PEI Housing Starts in September

CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwire - Oct. 11, 2011) - Residential construction in urban centres of the province increased last month compared to September 2010, according to figures released today by Canada Mortgage and Housing Corporation (CMHC). Preliminary data¹ indicate that a total of 94 units were started in September 2011 compared to 38 units for the same period last year.

"The increase in housing starts in September was the result of a surge in apartment starts in the Charlottetown area," said Jason Beaton, market analyst with CMHC in Prince Edward Island. Multiple starts in the capital region increased to 74 units this year from six units in 2010, while single starts declined by eight units to 16 units. Summerside reported four single starts in September compared to two in the same month a year ago. "On a year-to-date basis, urban starts are ahead of the pace experienced in 2011, due entirely to a strong level of multiple units," said Beaton.

In urban centres across Canada, total housing starts recorded in September were up 14 per cent to 16,490 units compared to last year's total of 14,402. Single-detached starts were up five per cent to 6,262 units, while multiple starts were up 21 per cent to 10,228 units this year. In the Atlantic region, 1,094 new units were started in September 2011 compared to 720 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 homes. 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 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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PRELIMINARY URBAN MONTHLY HOUSING STARTS PRINCE EDWARD ISLAND SUMMARY

	2011	2010		YEAR-TO -DATE
		% Change				% Change
	SEP	SEP		2011	2010
	ALL URBAN CENTRES WITH POPULATION >10,000
CHARLOTTETOWN CA
Single	16	24	-33.3%	137	202	-32.2%
Multiple	74	6	##	242	167	44.9%
TOTAL	90	30	##	379	369	2.7%
SUMMERSIDE CA
Single	4	2	##	31	22	40.9%
Multiple	0	6	##	70	39	79.5%
TOTAL	4	8	-50.0%	101	61	65.6%
ALL CENTRES
Single	20	26	-23.1%	168	224	-25.0%
Multiple	74	12	##	312	206	51.5%
TOTAL	94	38	##	480	430	11.6%
## Indicates changes in excess of 100% which are not reported due to volatility resulting from small absolute numbers.

PRELIMINARY URBAN QUARTERLY HOUSING STARTS PRINCE EDWARD ISLAND SUMMARY

	2011	2010		YEAR-TO -DATE
		% Change				% Change
	Q3	Q3		2011	2010
	ALL URBAN CENTRES WITH POPULATION >10,000
CHARLOTTETOWN CA
Single	66	74	-10.8%	137	202	-32.2%
Multiple	131	73	79.5%	242	167	44.9%
TOTAL	197	147	34.0%	379	369	2.7%
SUMMERSIDE CA						-
Single	19	6	##	31	22	40.9%
Multiple	40	14	##	70	36	94.4%
TOTAL	59	20	##	101	58	74.1%
ALL CENTRES
Single	85	80	6.3%	168	224	-25.0%
Multiple	171	87	96.6%	312	206	51.5%
TOTAL	256	167	53.3%	480	430	11.6%
## Indicates changes in excess of 100% which are not reported due to volatility resulting from small absolute numbers.