Canada new home prices flat in March

Thu May 12, 2011 9:49am EDT
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OTTAWA (Reuters) - New home prices in Canada were unchanged in March following a 0.4 percent increase in February, marking only the second flat reading since August 2010, according to Statistics Canada data on Thursday.

Analysts surveyed by Reuters had on average forecast a 0.3 percent increase in the new housing price index.

Prices rose in eight metropolitan regions, decreased in five and were flat in eight.

The largest increases were evident on the East Coast with Saint John, Fredericton and Moncton recording a combined increase of 0.4 percent. Those were offset by declines in Quebec City, Windsor and Edmonton.

Year on year, prices were 1.9 percent higher, following a 2.1 percent rise in February.

(This story was corrected in fourth paragraph to clarify that prices rose 0.4 percent in the region, not in each city)

(Reporting by Howaida Sorour and Louise Egan)