Statistics Canada reported on Thursday the New Housing Price Index (NHPI) rose 0.3 percent m-o-m in December, following a 0.6 percent m-o-m advance in the previous month.

According to the report, new home prices increased in 17 out of the 27 census metropolitan areas (CMAs) surveyed in December, with Oshawa (+3.1 percent m-o-m) recording the largest monthly gain in new home prices due to strong market conditions. Meanwhile, Edmonton (-0.2 percent m-o-m) was the only CMA with decreased new home prices in December due to lower negotiated selling prices.

In y-o-y terms, NHPI climbed 4.6 percent in December, the same pace as in the previous month. This remained the largest y-o-y increase since April 2008.