While global housing activity in early 2013 has been mixed, Canada's housing demand remains healthy said a Global Real Estate Trends report released by Scotiabank.

The report found in the majority of world markets housing conditions are "fairly steady" and average home prices relatively flat. However in countries like Asia and Latin America as well as the United States, home prices are again accelerating supported by a stronger domestic economy. In other countries, namely struggling nations of southern Europe, price declines are continuing.

While MLS® home sales in Canada decreased by 2.1 per cent between January and February, sales in Calgary increased more than seven per cent.

There were 1,591 sales in Calgary in January 2013 followed by 1,709 in February. Nationally, not seasonally adjusted activity decreased 15.8 per cent compared to February 2012.

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.

Thinking about buying your first home? Getting ready to sell and upgrade your current home? Do you want to be better prepared and have a bit more knowledge about what all is going on? This is a simple dictionary of real estate terms that will help you out along the way.

This is by no means every term you will hear, but it's a start.

The good thing is that a REALTOR® already knows all of these!