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- Canada’s new housing prices rise 0.7 percent in January
Canada’s new housing prices rise 0.7 percent in January
Statistics
Canada reported on Thursday the New Housing Price Index (NHPI) rose 0.7 percent
m-o-m in January2021, following a 0.3 percent m-o-m advance in the previous
month.
Economists had
forecast the NHPI to increase 0.5 percent m-o-m in January.
According to
the report, new home prices increased in 22 out of the 27 census metropolitan
areas (CMAs) surveyed in January, with Hamilton (+3.9 percent m-o-m) and
Charlottetown (+3.3 percent m-o-m) recording the largest monthly gains in new home
prices, mainly due to higher construction costs.
In y-o-y terms,
NHPI surged 5.4 percent in January, following a 4.6 percent climb in the
previous month. This was the largest y-o-y increase since March 2008.
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