Condo buyers are not interested in becoming "extreme commuters" who have to spend two and a half hours of their day traveling to and from work, even though the number of commuters who go the distance has more than doubled since 1990. Public transit alternatives like Calgary's famous C-Train (Light Rapid Transit) help ease congested highways and reduce carbon emissions, but a condo resident can completely bypass the long commute by simply living in the city's vibrant downtown core.

Contributing factors to the explosive growth in Calgary condo sales include Canada's second highest concentration of corporate head offices located in central districts such as Inglewood, Downtown Calgary, Kensington, and Scarboro. Condo buyers will also find entertainment, dazzling nightlife, recreation, festivals, cultural experiences, parks and pathways close at hand — more reason to buy a condo in Calgary. New or recently built apartment condo units in or near the downtown core are usually in the 600-plus square foot range. Because of the cost of real estate, labour and materials, new condo prices can exceed $500 per square foot.

If people prefer to live just on the edge of Calgary but close enough to enjoy its benefits, there's always The Edge — the newest condo development by Renascence Developments. It's an apartment complex of two four-storey buildings in Airdrie. Slated for completion in spring 2009, the price range will be $195,900 to $345,900. Renascence recently started construction on the sold-out Taralake Place in Calgary's northeast.

The Calgary real estate market shows little sign of slowing down. Total condo sales are rising in the double digits every quarter, along with average condominium sale prices appreciating by up to five per cent in the same period. The average Calgary condo price for September 2007 was $321,614, a 9.8 per cent increase from the same period last year and a 0.3 per cent increase from August. The median condo price for September 2007 was $300,000, an 11.3 per cent increase from September 2006 and a 0.3 per cent decrease from last month. The average number of days on the market for Calgary condos was 41 days.

Condominium sales in other parts of Calgary are also brisk, as buyers seek out first homes, investment properties, and vacation homes in the city's quieter neighborhoods. Nearby urban amenities and spacious city parks make southeast and southwest communities like Mayfair, Altodore, River Park, and Queensland very desirable. Located outside the city center, they boast a variety of townhouse and semi-detached condo styles.

The stats show that Calgarians are becoming more and more willing to pay top dollar for condos in the city's most desirable locations.