Canada’s hot housing market is starting to cool but Calgary is bucking that trend.

Numbers from Scotiabank Economics say across the country, the cost of a home will drop 10 per cent in the next two to three years.

Senior economist Adrienne Warren says the price correction will be concentrated in Toronto and Vancouver, where supply risks and affordability pressures have the potential to trigger larger price adjustments.

Here in Calgary, we are somewhere between a buyers and sellers market thanks the energy sector that is supplying jobs and large paycheques.

“Canada’s housing market is expected to avoid the sharp downturn witnessed in the United States and Europe,” said Adrienne Warren, Senior Economist at Scotiabank. “However, the downside risks to domestic housing activity are increasing. The full impact of the slowdown may not become fully visible until mid-decade.”