Statistics Canada released its new housing price index on Thursday. New housing price index in Canada rose 0.1% in December, missing expectations for a 0.2% gain, after a 0.2% increase in November.

The increase was mainly driven by a gain in Toronto and Vancouver region. New home prices in Toronto and Oshawa region rose 0.2% in December, while prices in Vancouver also climbed 0.2%.

On a yearly basis, new housing price index in Canada climbed 1.6% in December, after a 1.6% gain in November.