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- Canada’s new housing prices increase more than expected in February
Canada’s new housing prices increase more than expected in February
Statistics Canada reported on Thursday the New Housing Price Index (NHPI) rose 0.4 percent m-o-m in February, following a flat m-o-m performance in the previous month.
Economists had forecast the NHPI to increase 0.1 percent m-o-m in February.
According to the report, new home prices rose in 17 of the 27 census metropolitan areas (CMAs) surveyed in February, led by gains in Ottawa (+1.1 percent m-o-m), St. Catharines-Niagara (+1.1 percent m-o-m), Victoria (+1.0 percent m-o-m) and Kitchener-Cambridge-Waterloo (+0.9 percent m-o-m), which were supported by favourable market conditions. In contrast, new home prices dropped the most in Regina (-0.5 percent m-o-m) in February.
In y-o-y terms, NHPI rose 0.6 in February, following a 0.2 percent uptick in the previous month.
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