Statistics Canada reported on Thursday the New Housing Price Index (NHPI) rose 0.4 percent m-o-m in February, following a flat m-o-m performance in the previous month.

Economists had forecast the NHPI to increase 0.1 percent m-o-m in February.

According to the report, new home prices rose in 17 of the 27 census metropolitan areas (CMAs) surveyed in February, led by gains in Ottawa (+1.1 percent m-o-m), St. Catharines-Niagara (+1.1 percent m-o-m), Victoria (+1.0 percent m-o-m) and Kitchener-Cambridge-Waterloo (+0.9 percent m-o-m), which were supported by favourable market conditions. In contrast, new home prices dropped the most in Regina (-0.5 percent m-o-m) in February.

In y-o-y terms, NHPI rose 0.6 in February, following a 0.2 percent uptick in the previous month.