Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 09, 2016 08:15 ET

July Housing Starts on Prince Edward Island

HALIFAX, NOVA SCOTIA--(Marketwired - Aug. 9, 2016) - Housing starts in Prince Edward Island's urban areas were trending at 350 units in July compared to 381 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) of housing starts.

"July housing starts across Prince Edward Island's urban areas remained on par to year earlier levels as a decline in new single-detached homes was offset by a pick-up in new multiples units," said Sarena Teakles, Market Analyst with CMHC's Atlantic Market Analysis Centre. "Urban area housing starts have been led by activity in Summerside over the first seven months of the year, while Charlottetown is tracking at levels identical to those from last year," 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 286 units in July, up from 264 in June.

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.

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Additional data is available upon request.

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To view the graph and tables associated with this release, please visit the following link:

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