Statistics Canada reported on Thursday the New Housing Price Index (NHPI) was unchanged m-o-m in April, following a 0.3 percent m-o-m advance in the previous month.

Economists had forecast the NHPI to increase 0.1 percent m-o-m in April.

According to the report, new home prices rose in 13 of the 27 census metropolitan areas (CMAs) surveyed in April, led by gains Guelph (+0.6 percent m-o-m), Kitchener–Cambridge–Waterloo (+0.5 percent m-o-m) and Ottawa (+0.4 percent m-o-m), which were supported by favourable market conditions. In contrast, new home prices dropped the most in Edmonton (-0.3 percent m-o-m), Calgary and Regina (both down 0.2 percent m-o-m) in April, with the decreases primarily attributable to weak market conditions.

In y-o-y terms, NHPI rose 0.9 in April, the same pace as in the previous month.