04/15/2013 02:14 EDT

Calgary House Prices Grew Fastest In Canada: CREA

Home prices rose fastest in Calgary, compared to anywhere else in Canada compared to a year ago, according to a report released by the Canadian Real Estate Association on Monday.

Prices were up 7.7 per cent in Calgary, while the national average sale price rose 2.5 per cent, for March.

“National sales have been holding fairly stable since last summer,” said CREA President Laura Leyser.

Calgary's resale home prices also rose to near record levels in March, with the average price rising to $518,392.

The inventory of active homes for sale in March are also at their lowest levels in more than five years, the Calgary Real Estate Board said.

“Less resale product available to consumers is ultimately limiting sales growth,” said CREB President Becky Walters. “In addition, resale homes are selling in less time and with continued upward pressure on prices.”

New listings in March are five per cent lower than levels recorded in 2012.

“Tighter rental conditions and continued employment growth has supported housing demand growth,” said Ann-Marie Laurie, CREB’s chief economist.

“However, for those looking for more affordable single family home products, their choices continue to narrow.”

While inventory for houses is low in Calgary, and prices rising, here's what an average price for March would buy.

Photo gallery LOOK: What $500,000 Will Buy In Calgary See Gallery