New home construction increased in November



    CHARLOTTETOWN, Dec. 10 /CNW/ - Residential construction in urban centres
of the province increased in November, according to figures released today by
Canada Mortgage and Housing Corporation (CMHC). Preliminary data(1) indicates
that a total of 87 urban starts were reported in November compared to
34 starts for the same period last year.
    "The increase in residential activity was the result more new units in
both of the urban centres in Prince Edward Island", said Jason Beaton, Market
Analyst with CMHC in Prince Edward Island. Single starts in Charlottetown rose
to 39 units in November compared to 24 during the same period last year, while
Summerside saw starts increase from 6 units in November 2006 to 12 units this
year. Multiple starts also recorded a strong increase this November with
17 new units in Charlottetown, up from 4 units last year. While in Summerside
multiple starts jumped to 19 units from none last year. On a year-to-date
basis, total urban starts in PEI reached 460 units, down slightly from
493 units over the same period last year. "PEI's housing market is
experiencing another solid year in 2007, although it is unlikely that new home
starts will reach last year's near record level", continued Beaton.
    In urban centres across Canada, total housing starts in November trailed
last year's total by 5 per cent, down to 17,077 from last year's total of
17,998. Single-detached starts rose to 8,065 units compared to 7,486 in 2006,
while multiple unit starts declined 14 per cent from 10,512 units last year to
9,012 units this year. In the Atlantic region, 738 starts were recorded in
November 2007 compared to 819 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
                           NOV    NOV                2007    2006
    -------------------------------------------------------------------------
                  ALL URBAN CENTRES WITH POPULATION (greater than)10,000
    -------------------------------------------------------------------------
    CHARLOTTETOWN CA
    Single                  39     24        62.5%    278     259        7.3%
    Multiple                17      4         (xx)     99     189      -47.6%
    TOTAL                   56     28         (xx)    377     448      -15.8%
    -------------------------------------------------------------------------
    SUMMERSIDE CA
    Single                  12      6         (xx)     37      31       19.4%
    Multiple                19      0           -      46      14        (xx)
    TOTAL                   31      6         (xx)     83      45       84.4%
    -------------------------------------------------------------------------
    ALL CENTRES(*)
    Single                  51     30        70.0%    315     290        8.6%
    Multiple                36      4         (xx)    145     203      -28.6%
    TOTAL                   87     34         (xx)    460     493       -6.7%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (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