February Housing Starts in PEI

CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwire - March 8, 2012) - Residential construction in urban centres of the province decreased in February compared to the same month last year, according to figures released today by Canada Mortgage and Housing Corporation (CMHC). Preliminary data¹ indicate that a total of eight units were started in February 2012 compared to ten units during the same month last year.

"Charlottetown posted no change in the level of new construction in February compared to the same month last year, while Summerside recorded a small decline," said Jason Beaton, market analyst with CMHC in Prince Edward Island. Charlottetown had seven single starts in February compared to five units last year, while Summerside recorded just one single start in both years. There were no multiple starts in either centre during February of 2012, compared to two units in each centre in 2011. "On a year-to-date basis, urban starts remain behind last year's pace due to weaker multiple starts activity," said Beaton.

In urban centres across Canada, total housing starts recorded in February were up 15 per cent to 11,498 units compared to 10,024 a year ago. Single-detached starts increased two per cent to 3,487 units, while multiple starts increased 21 per cent to 8,011 units in February. In the Atlantic region, 256 new units were started compared to 278 during February 2011.

As Canada's national housing agency, CMHC draws on more 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
	2012	2011	% Change	YEAR-TO-DATE		% Change
	FEB	FEB		2012	2011
ALL URBAN CENTRES WITH POPULATION >10,000
CHARLOTTETOWN CA
Single	7	5	40.0%	17	15	13.3%
Multiple	0	2	##	0	28	##
TOTAL	7	7	0.0%	17	43	-60.5%
SUMMERSIDE CA
Single	1	1	0.0%	2	3	-33.3%
Multiple	0	2	##	0	4	##
TOTAL	1	3	-66.7%	2	7	-71.4%
ALL CENTRES
Single	8	6	33.3%	19	18	5.6%
Multiple	0	4	##	0	32	##
TOTAL	8	10	-20.0%	19	50	-62.0%

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.