PEI Housing Starts in October

CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwire - Nov. 8, 2011) - Residential construction in urban centres of the province increased significantly last month compared to October 2010, according to figures released today by Canada Mortgage and Housing Corporation (CMHC). Preliminary data¹ indicate that a total of 61 units were started in October 2011 compared to 16 units for the same period last year.

"The month of October recorded a continuation of the trend observed over the past three months as both the Charlottetown and Summerside markets reported increases in new home construction," 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 65 per cent when compared to the same period in 2010. "To the end of October 2011, apartment starts are more than double the level of construction reported during the same period last year," said Beaton.

In urban centres across Canada, total housing starts recorded in October were up 21 per cent to 16,388 units compared to last year's total of 13,548. Single-detached starts were down four per cent to 5,472 units, while multiple starts were up 40 per cent to 10,916 units this year. In the Atlantic region, 638 new units were started in October 2011 compared to 956 units during the same period in 2010.

As Canada's national housing agency, CMHC draws on 65 years of experience to help Canadians access a variety of high 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 http://www.cmhc.ca/housingmarketinformation.

¹ Figures for the most recent month are preliminary and subject to revisions due to corrections or updates from quarterly enumeration or sampling results.

(Ce document existe également en français)

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