Statistics Canada reported on Friday the New Housing Price Index (NHPI) went up 0.4 percent m-o-m in July, following a 0.6 percent m-o-m advance in the previous month. This was the smallest increase since December 2020.

According to the report, new home prices rose in 19 out of the 27 census metropolitan areas (CMAs) surveyed in July, with Oshawa (+4.3 percent m-o-m) recording the largest monthly advance in new home prices, as it enjoys proximity to the neighbouring Toronto region and is seen a cheaper alternative for those who commute to Toronto. 

In y-o-y terms, NHPI soared 11.9 percent in July, the same pace as in the previous month.