(Toronto) The Teranet-National Bank Composite House Price Index, which tracks residential prices in 11 of Canada’s largest cities, remained stable from March to April.
According to the financial markets economist at the National Bank, Daren King, the stabilization occurs while activity on the resale market remains sluggish. Many first-time home buyers are on the sidelines waiting for an interest rate cut from the Bank of Canada.
The report said residential prices in seven of the 11 cities included in the index increased in April compared to March, after adjusting for seasonal effects.
A 2.3% increase in the index was observed in Edmonton. In Montreal and Calgary, the increase was 1.9% compared to March.
The index gained 0.5% in Ottawa-Gatineau, 0.4% in Vancouver and Hamilton 0.3% in Winnipeg.
Conversely, declines occurred in Quebec (-2.1%), Victoria (-1.9%), Toronto (-1.2%) and Halifax (-0.7%) compared to the month previous.
Compared to April 2023, the composite residential price index increased by 5.7%.