Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 09, 2009 23:59 ET

PEI Housing Starts in August

CHARLOTTETOWN - Sept. 9) - Residential construction in urban centres of the province increased in August. According to figures released today by Canada Mortgage and Housing Corporation (CMHC), preliminary data indicates that a total of 94 housing starts were recorded in August compared to 59 starts for the same period last year.

"The rise in residential construction activity in August was the result of an increased level of starts in the Charlottetown area", said Jason Beaton, market analyst with CMHC in Prince Edward Island. A total of 43 single starts were recorded in the province's urban centres in August compared to 41 units last year. Multiple starts posted a larger increase with 51 units compared to 18 units in August of last year. On a year-to-date basis, total urban starts in PEI have posted a significant gain with 376 units this year, up from 317 units in 2008. "PEI's urban housing market is experiencing another strong year in 2009 and is now expected to post a similar level of activity as in 2008," continued Beaton.

In urban centres across Canada, total housing starts in August declined by 27 per cent, down to 12,187 units compared to last year's total of 16,807. Single-detached starts decreased 26 per cent to 5,211 units, while multiple unit starts were down 28 per cent from 9,744 units last year to 6,976 units this year. In the Atlantic region, 835 new units were started in August 2009 compared to 879 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. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.

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

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              "PRELIMINARY URBAN MONTHLY HOUSING STARTS

                    PRINCE EDWARD ISLAND SUMMARY"

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                        2009  2008              YEAR-TO-DATE

                        ----------  % Change    ------------   % Change

                         AUG   AUG               2009   2008

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        ALL URBAN CENTRES WITH POPULATION GREATER THAN 10,000

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CHARLOTTETOWN CA

Single                    43    36      19.4%     164    186      -11.8%

Multiple                  51     6       (XX)     196     78        (XX)

TOTAL                     94    42       (XX)     360    264       36.4%

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SUMMERSIDE CA

Single                     0     5       (XX)      16     29      -44.8%

Multiple                   0    12       (XX)       0     24        (XX)

TOTAL                      0    17       (XX)      16     53      -69.8%

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ALL CENTRES(*)

Single                    43    41       4.9%     180    215      -16.3%

Multiple                  51    18       (XX)     196    102       92.2%

TOTAL                     94    59      59.3%     376    317       18.6%

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(XX) Indicates changes in excess of 100% which are not reported due to

     volatility resulting from small absolute numbers. 

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