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We're not out of the woods yet. Many in the real estate industry have declared that Canada's housing markets have achieved the much-desired "soft landing," and the country is not in for a severe housing correction. But the latest data from the Teranet/National Bank house price index shows house prices in Canada's largest cities have largely turned negative in the past few months. House prices fell in October in eight of the 11 cities surveyed in the index, with only Quebec City and Halifax showing any price growth, and prices flat in Victoria.

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"In the most expensive markets, new mortgage qualification rules and the rise in interest rates have cooled demand significantly," National Bank economist Marc Pinsonneault wrote. "For instance, in Vancouver, November was a fourth month in a row without a rise in home prices, for a cumulative drop of 1.8 per cent. In Toronto, prices declined over the last three months, for a total loss of 0.4 per cent." However, prices are still higher than they were a year ago in most of the cities surveyed, except Calgary (down 2.6 per cent) and Quebec City (down 0.3 per cent) Watch: Vancouver's historic Eppich House 2 is for sale. Story continues below.