HALIFAX, NOVA SCOTIA--(Marketwired - Nov. 8, 2016) - Housing starts in Prince Edward Island's urban areas were trending at 509 units in October compared to 547 in September 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.
"Total housing starts across Prince Edward Island's urban centres trended lower last month, reflecting a slower month for multi-family construction," said Sarena Teakles, Market Analyst with CMHC's Atlantic Market Analysis Centre. "This more modest level of housing starts is a contrast to the last year's busier October and leaves year-to-date total housing starts on par with 2015 figures," 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 211 units in October, down from 637 in September.
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.
For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.
Additional data is available upon request.
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Two tables and a graph are available at the following address: http://media3.marketwire.com/docs/PEI_CMHC_E_v2.pdf