August figures released today by the Calgary Real Estate Board (CREB) revealed an average price of $408,637, marking the fourth straight month in price decline for the metropolitan area. The Teranet – National Bank House Price Index out this week also showed Calgary’s prices are still 10.9% off their all-time high in August 2007.

But the Calgary board is using the lower prices as a positive spin for the city, pointing to continued affordability. While other locations such as Vancouver and Toronto have been getting pricier, Calgary has been declining in average price.

“When looking at Canada’s major cities, Calgary is one of the most affordable regions for homeownership in the country,” said CREB President Sano Stante. “Buyers are benefitting from improved selection at all prices ranges in the market.”

Affordability might be in the eye of the beholder, however, namely those with higher salaries. The Canadian Real Estate Association stats show only Vancouver, Victoria and Toronto average prices are higher than Calgary of major cities.

Stante said nearly half of the single family homes sold over the past 12 months were priced below $400,000. Upper-end homes sales over $700,000 rose from 779 sales in August 2010 to 948 last month. Similarly, condos priced below $200,000 rose in sales from 596 last August to 834 this year.“Improving economic conditions coupled with affordability and price stability has given Calgary a boost in buyers for upper-end homes and entry level condos.”

The overall Calgary average single family home price in August was $453,969, which is up 1.8% from a year ago. The average condo price in August was $285,487, down 0.3% from 12 months ago.

Stante believes expectations of a growing energy sector in the area will lift the city’s employment, income and in-migration, leading to growth in the resale market. That impact might not be visible in the Calgary stats until next year, however.“We expect price growth to improve as we approach the end of 2011 and more into 2012,” he said.