Albertans affected by the recent floods in the province now have a better idea about funding they'll receive from the government.

As outlined in a release from the Redford government, Albertans living in flood-fringe areas will receive an average of $10,000 to renovate or rebuild their flood-damaged homes.

Buoyed by increasing wages and the continuance of low mortgage rates, Calgary's luxury home sector set new records for sales in May.

Classified as those homes priced $1 million or more, there were 84 luxury sales in Calgary in May, setting the record for the most million dollar homes sold in a single month. The previous record was set in May 2012, when 80 homes priced $1 million or more were sold.