The Teranet-National Bank composite house price index which tracks home prices in 11 of Canada's largest cities remained stable from March to April.

National Bank Financial Markets economist Daren King says the stabilization comes as resale market activity remains sluggish, with first-time homebuyers on the sidelines awaiting interest rate cuts from the Bank of Canada.

The report says home prices in seven of the 11 cities included in the index rose in April compared with March, after adjusting for seasonal effects.

The index was up 2.3 per cent in Edmonton, while Montreal and Calgary both added 1.9 per cent compared with March. Ottawa-Gatineau gained 0.5 per cent, Vancouver and Hamilton, Ont., both gained 0.4 per cent and Winnipeg rose 0.3 per cent.

Meanwhile, Quebec City fell 2.1 per cent compared with a month earlier, while Victoria dropped 1.9 per cent and Toronto lost 1.2 per cent. Halifax dropped 0.7 per cent.

Compared with April 2023, the composite house price index was up 5.7 per cent.

This report by The Canadian Press was first published May 17, 2024.