Real estate in Alberta is officially booming.

Both the Calgary Real Estate Board (CREB) and the Realtors Association of Edmonton (RAE) reported this week that the average cost for a single family detached home has reached a record high.

In Edmonton, the average price for a single family home will set you back $432,000.

In Calgary, it creeps even higher, to $556,402.

And real estate experts don't see the market slowing down any time soon.

RAE President Greg Steele told Global News he expects to see even more growth in the market in coming months, but says Edmontonians should not fear a bubble.

“No scare of a bubble at all,” he said. “Our lending requirements are probably the most secure in the organized world.”

Tanya Eklund, a realtor with RE/MAX Real Estate (Central), told the Calgary Herald that while the Calgary real estate market is not as tight as it was in 2006, many homes are selling close to or over list price.

"My hope is the gap between supply and demand will become less. Having more supply, which statistically we do in the spring market, will give buyers more selection to choose from and not have to make same day decisions," she said.