The value of an average single family home in Edmonton is now $374,000. an increase of 2.5 percent from 2012 to 2013.

Figures released by the city on Thursday show the assessed value of condominiums, townhouses and duplexes jumped by 2.1 per cent.

Apartment building values jumped by about 6.6 per cent; the assessed value of commercial and industrial properties increased by 6.3 per cent. 

The rise is caused by a strong real estate market and new construction. 

"The Alberta economy is more stable now so really the demand is equalling the supply and so the overall increase is close to that inflationary rate," said Rod Risling, branch manager for assessment and taxation. 

Homeowners should receive their 2014 assessment notices in the next few days. 

The amounts show how much the properties would have fetched on the open market on July 1, 2013.