Housing Starts on Prince Edward Island Slowed in June

HALIFAX, NOVA SCOTIA--(Marketwired - July 11, 2016) - Housing starts in Prince Edward Island's urban areas were trending at 381 units in June compared to 355 in May according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

"There were fewer housing starts across Prince Edward Island's urban centres in June than there were a year ago," said Sarena Teakles, Market Analyst with CMHC's Atlantic Market Analysis Centre. "After the busiest month of May on record since 2010, many homebuilders were kept busy in June with the units that broke ground in the prior month," added Teakles.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR was 264 units in June, down from 873 in May.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.

Additional data is available upon request.

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Tables and a graph are available at the following address: http://media3.marketwire.com/docs/1062135ENG.pdf