October Housing Starts in Halifax

HALIFAX, Nov. 9 /CNW/ - Residential construction activity in Halifax increased last month compared to October 2008. According to Canada Mortgage and Housing Corporation's (CMHC's) preliminary data(1) released today for Halifax, there were 205 total housing starts last month, compared with 178 in October 2008.

"Like August and September, overall starts in October were bolstered by another strong increase in apartment-style construction," said Matthew Gilmore, senior market analyst with CMHC's Atlantic Business Centre. "The difference in October, however, is the fact that single-detached starts increased for the first month this year," Gilmore added.

Single-detached starts increased from 88 to 90 units last month while multiple starts climbed from 90 to 115 units.

"The combination of strong employment, higher wages and historically low interest rates has created favorable conditions for residential construction," Gilmore said.

In urban centres across Canada, total housing starts in October were down 19 per cent to 14,090 units compared to last year's monthly total of 17,389. Single-detached starts were up 2 per cent to 6,536 units, while multiple starts were down 31 per cent in October to 7,554 units compared to 10,978 units during the same period last year. In the Atlantic region, 788 new units were started last month compared to 950 units in October 2008.

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. 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 vital decisions.

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    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
                             NOVA SCOTIA SUMMARY
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                      2009      2008                 YEAR-TO-DATE
                      ----      ----   % Change     --------------  % Change
                       OCT       OCT                2009      2008
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               ALL URBAN CENTRES WITH POPULATIONS GREATER THAN 50,000
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    HALIFAX CMA
    Single              90        88       2.3%      715     1,018     -29.8%
    Multiple           115        90      27.8%      816       851      -4.1%
    TOTAL              205       178      15.2%    1,531     1,869     -18.1%
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    CAPE BRETON RGM
    Single              20        18      11.1%      110       133     -17.3%
    Multiple            12         6     100.0%       70        65       7.7%
    TOTAL               32        24      33.3%      180       198      -9.1%
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               ALL URBAN CENTRES WITH POPULATION GREATER THAN 10,000
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    ALL CENTRES(X)
    Single             130       175     -25.7%    1,300     1,777     -26.8%
    Multiple           130       122       6.6%    1,030     1,127      -8.6%
    TOTAL              260       297     -12.5%    2,330     2,904     -19.8%
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    Figures for the most recent month are preliminary and subject to
    revisions due to corrections or updates from quarterly enumeration or
    sampling results.

    (X)  Includes all centres with a total population of more than 10,000
         (Halifax CMA, Cape Breton RGM, Truro CA, Kentville CA and New
         Glasgow CA, Chester MD CA, East Hants MD CA, Kings Subd. A SC CA,
         Lunenburg MD CA, Queens RGM CA, West Hants MD CA, Yarmouth MD CA).

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

For further information: Matthew Gilmore, Senior market analyst, Canada Mortgage and Housing Corporation, (902) 426-4686, mgilmore@cmhc-schl.gc.ca