New home construction rose in August



    CHARLOTTETOWN, Sept. 9 /CNW/ - Residential construction in urban centres
of the province increased in August. According to figures released today by
Canada Mortgage and Housing Corporation (CMHC), preliminary(1) data indicates
that a total of 59 housing starts were recorded in August compared to
39 starts for the same period last year.
    "The rise in residential construction activity in August was the result
of increased levels of single starts in Charlottetown, and multiple starts the
Summerside area", said Jason Beaton, Market Analyst with CMHC in Prince Edward
Island. A total of 41 single starts were recorded in the province's urban
centers in August compared to 27 units last year. Multiple starts increased to
18 units from 12 units in August of last year. On a year-to-date basis, total
urban starts in PEI have posted a healthy gain with 317 units this year, up
from 287 units in 2007. "PEI's housing market is experiencing another strong
year in 2008, and is expected to finish the year with a similar level of
activity as in 2007", continued Beaton.
    In urban centres across Canada, total housing starts in August were down
8 per cent to 15,871 units compared to last year's monthly total of 17,201.
Single-detached starts were down 25 per cent to 6,406 units, while multiple
starts were up 9 per cent in August to 9,465 units compared to 8,675 units
during the same period last year. In the Atlantic region, 783 new units were
started in August compared to 1,071 units during the same period 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
                     AUG      AUG                  2008     2007
    -------------------------------------------------------------------------
            ALL URBAN CENTRES WITH POPULATION greater than 10,000
    -------------------------------------------------------------------------
    CHARLOTTETOWN CA
    Single             36       25       44.0%       186      175       6.3%
    Multiple            6       10      -40.0%        78       72       8.3%
    TOTAL              42       35       20.0%       264      247       6.9%
    -------------------------------------------------------------------------
    SUMMERSIDE CA
    Single              5        2        (xx)        29       19      52.6%
    Multiple           12        2        (xx)        24       21      14.3%
    TOTAL              17        4        (xx)        53       40      32.5%
    -------------------------------------------------------------------------
    ALL CENTRES(*)
    Single             41       27       51.9%       215      194      10.8%
    Multiple           18       12       50.0%       102       93       9.7%
    TOTAL              59       39       51.3%       317      287      10.5%
    -------------------------------------------------------------------------
    (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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