Statistics Canada reported on Thursday the New Housing Price Index (NHPI) edged down 0.1 percent m-o-m in May, after remaining unchanged for three straight months.

Economists had forecast the NHPI to increase 0.1 percent m-o-m in May.

According to the report, builders in 16 of the 27 census metropolitan areas (CMAs) surveyed reported flat or lower prices in April. Saskatoon (-0.5 percent m-o-m) and Victoria (-0.4 percent m-o-m) posted the largest declines due primary to deteriorating market conditions. At the same time, Charlottetown (+1.0 percent m-o-m) registered the biggest price increase in May, with the rise attributed to higher construction costs.

In y-o-y terms, NHPI was unchanged in May after a 0.1 percent advance in the previous month.