Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 08, 2008 23:59 ET

New home construction on PEI slowed in March

CHARLOTTETOWN, April 8 - Residential construction in urban centres
of the province decreased in March, according to figures released today by
Canada Mortgage and Housing Corporation (CMHC). Preliminary data(1) indicate
that a total of six starts were reported in March compared to nine starts in
the same period last year.

"The slight decline in residential activity in March was due to fewer
single starts in the Charlottetown area," said Jason Beaton, market analyst
with CMHC for Prince Edward Island. Single starts in Charlottetown declined to
two units in March 2009, from eight units last year. During the same period
three multiple starts were recorded in Charlottetown this year compared to no
starts last year.

On a year-to-date basis, total housing starts in Charlottetown declined
to 20 units, compared to 39 units during the same period in 2008. In
Summerside, year-to-date starts have reached three units compared to two units
during the same period last year. "Although the pace of construction is
expected to remain strong in historical terms, total urban housing starts this
year are not expected to reach 2008 levels," continued Beaton.

In urban centres across Canada, total housing starts in March declined by
45 per cent, down to 8,629 compared to last year's total of 15,616.
Single-detached starts decreased 46 per cent to 2,566 units, while multiple
unit starts were down 44 per cent from 10,867 units last year to 6,063 units
this year. In the Atlantic region, 244 new units were started in March 2009
compared to 522 units during the same period in 2008.



-----------------------------
(1) Figures for the most recent month are preliminary and subject to
revisions due to corrections or updates from quarterly enumeration or
sampling results.

For more information, visit www.cmhc.ca or call 1-800-668-2642.

(Ce document existe également en français)

-------------------------------------------------------------------------
-------------------------------------------------------------------------
PRELIMINARY URBAN MONTHLY HOUSING STARTS
PRINCE EDWARD ISLAND SUMMARY
-------------------------------------------------------------------------
-------------------------------------------------------------------------
2009 2008 YEAR-TO-DATE
---------------- % Change --------------- % Change
MAR MAR 2009 2008
-------------------------------------------------------------------------
ALL URBAN CENTRES WITH POPULATION GREATER THAN 10,000
-------------------------------------------------------------------------
CHARLOTTETOWN CA
Single 2 8 -75.0% 17 24 -29.2%
Multiple 3 0 - 3 15 -80.0%
TOTAL 5 8 -37.5% 20 39 -48.7%
-------------------------------------------------------------------------
SUMMERSIDE CA
Single 1 1 0.0% 3 2 50.0%
Multiple 0 0 - 0 0 -
TOTAL 1 1 0.0% 3 2 50.0%
-------------------------------------------------------------------------
ALL CENTRES(*)
Single 3 9 -66.7% 20 26 -23.1%
Multiple 3 0 - 3 15 -80.0%
TOTAL 6 9 -33.3% 23 41 -43.9%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(X) Indicates changes in excess of 100% which are not reported due to
volatility resulting from small absolute numbers.


-------------------------------------------------------------------------
-------------------------------------------------------------------------
PRELIMINARY URBAN QUARTERLY HOUSING STARTS
PRINCE EDWARD ISLAND SUMMARY
-------------------------------------------------------------------------
-------------------------------------------------------------------------
2009 2008 YEAR-TO-DATE
---------------- % Change --------------- % Change
Q1 Q1 2009 2008
-------------------------------------------------------------------------
ALL URBAN CENTRES WITH POPULATION GREATER THAN 10,000
-------------------------------------------------------------------------
CHARLOTTETOWN CA
Single 17 24 -29.2% 17 24 -29.2%
Multiple 3 15 -80.0% 3 15 -80.0%
TOTAL 20 39 -48.7% 20 39 -48.7%
-------------------------------------------------------------------------
SUMMERSIDE CA -
Single 3 2 50.0% 3 2 50.0%
Multiple 0 0 - 0 0 -
TOTAL 3 2 50.0% 3 2 50.0%
-------------------------------------------------------------------------
ALL CENTRES(*)
Single 20 26 -23.1% 20 26 -23.1%
Multiple 3 15 -80.0% 3 15 -80.0%
TOTAL 23 41 -43.9% 23 41 -43.9%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(X) Indicates changes in excess of 100% which are not reported due to
volatility resulting from small absolute numbers.

Data for 2008 on 2001 Census Definitions.
Data for 2009 on 2008 Preliminary Census Definitions.

Contact Information