May Housing Starts in PEI

CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwire - June 8, 2012) - Residential construction in urban centres of the province decreased last month compared to May 2011, according to figures released today by Canada Mortgage and Housing Corporation (CMHC). Preliminary data¹ indicate that a total of 40 units were started in May 2012 compared to 62 units last year.

"The decrease recorded in May was mainly the result of fewer multiple starts in the Charlottetown area," said Jason Beaton, market analyst with CMHC in Prince Edward Island. In the Charlottetown area multiple starts fell to 14 units from 32 units in 2011, while single starts increased to 23 units from 21 units during the same period. Summerside recorded three starts, a decrease from the total of nine starts reported in May 2011. "On a year-to-date basis, urban starts are lower, due to fewer multiple starts in both Charlottetown and Summerside," said Beaton.

In urban centres across Canada, total housing starts recorded in May were up seven per cent to 17,058 units compared to 15,962, a year ago. Single-detached starts decreased three per cent to 6,145 units, while multiple starts increased13 per cent to 10,913 units in May. In the Atlantic region, 866 new units were started compared to 930 units during May 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.

PRELIMINARY URBAN MONTHLY HOUSING STARTS PRINCE EDWARD ISLAND SUMMARY
	2012	2011	% Change		YEAR-TO-DATE		% Change
	MAY	MAY			2012	2011
ALL URBAN CENTRES WITH POPULATION >10,000
CHARLOTTETOWN CA
Single	23	21	9.5	%	54	51	5.9	%
Multiple	14	32	-56.3	%	71	91	-22.0	%
TOTAL	37	53	-30.2	%	125	142	-12.0	%
SUMMERSIDE CA
Single	1	3	-66.7	%	7	10	-30.0	%
Multiple	2	6	-66.7	%	7	18	-61.1	%
TOTAL	3	9	-66.7	%	14	28	-50.0	%
ALL CENTRES
Single	24	24	0.0	%	61	61	0.0	%
Multiple	16	38	-57.9	%	78	109	-28.4	%
TOTAL	40	62	-35.5	%	139	170	-18.2	%

## Indicates changes in excess of 100% which are not reported due to volatility resulting from small absolute numbers.