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Despite an easing in prices, the Canadian housing market remains “highly vulnerable,” according to the Canadian Mortgage and Housing Corporation.

The federal agency says house prices in Toronto, Vancouver, Victoria and Hamilton are getting more in line with housing market fundamentals such as income, mortgage rates and population.

But there still remains a “high degree of overall vulnerability” in these markets.

CMHC says there continues to be overbuilding in Edmonton, Calgary, Saskatoon, Winnipeg and Regina.

Meanwhile, it called Montreal’s resale market “close to overheating” as demand outstrips supply.

The agency made the findings in its quarterly Housing Market Assessment report, which is meant to gauge the stability of the national real estate market.

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