New home construction declined in August



    CHARLOTTETOWN, PE, Sept. 11 /CNW/ - Residential construction in urban
centres of the province declined in August. According to figures released
today by Canada Mortgage and Housing Corporation (CMHC), preliminary data
indicates that a total of 35 housing starts were recorded in August compared
to 92 starts for the same period last year.
    "The decrease in residential construction activity in August was the
result of fewer single and multiple starts in both of the province's urban
areas", said Jason Beaton, Market Analyst with CMHC in Prince Edward Island. A
total of 27 single starts were recorded in the province's urban centers in
August compared to 46 units last year. Multiple starts declined to 12 units
from 46 units in August of last year. On a year-to-date basis, total urban
starts in PEI have slowed to 287 units, from 409 units during the same period
in 2006. "PEI's housing market is returning to more sustainable levels, and
will not likely match the level set in 2006", continued Beaton.
    In urban centres across Canada, total housing starts in August exceeded
last year's total by 6 per cent, up to 16,771 from last year's total of
15,834. Single-detached starts declined 2 per cent to 8,103 units compared to
8,298 in 2006, while multiple unit starts increased 15 per cent to 8,668
units, up from last year total of 7,536. In Atlantic Canada, 999 starts were
recorded in August 2007 compared to 723 units during the same period in 2006.

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

    -------------------------------------------------------------------------
                   PRELIMINARY URBAN MONTHLY HOUSING STARTS
                         PRINCE EDWARD ISLAND SUMMARY
    -------------------------------------------------------------------------
                          2007     2006             YEAR-TO-DATE
                          -------------  % Change   ------------  % Change
                           AUG      AUG             2007    2006
    -------------------------------------------------------------------------
           ALL URBAN CENTRES WITH POPULATION (greater than) 10,000
    -------------------------------------------------------------------------
    CHARLOTTETOWN CA
    Single                  25       40    -37.5%    175     199      -12.1%
    Multiple                10       46    -78.3%     72     175      -58.9%
    TOTAL                   35       86    -59.3%    247     374      -34.0%
    -------------------------------------------------------------------------
    SUMMERSIDE CA
    Single                   2        6    -66.7%     19      23      -17.4%
    Multiple                 2        0        -      21      12       75.0%
    TOTAL                    4        6    -33.3%     40      35       14.3%
    -------------------------------------------------------------------------
    ALL CENTRES(*)
    Single                  27       46    -41.3%    194     222      -12.6%
    Multiple                12       46    -73.9%     93     187      -50.3%
    TOTAL                   39       92    -57.6%    287     409      -29.8%
    -------------------------------------------------------------------------
    (xx) Indicates changes in excess of 100% which are not reported due to
         volatility resulting from small absolute numbers.
    




For further information:

For further information: Jason Beaton, Market analyst - Prince Edward
Island, Canada Mortgage and Housing Corporation, (506) 851-6047


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890