August Housing Starts in PEI

CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwire - Sept. 11, 2012) - Residential construction in urban centres of the province increased last month compared to August 2011, according to figures released today by Canada Mortgage and Housing Corporation (CMHC). Preliminary data¹ indicate that a total of 77 units were started in August 2012 compared to 68 units for the same period last year.

"New home construction results were mixed in Charlottetown and Summerside when compared to August 2011," said Jason Beaton, market analyst with CMHC in Prince Edward Island. In the capital region, both single and multiple starts increased compared to last year. In Summerside, single starts declined to one unit from ten units in 2011, while multiple starts increased from two to eight units. "On a year-to-date basis, total starts in the province's urban centres are above 2011 levels, with gains in multiple starts being partially offset by a decline in single starts," added Beaton.

In urban centres across Canada, total housing starts recorded in August increased 19 per cent to 17,725 units compared to 14,938 a year ago. Single-detached starts decreased five per cent to 6,015 units, while multiple starts increased 36 per cent to 11,710 units in August. In the Atlantic region, 1,112 new units were started compared to 795 during August 2011.

As Canada's national housing agency, CMHC draws onmore than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. 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 informed decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

(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
	AUGUST	AUGUST		YEAR-TO-DATE
	2012	2011	% Change	2012	2011	% Change
ALL URBAN CENTRES WITH POPULATION >10,000
CHARLOTTETOWN CA
Single	26	22	18.2%	129	121	6.6%
Multiple	42	34	23.5%	250	168	48.8%
TOTAL	68	56	21.4%	379	289	31.1%
SUMMERSIDE CA
Single	1	10	-90.0%	14	27	-48.1%
Multiple	8	2	# #	17	70	-75.7%
TOTAL	9	12	-25.0%	31	97	-68.0%
ALL CENTRES
Single	27	32	-15.6%	143	148	-3.4%
Multiple	50	36	38.9%	267	238	12.2%
TOTAL	77	68	13.2%	410	386	6.2%

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

## Indicates changes in excess of 100% which are not reported due to volatility resulting from small absolute numbers.