Updated: Wed Jan. 25 2012 18:04:42

ctvcalgary.ca

A real estate record has been set in Calgary for the most expensive condominium ever sold.

The $8.3 million condo is over 5200 square feet, has three bedrooms and 2400 square feet of deck space with views of the mountains, the Elbow Rriver and the downtown core.

The condo is part of The River development and is on the 12th floor of the15 story residential tower.

The condo project will be built on the site of an old vacant apartment building.

The people who purchased the costly condo are from Calgary and made their fortune in the oil and gas industry.

Many in the housing industry say that the purchase is a positive indicator that the economy is improving and so is the value of real estate.

Sales associates for the development say it shows there is a real hole in the market when it comes to luxury condos.

Vancouver and Toronto are the two Canadian cities that are normally associated with high end condominium living, but The River team says we can now put Calgary on that list as well.

"We have a lot of commonalities, but we are all so unique. Toronto's unique for its own reasons, Vancouver's unique and Calgary's unique and each one of us has their own beauty, but I think we're all equal," said The River Sales Director Anne Clarke.

Construction is expected to start in the spring and will take about two years.