It's a happy New Year for Calgary's real estate market, as the city ended 2012 with sales volume up 15 per cent and benchmark prices up five per cent.

Average sale prices were the highest ever in Calgary at $428,655 for combined single family and condominium, but this figure was skewed by a surge in $1-million plus homes sold in 2012. The benchmark price of $381,408 is lower than the average because tracking is based on comparable properties.