Statistics Canada reported on Friday the New Housing Price Index (NHPI) rose 0.8 percent m-o-m in October, following a 1.2 percent m-o-m climb in the previous month. 

Economists had forecast the NHPI to increase 1.0 percent m-o-m in October.

According to the report, new home prices rose in 21 out of the 27 census metropolitan areas (CMAs) surveyed in October, with Montréal (+2.7 percent m-o-m), St. Catharines-Niagara and Trois-Rivières (both +2.2 percent m-o-m) recording the largest monthly gains due to higher construction costs and strong market conditions.

In y-o-y terms, NHPI climbed 3.9 percent in October, following a 3.2 percent gain in the previous month. This was the largest y-o-y advance since June 2017.