The New Housing Price Index (NHPI) edged up 0.1% in January compared with the previous month. The increase was largely attributable to new housing prices in Ontario.

Among the 27 metropolitan areas surveyed, new housing prices were up in 14, down in 7 and unchanged in 6.

Kitchener-Cambridge-Waterloo (+1.0%) recorded the biggest price gain. Builders in the region cited a shortage of developed land as the reason for the rise, the largest since June 2012.

Other significant price increases were observed in St. Catharines-Niagara (+0.9%) and London (+0.9%). In St. Catharines-Niagara, builders reported higher construction costs and improving market conditions as reasons for the rise. Builders in London tied the gains to higher construction costs.