Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 11, 2014 08:15 ET

July 2014 Housing Starts in Prince Edward Island

MONCTON, NEW BRUNSWICK--(Marketwired - Aug. 11, 2014) - Housing starts in Prince Edward Island were trending at 351 units in July compared to 347 in June according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of housing starts.

"Despite a slight increase in the pace of construction in the month of July, total actual starts in the province, on a year-over-year basis, were lower due to a significant decline in both single and multiple starts," said Claude Gautreau, Senior Market Analyst with CMHC's Atlantic Business Centre. "Relatively high vacancy rates and rising out-migration continue to negatively impact housing demand and the pace of new development," added Gautreau.

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 272 units in July, down from 582 in June.

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

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of 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.

Follow CMHC on Twitter @CMHC_ca

1All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

Additional data is available upon request.

(Ce document existe également en français)

Tables and a graph are available at the following address: http://media3.marketwire.com/docs/961820a.pdf

Contact Information

  • Market Analysis Contact:
    Claude Gautreau
    506-851-2742
    Cell: 506-866-9002
    cgautrea@cmhc.ca

    Media Contact:
    Katherine LeBlanc
    902-426-6581
    Cell: 902-789-5709
    krleblan@cmhc.ca