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Is Canada's housing market starting to settle down? A new research note suggests that may be the case.

Canada now has "two housing markets," National Bank Financial says in its note. On one side, there are such markets as Vancouver, Toronto and Hamilton, all of which saw price gains of nearly 10 per cent in October from a year ago, according to new figures from the Teranet-National Bank home price index. But in the remaining eight metropolitan areas, prices were flat on average.

Moreover, just five areas saw year-over-year price gains, the lowest number in six years. "The widely anticipated moderation in Canadian real estate seems to have arrived," the report's authors write.