Set to transform a previously underwhelming East Village island into an all-season destination, Calgary Municipal Land Corporation (CMLC) has announced plans for their $20 million overhaul of St. Patrick's Island.

Based on a plan that would see the island's natural state balanced with Calgarians' vision of the island as an "urban oasis", the project will include a beach, running paths, a small amphitheater and an area for skating in the winter.

Alberta's housing market remains one of the best in the nation, according to one of Canada's biggest financial institutions.

In a report released by TD Economics, Calgary was singled out as an "out-performer" for long-term rate of return, along with Vancouver, Victoria, Edmonton and Toronto.

Calgary youths taking the initiative to create more eco-friendly communities could receive funding up to $1,000 through The Jack Leslie Youth Environmental Grant now accepting applications.

The grant is named for former Calgary Mayor Jack Leslie, for the positive impact he had both on the city itself as well as the environment, and is awarded to those whose projects are located in Calgary; directly benefit the local environment and are planned and implemented by youth.

A report by Altus Group suggests, while the apartment sector will be driving most of the overall moderation in starts in 2013, Calgary is the only market expected to escape a downturn.

Calgary apartment starts are expected to reach 4,100 in 2013 compared to 4,000 in 2012, the only increase in major centres covered by the Altus Group report. By 2014, however, that number is expected to drop to 3,600.

With a population that has more than doubled since 2001, the Town of Okotoks with its rolling foothills and mountain views is a great place to call home.

"Growing up in Okotoks was great. It was amazing to see the way the town has changed in the last two decades, not only in population but (also) in terms of amenities," said Katie Turner, who called Okotoks home for 17 years.

As the first quarter of 2013 rolls along, Calgary's condominium market is thriving.

"With less selection in the singlefamily market, particularly at the lower price ranges, more consumers are turning to the condominium market," said Ann-Marie Lurie, CREB® chief economist.

While housing markets in Central Canada have "shown signs of fatigue over the past six months," a new report from TD Economics said the Calgary market is experiencing "positive momentum".

Detailing the vast differences in major markets coast to coast, the TD report singled out Calgary as "the lone shining star in Western Canada's real estate market".

According to Canada Mortgage and Housing Corporation's (CMHC) first quarter 2013 Housing Market Outlook, Prairie Highlights, housing starts are expected to moderate this year before seeing increases in 2014.

Starts in the Prairie provinces (Alberta, Saskatchewan, Manitoba) are projected to hit 47,200 this year before increasing to 47, 800 in 2014. Residential construction in the prairie region increased from 38,818 to 50,606 between 2011 and 2012, a 30 per cent increase.

While affordable and luxury may not be the most closely connected words when it comes to purchasing a new home, the news that Calgary once again ranked as one of the most affordable markets in the country still has plenty of positive ramifications for high-end homebuyers and sellers.

Evidenced by the near-record pace at which properties over $1 million were snapped up in January, the news that Calgary homes – luxury and otherwise – offer good value shouldn't come as a surprise.