Average price for single family resale homes reached $468,051, a one per cent rise over last year. Condominium prices continue to remain one per cent lower than last year’s figures with an average price of $288,167 after the first eight months. The 2011 year to date median price of single family and condominium homes were a respective $410,000 and $263,000. “Calgary is one of the most affordable regions for homeownership in the country,”.

Sales for upper-end homes are above the pace set a year ago. As of Wednesday August 31, there were 948 single family sales over $700,000 recorded this year, compared to 779 reported for the same period in 2010.

Sales for condos priced below $200,000 also received a boost, pointing to a growing number of first-time homebuyers taking advantage of affordability and low mortgage rates. 834 condo sales below $200,000 this year compared with 596 for the same period in 2010