Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

February 09, 2009 23:59 ET

New Home Construction Lower in January in PEI

CHARLOTTETOWN, Feb. 9 - Residential construction in urban centres
of the province moderated when compared to the same period last year,
according to figures released today by Canada Mortgage and Housing Corporation
(CMHC). Preliminary data1 indicate that a total of 13 units were started in
January 2009 compared to 15 during the same month in 2008.

"Total urban housing starts were lower by two units in January 2009,
compared to the same month last year" said Jason Beaton, Market Analyst with
CMHC in Prince Edward Island. With 11 new units in January, single starts in
Charlottetown were only one unit behind last year's pace, while in Summerside
single starts rose to two units from one unit last year. There were no
multiple starts recorded in either centre this January, as compared to two
units last year in Charlottetown.

In urban centres across Canada, total housing starts recorded in January
declined by 40 per cent, down to 7,244 compared to last year's total of
12,153. Single-detached starts decreased 44 per cent to 2,512 units, while
multiple unit starts were down 38 per cent from 7,648 units last year to 4,732
units this year. In the Atlantic region, 348 new units were started in January
2009 compared to 385 units during the same period in 2008.


As Canada's national housing agency, CMHC draws on more than 60 years of
experience to help Canadians access a variety of quality, environmentally
sustainable, and affordable homes - homes that will continue to create vibrant
and healthy communities and cities across the country.

For more information, visit www.cmhc.ca or call 1-800-668-2642.

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PRELIMINARY URBAN MONTHLY HOUSING STARTS
PRINCE EDWARD ISLAND SUMMARY
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2009 2008 YEAR-TO-DATE
-------------- % Change ---------------- % Change
JAN JAN 2009 2008
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ALL URBAN CENTRES WITH POPULATION GREATER THAN 10,000
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CHARLOTTETOWN CA
Single 11 12 -8.3% 11 12 -8.3%
Multiple 0 2 (XX) 0 2 (XX)
TOTAL 11 14 -21.4% 11 14 -21.4%
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SUMMERSIDE CA
Single 2 1 (XX) 2 1 (XX)
Multiple 0 0 - 0 0 -
TOTAL 2 1 (XX) 2 1 (XX)
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ALL CENTRES(*)
Single 13 13 0.0% 13 13 0.0%
Multiple 0 2 (XX) 0 2 (XX)
TOTAL 13 15 -13.3% 13 15 -13.3%
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(XX) Indicates changes in excess of 100% which are not reported due to
volatility resulting from small absolute numbers.

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