February Housing Starts for the St. John's Area

ST. JOHN'S, NEWFOUNDLAND and LABRADOR--(Marketwire - March 8, 2011) - Housing starts in the St. John's region decreased during the month of February, according to preliminary data⁽¹⁾ released today by Canada Mortgage and Housing Corporation (CMHC). February's housing starts totaled 52 units throughout the St. John's area compared to 67 units in February of 2010. There were no additional starts recorded in urban centres outside the St. John's area.

"New home construction activity took a breather during February, with starts down 22 per cent," said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. "While starts activity is retreating from recent highs, growth in employment, income and population is expected to support the local housing market again this year," added Janes.

In urban centres across Canada, total housing starts recorded in February were down seven per cent to 9,900 units compared to last year's total of 10,637. Single-detached starts declined 27 per cent to 3,300 units, while multiple starts increased eight per cent to 6,600 units in February. In the Atlantic region, 269 new units were started compared to 453 units during February 2010.

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.

⁽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 NEWFOUNDLAND & LABRADOR SUMMARY

	2011	2010		YEAR-TO -DATE
			% Change			% Change
	FEB	FEB		2011	2010
	ALL URBAN CENTRES WITH POPULATIONS > 50,000
ST. JOHN'S CMA
Single	34	57	-40.4%	131	139	-5.8%
Multiple	18	10	80.0%	26	32	-18.8%
TOTAL	52	67	-22.4%	157	171	-8.2%
	ALL URBAN CENTRES WITH POPULATION >10,000
ALL CENTRES*
Single	34	58	-41.4%	135	142	-4.9%
Multiple	18	10	80.0%	26	39	-33.3%
TOTAL	52	68	-23.5%	161	181	-11.0%

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

* Includes all centres with a total population of more than 10,000 (St . John's CMA, Corner Brook CA, Gander MD, Grand Falls/Windsor CA, and Bay Roberts CA)