The number of homes up for sale may have declined, however Calgary's housing market showed no sign of letting up in January.

Undeterred by a four per cent drop in new listings, MLS® sales in the city increased by 17 per cent year-over-year in January. The increase marks the tenth consecutive month of year-over-year increases in Calgary dating back to March of 2013.

On the heels of a strong year of sales growth, January sales in the city of Calgary totaled 1,440 units, a 17 per cent increase over the previous year.

"Sales growth continues at the double digit pace seen over the later portion of 2013, mostly due to the gains in thecondominium sector," said CREB® chief economist Ann- Marie Lurie. "While these are the highest January sales levels since 2008, total sales transactions are in line with long-term trends."

Once spurred by the discovery of precious natural resources such as gold, silver or oil, the towns around Calgary have found another catalyst for growth.

Driven by relatively high level of affordability in comparison to their big city brethren, buyers in Calgary's surrounding communities snapped up homes at a rate not seen in several years.

Resale homes sales in Calgary are expected to moderate this year, with volume increasing by 3.6per cent and prices up by 4.3 per cent.

CREB®'s forecast anticipates a rise in resale listings and less upwards pressure on prices. The forecast, presented at the BMO Centre at Stampede Park, predicts sales in the city to moderate, climbing to 24,335 units in total.

December's 8 per cent year-over-year increase in sales volume in the city of Calgary capped a year that saw an 11 per cent growth in sales volume for the entire 12 months.

City residential sales totaled 1,172 units in December, bringing total sold units for 2013 to 23,489. Prices for the year were up by 8.6 per cent over 2012.

For a year that began with cautious optimism, 2013 is going to end as year of confidence.

Following a year that saw sales in Calgary increase by nearly 15 per cent, the forecast for 2013 called for a slight increase in sales, with MLS®c transactions expected to top 21,650. With just a few days left in the year, this year's sales in Calgary exceeded expectations.

Looking to 2014, Calgary's housing market is expected to continue growing, with sales and prices going up.

CREB®'s chief economist, Ann-Marie Lurie said that sales growth in the city is expected to be 3.6 per cent and prices are expected to increase 4.3 per cent.