In September, Calgary's real estate market hit a record high, with the Calgary Real Estate Board reporting 2,441 homes sold. The increase in sales is largely attributed to interprovincial migration, as buyers search for relief from higher priced housing markets. The benchmark price for a Calgary home rose nine per cent annually to $570,300, however year-to-date sales are still 12 per cent lower than the previous year. City officials are working to reduce red tape and zoning rules to get more units of housing built, however the challenge is when this will come to fruition.
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