Canada

Quarterly Rank: 8
Quarterly Price Change: 1.9%

Annual Rank: 21
Annual Price Change: -6.2%

Corporate vacancy rates steadily declined throughout Canada for most of the past decade thanks to the country's strong commodity prices and healthy financial sector. Yet last year, Montreal saw vacancy rates rise for the first time in nearly five years. But Canada's housing market finally began to recover in the second quarter of 2009, following two subsequent quarters of price falls.