Statistics Canada released its new housing price index on Thursday. New housing price index in Canada rose 0.3% in October, exceeding expectations of a 0.1% gain, after a 0.1% rise in September.

The increase was mainly driven by a gain in Toronto region. New home prices in Toronto and Oshawa region rose 0.5% in October.

On a yearly basis, new housing price index in Canada climbed 1.5% in October, after a 1.3% gain in September.