Oil-rich Alberta is feeling the economic drain of low crude prices, according to reports on the province's real estate market and debt levels.

The Canadian Real Estate Association's latest survey of home sales paints a bleak picture for Alberta's largest city, Calgary. The CREA says year-over-year home prices flatlined in August, for the first time since September, 2011. Actual Calgary home sales also fell by the largest year-over-year rate in the country, even as Canada-wide sales rose by four per cent.

In its latest national credit report, Equifax Canada also paints a problematic picture for Alberta. The organization's National Consumer Credit Trends Report shows Albertans still carry the highest average debt in the country, estimated at $27,313, which is significantly higher than the national average of $21,164. Despite leading the country in average consumer debt, Albertans slowed their debt accumulation in the second quarter, even as the national average rose by 2 per cent, showing they are spending less as oil prices fall. Year-over-year, Alberta’s debt levels actually declined by 0.1 per cent, making it the only province to do so.

Equifax Canada says the national delinquency rate has improved, but the numbers have actually gotten worse in the oil-reliant provinces of Alberta and Saskatchewan, where delinquency rates rose after several years of decline.

Crude oil prices hovered at just over $44 a barrel on Tuesday, down from roughly $90 a barrel at the same time last year.

On Tuesday, Conservative Leader Stephen Harper sought to split hairs when it came to Canada's current economic woes. Speaking at a campaign event in North Vancouver, Harper declared that B.C. is not in a recession, but Alberta is.

"We know why there's a recession," Harper said. "There's a recession because oil prices have fallen by half. And the recession has been made worse because the NDP government came in and followed up by raising taxes on everyone."

Alberta's NDP government has been in power since May 5, 2015.

Harper's comment came in response to a question about his federal government posting a surprise $1.9 billion surplus, even as the country slipped into a recession in the first half of the year.