July Housing Starts in PEI

CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwire - Aug. 9, 2012) - Total housing starts in urban centres of the province were virtually unchanged last month compared to July 2011, according to figures released today by Canada Mortgage and Housing Corporation (CMHC). Preliminary data¹ indicate that a total of 93 units were started in July 2012 compared to 94 units during the same period last year.

"Provincially, a moderate increase in multiple starts was offset by fewer single starts in July," said Jason Beaton, market analyst with CMHC in Prince Edward Island. In the capital region, single starts were down slightly while multiple starts, due to apartment construction, increased significantly compared to July 2011. Summerside, saw only minimal construction activity in July compared to the same month last year. "Year-to-date, total provincial housing starts are ahead of last year's pace due to strong activity in the Charlottetown area," said Beaton.

In urban centres across Canada, total housing starts recorded in July were down two per cent to 16,876 units compared to 17,230 a year ago. Single-detached starts decreased eight per cent to 6,315 units, while multiple starts were up two per cent to 10,561 units in July. In the Atlantic region, 890 new units were started compared to 1,409 units during July 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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