Statistics Canada reported the New Housing Price Index (NHPI) rose 0.2 percent m-o-m in June, following a 0.7 percent m-o-m advance in May. Economists forecast a 0.4 percent m-o-m increase.

According to the report, prices rose in 8 of the 27 metropolitan areas surveyed in June, with the largest increases recorded in Vancouver (+1.5 percent m-o-m) and Ottawa-Gatineau, Ontario part (+0.9 percent m-o-m), due to improving market conditions.

In y-o-y terms, NHPI surged 3.9 percent in June after a 3.8 percent y-o-y gain in May.