Statistics Canada reported on Friday the New Housing Price Index (NHPI) edged down 0.1 percent m-o-m in November, following a 0.1 percent m-o-m gain in the previous month.

According to the report, Regina (-1.7 percent m-o-m) and Edmonton (-1.0 percent m-o-m) registered largest decreases, due to cash rebates as incentives to buyers and lower negotiated selling prices. Overall, out of the 27 census metropolitan areas (CMAs) surveyed, new house prices increased the most in the CMA of Montréal (+1.1 percent m-o-m) in November, supported by the new phases of developments opening.

In y-o-y terms, NHPI was fell 0.1 in November after being unchanged in the previous month. Prices have been flat or declining since May 2019.