Canada Mortgage and Housing Corporation



Canada Mortgage and Housing Corporation

December 10, 2012 09:17 ET

November 2012 Housing Starts in Prince Edward Island

MONCTON, NEW BRUNSWICK--(Marketwire - Dec. 10, 2012) - Housing starts in Prince Edward Island were trending at 855 units in November, 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 standalone monthly SAAR was 439 units in November, down from 645 in October.

"For the month of November, new home construction was below last year's level, due to a decrease in both single and multiple starts in Charlottetown. On a year-to-date basis, total starts in the province's urban centres are also below 2011 levels, as a result of declines in both single and multiple starts in Summerside," said Jason Beaton, CMHC's Market Analyst for Prince Edward Island.

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, analyzing 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.

Single detached starts added 27 actual units in November 2012 compared to 29 units in 2011. Multiple starts declined to 14 actual units in November compared to 61 units reported in November of last year. Year-to-date total starts declined to 604 actual units, from 631 units during the same period last year. Overall, across the urban centres in the province in 2012, total starts are slightly behind the pace set last year.

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.

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

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A graph is available at the following address: http://media3.marketwire.com/docs/pe_eng1210.pdf

Preliminary Housing Start Data

November 2012

Province, Centres 10,000+ November 2011 November 2012
Actual, urban centres1
November - Single-Detached 29 27
November - Multiples 61 14
November - Total 90 41
January to November - Single-Detached 224 224
January to November - Multiples 407 380
January to November - Total 631 604
October 2012 November 2012
SAAR2, urban centres1
Total 645 439

Source: CMHC

1 Urban centres with a population of 10,000 and over.

2 Seasonally Adjusted at Annual Rates

Detailed data available on request.

Prince Edward Island Preliminary Actual Housing Start Data
November / 2011-2012
Urban Centres Single-Detached Multiples Total
2011 2012 2011 2012 2011 2012
Urban Centres 10,000+
Charlottetown CA 28 24 49 12 77 36
Summerside CA 1 3 12 2 13 5
Total Urban Starts 29 27 61 14 90 41
Prince Edward Island Preliminary Actual Housing Start Data
January - November / 2011-2012
Urban Centres Single-Detached Multiples Total
2011 2012 2011 2012 2011 2012
Urban Centres 10,000+
Charlottetown CA 190 201 319 338 509 539
Summerside CA 34 23 88 42 122 65
Total Urban Starts 224 224 407 380 631 604

Contact Information

  • Market Analysis Contact:
    Jason Beaton
    506-851-6047
    Cell: 506-874-3989
    jbeaton@cmhc.ca

    Media Contact:
    Patricia Montreuil
    506-851-2229
    Cell: 506-866-8047
    pmontreu@cmhc.ca