Statistics Canada reported on Friday the New Housing Price Index (NHPI) rose 0.4 percent m-o-m in July, following a 0.1 percent m-o-m uptick in the previous month.

According to the report, new home prices advanced in 17 out of the 27 census metropolitan areas (CMAs) surveyed in July, with Hamilton (+1.5 percent m-o-m) recording the largest increase due to improving market conditions. On the contrary, new house prices dropped the most in Regina (-0.5 percent m-o-m) and Calgary (-0.5 percent m-o-m) as buyers negotiated lower selling prices and builders offered promotions.

In y-o-y terms, NHPI rose 1.7 percent in July, following a 1.3 percent gain in the previous month.