Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 09, 2014 08:15 ET

June 2014 Housing Starts in Prince Edward Island

MONCTON, PRINCE EDWARD ISLAND--(Marketwired - July 9, 2014) - Housing starts in Prince Edward Island were trending at 347 units in June compared to 365 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)(1) of housing starts.

"The pace of residential construction activity slowed during the month of June compared to the same period last year due to fewer starts in the single-detached market," said Jason Beaton, CMHC's Market Analyst for Prince Edward Island. "Since the start of the year, multiple unit construction activity slowed down as above average vacancy rates and a number of units under construction continue to subdue this segment of the market," added Beaton.

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 582 units in June, down from 673 in May.

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.

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(1) All 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/956350_ENG.pdf

Contact Information

  • Market Analysis Contact:
    Jason Beaton
    506-851-6047
    Cell: 506-857-3989
    jbeaton@cmhc.ca

    Media Contact:
    Caroline Arsenault
    902-426-8127
    Cell: 902-452-4448
    cmarsena@cmhc.ca