Statistics Canada reported on Thursday the New Housing Price Index (NHPI) was unchanged m-o-m for a second straight month in March.

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

According to the report, builders in 18 of the 27 census metropolitan areas (CMAs) surveyed reported flat or declining prices in March. Victoria (-0.4 percent m-o-m) registered the largest drop, primarily due to deteriorating market conditions, as well as lower negotiated selling prices.

At the same time, new housing prices rose the fastest in Gatineau (+0.4 percent m-o-m), supported by higher construction costs.

In y-o-y terms, NHPI edged up 0.1 percent in March, the same pace as in the previous month.