OPINION: The report confirms that housing markets in oil-dependent regions are reacting to the economic downturn resulting from the collapse of oil prices. In particular, prices declined for a fourth month in a row in Calgary, for a cumulative drop of 4.4%. Among the metropolitan areas covered, only Ottawa-Gatineau has a similar bad sequence with five consecutive declines totaling 4.7%. Compared to Calgary, the labour market has suffered less in Edmonton, and house prices there have declined more moderately, that is, 1.7% over the last three months. The Composite index has nevertheless grown 5.9% over the last twelve months, but only four of the 11 regions covered (Toronto, Hamilton, Vancouver, Victoria) explain that performance, prices having barely increased or even declined in the other regions (middle chart). With population and job growth in these markets continuing to exceed the national average for the foreseeable future, a major price correction is unlikely in these markets.