There are showing no signs of cooling in hot Cowtown, as the city experienced Canada's highest year-over-year price increase in January, reports the Calgary Herald, and early indications show February is experiencing a continued escalation in what it costs to buy a home.

In its monthly MLS data release, the Canadian Real Estate Association (CREA) ranked Calgary as Canada's top market for annual growth in the MLS Home Price Index at 8.98 per cent. In the 11 centres surveyed, prices rose by an average of 4.83 per cent.

In an interview with the Calgary Herald, local Realtor Crystal Tost of RE/MAX Realty Professionals, said the market has started had an amazing start to 2014. Since establishing its strong position in 2013, Calgary has shown no signs of a slowdown.

“We are seeing multiple offers in all price points," Tost said. "Obviously the lower the price point, the larger pool of buyers there is and hence a greater likelihood of multiple offers in the lower price points."

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