It appears the weather isn't the only thing taking a turn for the better lately, as Calgary's real estate picture brightened considerably in March. According to CREB®, residential sales in the city continued to rise last month, reaching 2,167 units, an increase of 12.6 per cent over last March.

After the first quarter of 2012, sales are up by 7.3 per cent over the same time last year. While the increase is significant, when compared to historic activity, residential sales continue to remain below the long-term trend. Monthly new listings remain slightly lower than last year, whereas year-to-date figures show 7.2 per cent fewer listings have come onto the market in the first quarter of this year.