04/21/2013 11:21 EDT

Edmonton Housing Market Strong, Powered By Economic Stability (PHOTOS)

Home sales were up in Edmonton in March and it was the only large urban market in Canada that surpassed last year's numbers, according to the Canadian Real Estate Association.

House prices also rose when compared to a year ago, with an all-residential average home price being $354,759 in Edmonton, the Realtors Association of Edmonton said in a report.

“The average price increases are influenced by the prices paid on particular properties as well as the product mix in the period,” said President Darrell Cook. “Because of a shortage of lower priced homes, the average price is pushed up as buyers move up-market to find a home," he added.

The demand for homes is Edmonton driven by job creation, a low unemployment rate, economic stability and low rental vacancy rates, the report says.

The average price for a single family detached home was $416,739, condos were priced at $246,574 and duplex at $316,110 in March. Single family home prices peaked in May of 2007 at $424,400 in Edmonton.

As Alberta's capital continues to strengthen its already solid real estate market, here's a look at what an average price would buy in the city:

Photo gallery LOOK: What An Average Price Will Buy In Edmonton See Gallery