CALGARY - Calgary is the only Canadian major metropolitan area where house prices remain below their peak level, according to a report released today by Teranet-National Bank.

The report, which measures prices of all dwellings sold at least twice, said Calgary is still 10 per cent down from its peak in August 2007.

In February, Calgary prices declined by 0.4 per cent from the previous month but were up 2.2 per cent from year ago levels, according to the Teranet-National Bank House Price Index.

It was the second consecutive month of a retreat in Calgary house prices.

Nationally, the index, which measures prices in Calgary, Halifax, Montreal, Ottawa, Toronto and Vancouver, indicated prices were up 9.9 per cent from a year earlier but the 0.2 per cent month-over-month increase was the smallest in the 10 months since it began climbing.