Calgary, along with Toronto and Oshawa, was a "top contributor" to a 0.2 per cent increase in Canada's New Housing Price Index (NHPI) for June.

According to Statistics Canada, "improving market conditions" along with increased material and labour costs were the main reasons for the rise.

Calgary's commercial market is expected to continue at its brisk pace through 2012 according to a special report by TD Economics.

Commercial vacancy rates in the city currently sit at about 7.5 per cent, a number that is forecast to decrease to seven per cent in 2012. The current vacancy rate is a significant drop from 2010's posted 11.8 per cent vacancy. Industrial vacancy rates are even lower with a forecasted three per cent vacancy in 2012 compared to 3.1 in 2011.

Housing starts in the Calgary Census Metropolitan Area (CMA) increased 65 per cent for the month of June 2012 compared to June 2011.

"The gain in new construction was attributed to higher starts for both single-detached and multi-family units," said a Housing Now report from the Canada Mortgage and Housing Corporation (CMHC).

Outlining the path of development for land annexed in 2007, the City of Calgary has approved a development plan for a massive section of land on the city's northern outskirts.

Sitting on 1,080 hectares bordered by 160 Ave N, Stoney Trail, 14 St NW and the expanding Calgary airport, the Keystone Hills Area Structure Plan calls for a mixed use development that will eventually be home to as many as 60,000 people and employ as many as 18,000.

Building permit values for Calgary are on par for the third best overall year in the city.

The estimated construction value of building permit applications in Calgary for the month of June 2012 was $355 million, a decrease of 15 per cent compared to June 2011, bringing the year-to-date total to $2.49 billion.

There's a new office tower coming to Calgary and it's slated to be ready for tenant occupancy by 2016.

Cadillac Fairview Corporation Limited announced the commencement of construction of the Calgary City Centre Phase 1 on April 4. The first phase will include a 36 storey, LEED Gold Core and Shell, premium AA tower totaling 853,032 sq. ft. including a retail podium and five levels of underground parking withover 600 stalls.