New home construction increased in February



    CHARLOTTETOWN, PE, March 10 /CNW/ - Residential construction in urban
centres of the province increased when compared to the same period last year,
according to figures released today by Canada Mortgage and Housing Corporation
(CMHC). Preliminary data(1) indicate that a total of 17 units were started in
February 2008 compared to 10 during the same month in 2006.
    "Total urban housing starts in February rose from last year's level, due
to an increased level of starts in the Charlottetown area," said Jason Beaton,
Market Analyst with CMHC in Prince Edward Island. Multiple starts in
Charlottetown reached 13 units this year compared to 2 units a year ago. In
Summerside no multiple starts were recorded compared to 6 units a year ago.
Single starts in Charlottetown rose to 4 units in February compared to 2 units
during the same period last year. "The increase in multiple starts occurred as
the result of a new apartment complex in the Charlottetown area", continued
Beaton.
    In urban centres across Canada, total housing starts increased by 42 per
cent in February, up to 13,436 from last year's total of 9,471.
Single-detached starts decreased 5 per cent to 4,203 units, while multiple
unit starts increased 84 per cent from 5,024 units last year to 9,233 units
this year. In the Atlantic region, 242 new units were started in February 2008
compared to 275 units during the same period in 2007.

    
    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
                        FEB    FEB                  2008   2007
    -------------------------------------------------------------------------
                  ALL URBAN CENTRES WITH POPULATION (greater than)10,000
    -------------------------------------------------------------------------
    CHARLOTTETOWN CA
    Single                4      2        (XX)        16     13       23.1%
    Multiple             13      2        (XX)        15      2        (XX)
    TOTAL                17      4        (XX)        31     15        (XX)
    -------------------------------------------------------------------------
    SUMMERSIDE CA
    Single                0      0          -          1      1        0.0%
    Multiple              0      6        (XX)         0      8        (XX)
    TOTAL                 0      6        (XX)         1      9      -88.9%
    -------------------------------------------------------------------------
    ALL CENTRES(*)
    Single                4      2        (XX)        17     14       21.4%
    Multiple             13      8       62.5%        15     10       50.0%
    TOTAL                17     10       70.0%        32     24       33.3%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (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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