New Housing Price Index m/m comes in at -0.1% against -0.3% consensus

Canada’s New Housing Price Index (NHPI) month over month for July was released today, showing a decline of -0.1%. This figure came in stronger than the market consensus expectation of -0.3%. The previous month’s reading was also -0.3%. Today’s print represents a 66.7% surprise relative to the consensus forecast, indicating a less pronounced contraction in new housing prices than analysts had predicted.

Following the release, the Canadian dollar showed a mixed reaction across major pairs within the first 15 minutes. USDCAD rose by 15 pips, while EURCAD gained 8.0 pips and GBPCAD increased by 8.5 pips. NZDCAD was up 3.2 pips, and AUDCAD saw a marginal rise of 0.1 pips. Conversely, CADJPY declined by 12 pips and CADCHF fell by 3.9 pips. Compared to historical data, the 15-minute moves for AUDCAD, CADCHF, EURCAD, GBPCAD, and NZDCAD were relatively small when measured against their respective median 1-hour moves of 7 pips, 6 pips, 11 pips, 15 pips, and 7 pips. CADJPY’s 12-pip decline was closer to its median 1-hour move of 9 pips, while USDCAD’s 15-pip rise was also notable against its median 1-hour move of 10 pips.