New home construction remained flat in July



    CHARLOTTETOWN, Aug. 11 /CNW/ - Total urban housing starts for PEI in July
were comparable to the number of starts recorded during the same month last
year. According to figures released today by Canada Mortgage and Housing
Corporation (CMHC), preliminary data(1) indicates that a total of 40 starts
were reported in July of 2008 as compared to 39 in 2007.
    Residential construction activity during the month of July was centered
mostly in the Charlottetown area. "Single starts in Charlottetown recorded
36 units in July, down slightly from 39 during the same month last year, while
4 multiple starts were recorded this year", said Jason Beaton, Market Analyst
with CMHC. In Summerside, single starts recorded 3 units in July of 2008, down
from 6 units during the same period last year.
    On a year-to-date basis, total housing starts in Charlottetown reached
222 units and are slightly ahead of last year's pace of 212 units. A total of
36 starts have been recorded in Summerside during the first seven months of
both 2007 and 2008. "Year-to-date urban housing starts have remained strong in
historical terms, and are expected to recede only slightly from the 2007 level
by year's end." continued Beaton.
    In urban centres across Canada, total housing starts in July were down
17 per cent to 14,444 units compared to last year's monthly total of 17,367.
Single-detached starts were down 26 per cent to 6,911 units, while multiple
starts were down 6 per cent in July to 7,533 units compared to 8,005 units
during the same period last year. In the Atlantic region, 1,000 new units were
started in July compared to 956 units in July 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
                         JUL       JUL               2008    2007
    -------------------------------------------------------------------------
           ALL URBAN CENTRES WITH POPULATION (greater than) 10,000
    -------------------------------------------------------------------------
    CHARLOTTETOWN CA
    Single                36        39       -7.7%    150     150        0.0%
    Multiple               4         0          -      72      62       16.1%
    TOTAL                 40        39        2.6%    222     212        4.7%
    -------------------------------------------------------------------------
    SUMMERSIDE CA
    Single                 3         6      -50.0%     24      17       41.2%
    Multiple               4         2      (*)(*)     12      19      -36.8%
    TOTAL                  7         8      -12.5%     36      36        0.0%
    -------------------------------------------------------------------------
    ALL CENTRES(*)
    Single                39        45      -13.3%    174     167        4.2%
    Multiple               8         2      (*)(*)     84      81        3.7%
    TOTAL                 47        47        0.0%    258     248        4.0%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (*)(*) 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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