Statistics Canada reported on Thursday the New Housing Price Index (NHPI) edged down 0.1 percent m-o-m in January, following five consecutive months of unchanged prices.

Economists had forecast the NHPI to be flat m-o-m in January. 

According to the report, four of the largest new housing markets in the country reported drops in January, ranging from -0.1 percent m-o-m in Vancouver and Edmonton to -0.2 percent m-o-m in Toronto and Calgary, due to lower negotiated selling prices and unfavorable market conditions.

At the same time, eight census metropolitan areas (CMAs) reported gains in January, with Halifax and Trois-Rivières posting the largest increases, both up 0.3 percent m-o-m as a result of higher construction costs.

In y-o-y terms, NHPI fell 0.1 percent in January, recording the first 12-month decrease in more than nine years.