As per figures compiled by the Canadian Real Estate Association, Calgary witnessed a rise of 12.4 per cent in home sales, which soared to 2,225 units in September. Home prices average also soared by 1.1 per cent to settle at $394,835 in September.

However, new listings plunged by 26.1 per cent to settle at 3,478 units.

Speaking his mind, economist Eric Lascelles said, “It is perhaps not a surprise that with demand up and supply down, the differential has resulted in a price squeeze.”

On the other hand, Edmonton witnessed a drop of 1.4 per cent in sales to 1,704 units in September.

Property sales in Greater Vancouver edged up by over 124 per cent as compared with the same period of previous year. Victoria reported an increase of about 50 per cent in sales.

National home sales jumped by around 20 per cent in September as compared with the same period of previous year, while prices were up by 15 per cent.

Home sales during the third quarter jumped to 135,182 units, representing a rise of around 18 per cent than a year earlier.