A Government report says a slow-down in the issuing of consents to build homes in Christchurch suggests its housing shortage could be over.
The annual growth rate in consents issued fell from 204 percent in January to 34 percent in October.
The Ministry of Business, Innovation and Employment report also shows a significant decrease in growth in rents and house values over the year.
But the ministry says only when house prices and rents fall can it be said the market has returned to normal.
Since the earthquakes in 2010 and 2011, average rents in Christchurch have risen by 39 percent, and house values by 28 percent.
However, the Ministry says only when city's home prices and rents fall can it be said that the city's housing market has returned normal.