Canada December new housing price index 0.0% vs -0.2% expected

• Prior was -0.2%
• 2022 prices over all rose 7.7% overall compared to 10.3% in 2021

The flat reading follows three months of declines but it may only be a temporary reprieve, especially if the Bank of Canada Bank of Canada The Bank of Canada (BOC) is the central bank of Canada. It was created in 1934 and is responsible for implementing monetary policy in the country, issuing currency, and promoting a safe and stable financial system.The Bank's main role is to "promote the economic and financial welfare of Canada," as defined in the Bank of Canada Act. This includes maintaining the stability of the financial system, promoting a sound and efficient financial system, and fostering monetary conditions that will preser The Bank of Canada (BOC) is the central bank of Canada. It was created in 1934 and is responsible for implementing monetary policy in the country, issuing currency, and promoting a safe and stable financial system.The Bank's main role is to "promote the economic and financial welfare of Canada," as defined in the Bank of Canada Act. This includes maintaining the stability of the financial system, promoting a sound and efficient financial system, and fostering monetary conditions that will preser Read this Term hikes rates this week as expected.

Statistics Canada doesn't usually offer any kind of guidance on the economy but added this to the new home sales release:

This decrease in lumber prices, along with elevated mortgage rates (plus the risk of further increases in 2023), should continue to cool new house prices, at least during the first half of 2023. As mortgage rates stabilize and uncertainty in the market calms, housing demand and growth in prices should edge up in the latter half of 2023. This, along with other factors such as increased immigration targets and continued interprovincial migration, especially in the hottest markets with a limited supply of new homes, could lead to price increases in the new home segment.