Calgary has been named one of the world's top cities for long-term real estate development.

Toronto and Vancouver share the honour as well — according to the British development company Grosvenor.

“The resiliency of the Calgary real estate market really is based upon net migration," said Calgary realtor Matt Verity.

"The job growth we have here, our resource sector, it needs so many people and we don't have the people here to do it and we're talking about not just net migration from other Canadian cities, we're talking about from the world at large.”

The three Canadian cities beat out some American competitors, including Chicago — which came fourth.

The Grosvenor report says Canadian cities fare high because they're well governed and well planned.