As others mentioned, I think the biggest factor is lack of inventory, especially in that mid-range price point.
Our economy is still attracting many people (low supply, high demand):
Alberta economy attracting more people
Demographic growth almost three times higher than national average
http://www.calgaryherald.com/busines...511/story.html
“Net migration is forecast to total 30,000 in 2013, up from 29,309 in 2012. In 2014, net migration is forecast to decline to 23,000. Improving economic opportunities in other jurisdictions will moderate net migration, but gains are still expected from international and interprovincial sources.”
“These migrants tend to be people in their 20s and often at the age of starting young families,” he said. “A young population brings both economic benefits and challenges. The benefits are that young people spend disproportionately more than older people. They tend to be taking out mortgages on houses and spending money on things like eating out, new clothes for children, and recreational activities.