03/12/2015 12:14 EDT

‘Corrections In Progress' In Most Canadian Housing Markets: Teranet

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House prices fell in February in eight of 11 major housing markets measured by the Teranet/National Bank House Price Index.

“In some markets there have clearly been corrections in progress,” National Bank senior economist Marc Pinsonneault said in a statement.

“The monthly retreat in Calgary was the fourth in a row, for a cumulative decline of 2.3 per cent. In Winnipeg it was the fourth in five months, for a cumulative decline [of] 3 per cent.”

Prices fell 0.11 per cent in Toronto, but are still up 7.3 per cent from a year ago. Vancouver was one of the three cities to buck the trend, with prices up 1.46 per cent in February (an annual pace of around 18 per cent), and up 2.7 per cent from a year ago. Victoria and Hamilton are the other two cities seeing house price gains.

East of Toronto things look somewhat worse. Ottawa-Gatineau clocked the fastest decline in house prices in February, with house prices falling more than 2 per cent in February — an annual pace of some 24 per cent.

One aspect to note is that house price declines in Alberta’s cities were no worse than declines in other parts of the country, contrary to the sharper correction some economists had been calling for in the oil-exporting province.

The overall 11-city index was flat for the month. But thanks mostly to strength in house prices last year, prices in the 11 cities are still up by 4.4 per cent from a year ago.

This is where house prices are rising and falling across Canada.

Photo gallery Where Are House Prices Rising And Falling? See Gallery