Statistics Canada reported on Friday the New Housing Price Index (NHPI) was unchanged m-o-m in January, following a 0.2 percent m-o-m gain in the previous month.

Economists had forecast the NHPI to increase 0.2 percent m-o-m in January.

According to the report, Ottawa (+1.4 percent m-o-m) registered the largest increase in prices for new houses in January, due to favourable market conditions and higher construction costs. New house prices also rose in Greater Sudbury (+1.1 percent m-o-m) and Kelowna (+0.6 percent m-o-m). In contrast, unfavourable market conditions drove down prices in Regina (-1.2 percent m-o-m) and Saskatoon (-0.5 percent m-o-m). In addition, declines were recorded in Toronto (-0.4 percent m-o-m) and Vancouver (-0.2 percent m-o-m).

In y-o-y terms, NHPI rose 0.2 in January, following a 0.1 percent uptick in the previous month.