2012 was a busy year for Canadian real estate in many ways. Fresh off of a hot 2011 the momentum kept building throughout the last year. In fact, the real estate market surged so much the government decided to take preemptive steps to cool what it believed was overheating in Toronto and Vancouver with new mortgage rules. This has seen the desired effect playing out in BC and ON as Canadians and global investors began to pull out and flee to AB. However, what many less sophisticated investors may not have predicted was how much attention Edmonton would receive and how much of the action it would begin to steal from Calgary. We are now seeing these trends continue to amplify. At the same time fear of falling off the U.S. fiscal cliff, European financial troubles and bubbles and a wealthy Asian conglomerate of investors seeking better yields are all aiming their sights on Alberta for investment. For Toronto and Vancouver it is a wait and see game as everyone watches how bad things will get and debates over the depth of a housing crisis in those cities wage on. However, if any of the world&#x27s previous stock market, tech, credit or housing crises are anything to go by the snowball effect is likely to take over in a big way, with Alberta as the beneficiary of new capital. In 2013 Alberta is likely to be a fortress, attracting €˜refugees&#x27 from other provinces and investment destinations, which will continue to bolster its position. Yet, by many accounts the already formidable province is still just in its early years with energy ministers predicting 100,000 new jobs needing to be filled in the sector in the next few years, wages continuing to rise and much liquidity buoying the local economy. Calgary will no doubt continue to attract a good amount of attention and investment throughout 2013 but is no longer near as attractive to most new residents and savvy investors as Edmonton. Expect 2013 to kick off with many major developments in Edmonton, a plethora of new projects being introduced and the buzz over the vibrant new city centre getting on the global radar in a big way.

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