Statistics Canada reported on Thursday the New Housing Price Index (NHPI) edged up 0.1 percent m-o-m in May, following a flat m-o-m reading in the previous month.

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

According to the report, new home prices showed little or no change in 21 out of the 27 census metropolitan areas (CMAs) surveyed in May as both the builder and buyer continued adjusting to new COVID-19 reality. Meanwhile, Ottawa (+1.0 percent m-o-m) reported the largest increase in new home prices in May, as builders continued to report strong demand for new homes in the region despite COVID-19. In contrast, new home prices dropped in Québec and Winnipeg (both down 0.1 percent m-o-m) in May.

In y-o-y terms, NHPI rose 1.1 percent in May, following a 0.9 percent gain in the previous month.