New Brunswick Housing Starts Decline in August



    MONCTON, Sept. 9 /CNW/ - According to Canada Mortgage and Housing
Corporation's preliminary data(1), residential construction in August of 2008
produced a total of 263 starts in New Brunswick's urban centres, down from
395 units during the same period last year.
    "Both single and multiple starts in New Brunswick's urban centres
experienced a double digit decline in August," said Claude Gautreau, CMHC's
Senior Market Analyst for New Brunswick.
    In August, single starts were down 74 units from last year's monthly
total of 241 starts, to 167 units. The decline was the result of 68 fewer
single starts in Greater Moncton compared to August of 2007. Conversely,
single starts were up 6 units in Saint John and were essentially unchanged in
Fredericton with a 3 unit decline for the month.
    As a result of a significant decline in apartment starts in the Greater
Fredericton area, multiple starts in provincial urban centres were down from
154 units in August of last year to 96 units in 2008. "With the rising cost of
living, and pending economic challenges, consumers are becoming increasingly
conservative which has contributed to a gradual decline in housing activity in
August," continued Gautreau.
    In urban centres across Canada, total housing starts in August were down
8 per cent to 15,871 units compared to last year's monthly total of 17,201.
Single-detached starts were down 25 per cent to 6,406 units, while multiple
starts were up 9 per cent in August to 9,465 units compared to 8,675 units
during the same period last year. In the Atlantic region, 783 new units were
started in August compared to 1,071 units during the same period last year.

    
    (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.

    -------------------------------------------------------------------------
                   PRELIMINARY URBAN MONTHLY HOUSING STARTS
                            NEW BRUNSWICK SUMMARY
    -------------------------------------------------------------------------
                      2008      2007                 YEAR-TO-DATE
                     ---------------- % Change     ---------------- % Change
                       AUG       AUG                2008      2007
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
              ALL URBAN CENTRES WITH POPULATIONS (greater than) 50,000
    -------------------------------------------------------------------------
    SAINT JOHN CMA
    Single              50        44      13.6%      317       248      27.8%
    Multiple            16        21     -23.8%      221       200      10.5%
    TOTAL               66        65       1.5%      538       448      20.1%
    -------------------------------------------------------------------------
    MONCTON CMA
    Single              49       117     -58.1%      365       421     -13.3%
    Multiple            57        52       9.6%      525       494       6.3%
    TOTAL              106       169     -37.3%      890       915      -2.7%
    -------------------------------------------------------------------------
    FREDERICTON CA
    Single              50        53      -5.7%      295       268      10.1%
    Multiple            11        68     -83.8%      151       104      45.2%
    TOTAL               61       121     -49.6%      446       372      19.9%
    -------------------------------------------------------------------------
              ALL URBAN CENTRES WITH POPULATION (greater than)10,000(X)
    -------------------------------------------------------------------------
    ALL CENTRES
    Single             167       241     -30.7%    1,089     1,046       4.1%
    Multiple            96       154     -37.7%      947       835      13.4%
    TOTAL              263       395     -33.4%    2,036     1,881       8.2%
    -------------------------------------------------------------------------
    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
           (Saint John CMA, Moncton CMA, Fredericton CA, Bathurst CA,
           Campbellton CA, Edmundston CA, and Miramichi City).

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




For further information:

For further information: Claude Gautreau , Senior Market Analyst - New
Brunswick, Canada Mortgage and Housing Corporation, (506) 851-2742


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