Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 08, 2009 23:59 ET

PEI Housing Starts in April

CHARLOTTETOWN, May 8 - Residential construction in urban centres of
the province decreased in April, according to figures released today by Canada
Mortgage and Housing Corporation (CMHC). Preliminary data indicate that a
total of 23 starts were reported in April compared to 42 starts during the
same period last year.
"The decline recorded in April was the result of fewer single starts in
the Charlottetown area combined with an overall decline in Summerside," said
Jason Beaton, market analyst with CMHC's Atlantic Business Centre. Single
starts in urban areas fell in the month of April from 32 units last year to 17
units in 2009, while multiple starts declined from 10 to 6 units.
On a year-to-date basis, the trend continued towards slower residential
construction on PEI. For the first four months of 2009, urban single starts
declined to 37 units from 58 units during the same period last year, while
multiple starts eased to 9 units from 25 units in 2008. "New home construction
has been weak so far this year and is not expected to reach the level recorded
in 2008," added Beaton.
In urban centres across Canada, total housing starts in April declined by
53 per cent, down to 8,063 compared to last year's total of 17,209.
Single-detached starts decreased 49 per cent to 3,526 units, while multiple
unit starts were down 56 per cent from 10,321 units last year to 4,537 units
this year. In the Atlantic region, 369 new units were started in April 2009
compared to 533 units during the same period in 2008.

As Canada's national housing agency, CMHC draws on more than 60 years of
experience to help Canadians access a variety of quality, environmentally
sustainable, and affordable homes - homes that will continue to create vibrant
and healthy communities and cities across the country.




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

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"PRELIMINARY URBAN MONTHLY HOUSING STARTS
PRINCE EDWARD ISLAND SUMMARY"
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2009 2008 YEAR-TO-DATE
---------- % Change ------------ % Change
APR APR 2009 2008
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ALL URBAN CENTRES WITH POPULATION GREATER THAN 10,000
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CHARLOTTETOWN CA
Single 14 23 -39.1% 31 47 -34.0%
Multiple 6 4 50.0% 9 19 -52.6%
TOTAL 20 27 -25.9% 40 66 -39.4%
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SUMMERSIDE CA
Single 3 9 -66.7% 6 11 -45.5%
Multiple 0 6 (XX) 0 6 (XX)
TOTAL 3 15 -80.0% 6 17 -64.7%
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ALL CENTRES(X)
Single 17 32 -46.9% 37 58 -36.2%
Multiple 6 10 -40.0% 9 25 -64.0%
TOTAL 23 42 -45.2% 46 83 -44.6%
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(XX) Indicates changes in excess of 100% which are not reported due to
volatility resulting from small absolute numbers.

Contact Information

  • For further information: on this release: Jason Beaton, Market Analyst,
    Canada Mortgage and Housing Corporation, (506) 851-6047,
    jbeaton@cmhc-schl.gc.ca; visit www.cmhc.ca or call 1-800-668-2642