PEI Housing Starts in February

CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwire - March 8, 2011) - Residential construction in urban centres of the province increased in February compared to the same month last year, according to figures released today by Canada Mortgage and Housing Corporation (CMHC). Preliminary data¹ indicate that a total of ten units were started in February 2011 compared to two units during the same month last year.

"Charlottetown and Summerside each recorded increases in new construction in February compared to the same month last year," said Jason Beaton, market analyst with CMHC in Prince Edward Island. Charlottetown had five single starts in February compared to one unit last year, while Summerside recorded just one single start in both years. Multiple starts increased to two units in both centres, compared to no units in 2010. "On a year-to-date basis, urban starts remain ahead of last year's pace thanks to strong multiple starts activity," said Beaton.

In urban centres across Canada, total housing starts recorded in February were down seven per cent to 9,900 units compared to last year's total of 10,637. Single-detached starts were down 27 per cent to 3,300 units, while multiple starts were up eight per cent to 6,600 units this year. In the Atlantic region, 269 new units were started in February 2011 compared to 453 units during the same period in 2010.

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.

• Figures for the most recent month are preliminary and subject to revisions due to corrections or updates from quarterly enumeration or sampling results.

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

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