CMHC’s quarterly study on what’s hot and what’s not highlights how many residential real estate markets are more hot than not.

As The Globe and Mail’s Tamsin McMahon reports, Canada Mortgage and Housing Corp. flagged 10 of 15 markets for various measures and, for the first time, warned that Vancouver was looking frothy.

That’s no surprise to many observers who have oft warned of overvaluation in Canada’s two hottest markets, Vancouver and Toronto.

Other analysts, though, have said there’s no big trouble on the horizon in those two cities because both are creating jobs and both have a healthy level of household formation.

The national housing agency looked at four areas: Overheating, measured by the ratio of sales to new listings; price acceleration based on average prices; overvaluation based on average prices and new housing indexes; and overbuilding, based on rental vacancy rates and the stock of completed and unsold condos.

Here’s a look at what CMHC found in 15 major markets in its second-quarter report, from left to right:

Victoria: “Overheating, price acceleration and overvaluation in the housing market show weak evidence of problematic conditions. We detect weak evidence of overbuilding as newly completed homes were sold and rental vacancy rates remained low.”

Vancouver: “The change in our overall assessment from the previous quarter was mainly influenced by a shift from moderate to strong evidence of overvaluation, indicating that home prices are above the level supported by economic and demographic fundamentals. The remaining indicators assessed continue to suggest weak evidence of problematic conditions.”

Calgary: CMHC detected “strong evidence of problematic conditions, due to a combination of moderate evidence of overvaluation and overbuilding. A deterioration of economic fundamentals have contributed to moderate evidence of overvaluation.”

Edmonton: “We detect moderate evidence of problematic conditions in Edmonton’s housing market. Factors such as overheating and price acceleration continue to show weak evidence of problematic conditions.”

Saskatoon: There’s “strong evidence of problematic conditions.” CMHC found “weak evidence” of overheating and price acceleration, but “strong evidence” of overbuilding.

Regina: “We continue to detect strong evidence of problematic conditions in Regina’s housing market. There’s “weak evidence of overheating and price acceleration, but “strong evidence” of overbuilding. And slower income growth makes the case for “moderate overvaluation.”

Winnipeg: “We continue to detect moderate evidence of problematic conditions, due to overbuilding in the ownership market. Improvements to economic fundamentals, such as growth in full-time employment and disposable income, have contributed to reduce concerns of overvaluation.”

Hamilton: Despite the fact that this is one of Canada’s hottest markets, there’s “weak evidence” of price acceleration and overbuilding, but “moderate evidence” of overvaluation. And “the sales-to-new-listings ratio remained above the 75-per-cent threshold used to determine evidence of overheating.”

Toronto: No surprise that CMHC found “strong evidence of problematic conditions.” There’s “strong evidence” of overvaluation, “moderate evidence” of price acceleration, and “weak evidence” of overheating. And “while we do not detect overbuilding, we have some concerns about the high inventory of completed and unsold condominium apartments.”

Ottawa: There’s “moderate evidence” of overall trouble and overbuilding - the latter is because of condos again - and “weak evidence of overvaluation as price growth has moderated.”

Montreal: CMHC found “moderate” evidence of overall trouble and overvaluation and “weak evidence” of overbuilding, while in the resale market “supply remained rather high relative to demand, such that evidence of overheating and acceleration in the growth of prices was weak.”

Quebec City: There’s “moderate evidence” of trouble, with overvaluation coming in as strong, but just about everything else okay. On overvaluation, the findings “were due to the recent shrinkage of the pool of first-time home buyers (aged from 25 to 34) and the modest increase in disposable income per capita.”

Moncton: Little trouble here, just a yellow flag for overbuilding.

Halifax: No trouble here. “Strong international migration gains in the third and fourth quarter of 2015 mitigated the signs of overvaluation despite weak average earnings gains and employment creation.”

St. John’s: Go east, young man. Little trouble, though overbuilding came in as “moderate” while “excess supply of existing home inventory has kept overheating and price acceleration in check.”