Emerging Trends in Real Estate 2014 identifies the highest property markets in Canada according to rank:  
  1. Calgary
  2. Edmonton
  3. Saskatoon
  4. Vancouver

Barbara Yaffe cites the study in her report in the Vancouver Sun.

Calgary commands the no. 1 spot because both investors and prospectors both find it attractive, creating a boom in development and sales.  Edmonton and Saskatoon were thrust into their positions because of the upswing in their petroleum and potash industries.
Despite the non-stop construction of buildings that come with high prices, Vancouver trails at #4 because of its very low employment rate at 0.5 percent.  In contrast, Saskatoon enjoys a high 6.1 employment rate.

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