New home construction declined in September



    CHARLOTTETOWN, Oct. 8 /CNW/ - Residential construction in urban centres
of Prince Edward Island slowed in September compared to the same month last
year. According to figures released today by Canada Mortgage and Housing
Corporation (CMHC), preliminary(1) data indicates that 31 housing starts were
recorded in September compared to 52 starts for the same period last year.
    "The decrease in residential construction activity in September was the
result of fewer single and multiple starts", said Jason Beaton, Market Analyst
with CMHC in Prince Edward Island. A total of 31 single starts were recorded
in the province's urban centres in September compared to 52 units last year.
Single-detached construction in Charlottetown, with 27 units, was down
15 units compared to last year. Meanwhile, 2 units were reported in Summerside
compared to 4 units during the same month last year. Multiple starts also
failed to match the level set last year with 4 units in September compared to
10 units in 2007. On a year-to-date basis, total urban starts in PEI slowed to
348 units from 459 units during the same period in 2007. "It is not expected
that the new home market in PEI will exceed the level set in 2007", continued
Beaton.
    In urban centres across Canada, total housing starts in September were
down 20 per cent to 17,644 units compared to last year's monthly total of
22,033. Single-detached starts were down 23 per cent to 6,299 units, while
multiple starts were down 18 per cent in September to 11,345 units compared to
13,806 units during the same period last year. In the Atlantic region, total
starts were essentially unchanged with 1,030 new units started in September
compared to 1,029 units in September of 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.

    -------------------------------------------------------------------------
                  "PRELIMINARY URBAN MONTHLY HOUSING STARTS
                        PRINCE EDWARD ISLAND SUMMARY"
    -------------------------------------------------------------------------
                       2008    2007                YEAR-TO-DATE
                       ------------   % Change     ------------   % Change
                        SEP     SEP                2008    2007
    -------------------------------------------------------------------------
           ALL URBAN CENTRES WITH POPULATION (greater than) 10,000
    -------------------------------------------------------------------------
    CHARLOTTETOWN CA
    Single               25      38      -34.2%     211     213       -0.9%
    Multiple              4       8      -50.0%      82      80        2.5%
    TOTAL                29      46      -37.0%     293     293        0.0%
    -------------------------------------------------------------------------
    SUMMERSIDE CA
    Single                2       4      -50.0%      31      23       34.8%
    Multiple              0       2        (XX)      24      23        4.3%
    TOTAL                 2       6      -66.7%      55      46       19.6%
    -------------------------------------------------------------------------
    ALL CENTRES(X)
    Single               27      42      -35.7%     242     260       -6.9%
    Multiple              4      10      -60.0%     106     199      -46.7%
    TOTAL                31      52      -40.4%     348     459      -24.2%
    -------------------------------------------------------------------------

    (XX) 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"
    -------------------------------------------------------------------------
                      2008     2007                YEAR-TO-DATE
                      -------------   % Change     ------------   % Change
                        Q3       Q3                2008    2007
    -------------------------------------------------------------------------
           ALL URBAN CENTRES WITH POPULATION (greater than) 10,000
    -------------------------------------------------------------------------
    CHARLOTTETOWN CA
    Single              97      102       -4.9%     211     213       -0.9%
    Multiple            14       18      -22.2%      82      80        2.5%
    TOTAL              111      120       -7.5%     293     293        0.0%
    -------------------------------------------------------------------------
    SUMMERSIDE CA        0        0                   0       0          -
    Single              10       12      -16.7%      31      23       34.8%
    Multiple            16        6        (XX)      24      23        4.3%
    TOTAL               26       18       44.4%      55      46       19.6%
    -------------------------------------------------------------------------
    ALL CENTRES(*)       0        0                   0       0
    Single             107      138      -22.5%     242     260       -6.9%
    Multiple            30      120      -75.0%     106     199      -46.7%
    TOTAL              137      258      -46.9%     348     459      -24.2%
    -------------------------------------------------------------------------
    (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


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