Statistics Canada released its new housing price index on Thursday. New housing price index in Canada fell 0.1% in January, missing expectations for a 0.2% gain, after a 0.1% increase in December. That was the first decline since July 2010.

The drop was driven by declines in the Toronto and Oshawa region where prices decreased 0.1% due to lower negotiated sales prices.

Prices fell in five of the 21 metropolitan areas, while five climbed. Prices were unchanged in 11 metropolitan areas.