Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 08, 2011 08:42 ET

PEI Housing Starts in November

CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwire - Dec. 8, 2011) - Residential construction in urban centres of the province increased last month compared to November 2010, according to figures released today by Canada Mortgage and Housing Corporation (CMHC). Preliminary data1 indicate that a total of 90 units were started in November 2011 compared to 66 units for the same period last year.

"The month of November recorded a continuation of the trend observed over the past four months as both the Charlottetown and Summerside markets reported increases in new home construction. To the end of November 2011, apartment starts are more than double the level of construction reported during the same period last year to the end of November 2011, apartment starts are more than double the level of construction reported during the same period last year," said Jason Beaton, market analyst with CMHC in Prince Edward Island. While single-detached starts, on a year-to-date basis, are below 2010 levels, multiple starts have increased more than 59 per cent when compared to 2010.

In urban centres across Canada, total housing starts recorded in November were down five per cent to 14,701 units compared to 15,540 a year ago. Single-detached starts were virtually unchanged at 5,920 units, while multiple starts decreased eight per cent to 8,781 units in November. In the Atlantic region, 674 new units were started compared to 731 during November 2010.

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.

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.

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PRELIMINARY URBAN MONTHLY HOUSING STARTS
PRINCE EDWARD ISLAND SUMMARY
2011 2010 % Change YEAR-TO-DATE % Change
NOV NOV 2011 2010
ALL URBAN CENTRES WITH POPULATION >10,000
CHARLOTTETOWN CA
Single 28 20 40.0 % 190 233 -18.5 %
Multiple 49 46 6.5 % 319 215 48.4 %
TOTAL 77 66 16.7 % 509 448 13.6 %
SUMMERSIDE CA
Single 1 0 - 34 23 47.8 %
Multiple 12 0 - 88 41 ##
TOTAL 13 0 - 122 64 90.6 %
ALL CENTRES
Single 29 20 45.0 % 224 256 -12.5 %
Multiple 61 46 32.6 % 407 256 59.0 %
TOTAL 90 66 36.4 % 631 512 23.2 %

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

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