Statistics Canada reported on Wednesday the New Housing Price Index (NHPI) went up 0.6 percent m-o-m in June, following a 1.4 percent m-o-m gain in the previous month. This was the smallest increase in six months.

According to the report, new home prices rose in 20 out of the 27 census metropolitan areas (CMAs) surveyed in June, with Calgary (+3.5 percent m-o-m) recording the largest monthly advance in new home prices, as employment gains drove up the demand for housing by allowing more people to enter the market. Meanwhile, Vancouver (-0.3 percent m-o-m) was the only CMA that registered a drop in new home prices in June.

In y-o-y terms, NHPI surged 11.9 percent in June, following an 11.3 percent jump in the previous month.