Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 08, 2009 23:59 ET

PEI Housing Starts in May

CHARLOTTETOWN, June 8 - Total urban housing starts in PEI in the
month of May were unchanged from May 2008. According to figures released today
by Canada Mortgage and Housing Corporation (CMHC), preliminary data indicates
that a total of 71 starts were reported in May of 2009, the same level as last
year.

"Multiple units in the Charlottetown area contributed to the strong level
of starts recorded in May," said Jason Beaton, Market Analyst with CMHC in
Prince Edward Island. Total housing starts in Charlottetown reached 68 units
in May, up from 65 units started last year. In Summerside, total housing
starts decreased to three units this month, down from six units during the
same period a year ago. On a year-to-date basis, 117 urban housing starts have
been recorded in PEI compared to 154 starts during the same period last year.
"After a slow start, residential construction has picked up during the past
two months, but activity is expected to remain below 2008 levels," continued
Beaton.

In urban centres across Canada, total housing starts in May declined by
46 per cent, down to 10,368 compared to last year's total of 19,222.
Single-detached starts decreased 42 per cent to 4,939 units, while multiple
unit starts were down 49 per cent from 10,654 units last year to 5,429 units
this year. In the Atlantic region, 760 new units were started in May 2009
compared to 1,094 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.

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
MAY MAY 2009 2008
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ALL URBAN CENTRES WITH POPULATION GREATER THAN 10,000
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CHARLOTTETOWN CA
Single 35 40 -12.5% 66 87 -24.1%
Multiple 33 25 32.0% 42 44 -4.5%
TOTAL 68 65 4.6% 108 131 -17.6%
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SUMMERSIDE CA
Single 3 4 -25.0% 9 15 -40.0%
Multiple 0 2 (xx) 0 8 (xx)
TOTAL 3 6 -50.0% 9 23 -60.9%
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ALL CENTRES(*)
Single 38 44 -13.6% 75 102 -26.5%
Multiple 33 27 22.2% 42 52 -19.2%
TOTAL 71 71 0.0% 117 154 -24.0%
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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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