Statistics Canada reported on Monday the New Housing Price Index (NHPI) rose 0.6 percent m-o-m in November, following a 0.8 percent m-o-m gain in the previous month.

According to the report, new home prices rose in 21 out of the 27 census metropolitan areas (CMAs) surveyed in November, with Kitchener-Cambridge-Waterloo (+2.1 percent m-o-m), Ottawa (+2.1 percent m-o-m) and Gatineau (+2.0 percent m-o-m) recording the largest monthly gains. On the contrary, Regina (-0.1 percent m-o-m) was the only CMA with decreased new home prices in November.

In y-o-y terms, NHPI climbed 4.6 percent in November, following a 3.9 percent advance in the previous month. This was the largest y-o-y increase since April 2008.