New home construction rose in January



    CHARLOTTETOWN, Feb. 8 /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 15 units were started in
January 2008 compared to 14 during the same month in 2007.
    "Total urban housing starts rose by one unit in January 2008, when
compared to the same period in last year" said Jason Beaton, Market Analyst
with CMHC in Prince Edward Island. Multiple starts reached two units this year
in Charlottetown, compared to none a year ago, while in Summerside no multiple
starts where recorded this year compared to 2 units in 2007. Single starts in
Charlottetown rose to 12 units in January compared to 11 units during the same
period last year. "When taking into the account the weather conditions so far
this winter, the level of housing starts in January was better than expected",
continued Beaton.
    In urban centers across Canada, total housing starts recorded in January
decreased by 11 per cent, up to 12,023 from last year's total of 13,583.
Single-detached starts decreased 16 per cent to 4,402 units, while multiple
unit starts slowed by 9 per cent: from 8,361 last year to 7,621 units this
year. In the Atlantic region, 361 new units were started in January 2008
compared to 503 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
                        JAN     JAN                  2008    2007
    -------------------------------------------------------------------------
                  ALL URBAN CENTRES WITH POPULATION (greater than)10,000
    -------------------------------------------------------------------------
    CHARLOTTETOWN CA
    Single               12      11         9.1%       12      11        9.1%
    Multiple              2       0           -         2       0          -
    TOTAL                14      11        27.3%       14      11       27.3%
    -------------------------------------------------------------------------
    SUMMERSIDE CA
    Single                1       1         0.0%        1       1        0.0%
    Multiple              0       2         (xx)        0       2        (xx)
    TOTAL                 1       3       -66.7%        1       3      -66.7%
    -------------------------------------------------------------------------
    ALL CENTRES
    Single               13      12         8.3%       13      12        8.3%
    Multiple              2       2         0.0%        2       2        0.0%
    TOTAL                15      14         7.1%       15      14        7.1%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (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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