If you were to choose a theme for real estate in the Calgary area in 2012, perhaps it would be the "year of the pleasant surprise".

Heading into 2012, CREB® predicted an 11 per cent increase in sales, citing the persistent record low interest rates that have greeted Canada homebuyers since 2009 as a key contributor to the increase. Instead, the Calgary area experienced a 23 per cent increase in year-over-year sales in October and is headed for equally positive numbers by the end of the year.

Albertans purchasing a new place to call home will have warranty coverage for their purchase under new legislation proposed by the Alberta government.

Bill 5, the New Home Buyer Protection Act, was introduced in the legislature on Oct. 25. The Act requires builders to provide home warranty coverage for all new homes built in the province starting in fall 2013.

In a Housing Confidence report released by BMO, 46 per cent of Canadian homeowners intend to buy a property in the next five years.

The intentions signal a high level of confidence in the Canadian housing market. An increase in process how-ever, could change the minds of potential buyers.

Residential sales activity continues to improve in Calgary, as year-over-year sales for the month of September increased by 11 per cent.

After the first three quarters of the year, residential sales within Calgary limits totaled 17,018, a 15 per cent increase over 2011, painting a different picture than the national real estate market.

Calgary's housing market has accomplished the "rare feat" of adding improving affordability even with home resales on the rise, says a new report from RBC Economics.

In the report, which rates the housing affordability in six major markets across the country, Calgary was singled out for having the "best of all worlds" in improved affordability, resales and homebuilding and moderately rising prices.