New Home Construction slowed in February



    CHARLOTTETOWN, March 8 /CNW/ - Residential construction in urban centres
of the province decreased in 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 10 units were started in
February 2007 compared to 38 during the same month in 2006.
    "Total urban housing starts in February declined from last year's level,
due to fewer starts in the Charlottetown area," said Jason Beaton, Market
Analyst with CMHC in Prince Edward Island. Multiple starts in Charlottetown
reached 2 units this year compared to 32 units a year ago, while in Summerside
multiple starts jumped to 6 units from none last year. Single starts in
Charlottetown fell to 2 units in February compared to 6 units during the same
period last year. "The decline in multiple starts occurred as the result of no
large projects getting underway in February 2007", continued Beaton.
    In urban centers across Canada, total housing starts in February
decreased by 24 per cent, down to 9,436 from last year's total of 12,450.
Single-detached starts declined to 4,389 units compared to 5,956 in 2006,
while multiple unit starts declined 22 per cent from 6,494 last year to
5,047 units this year. In the Atlantic region, 278 new units were started in
February 2007 compared to 299 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
                       FEB     FEB                2007      2006
    -------------------------------------------------------------------------
           ALL URBAN CENTRES WITH POPULATION (greater than) 10,000
    -------------------------------------------------------------------------
    CHARLOTTETOWN CA
    Single               2       6     -66.7%       13        20     -35.0%
    Multiple             2      32     -93.8%        2        85     -97.6%
    TOTAL                4      38     -89.5%       15       105     -85.7%
    -------------------------------------------------------------------------
    SUMMERSIDE CA
    Single               0       0         -         1         3     -66.7%
    Multiple             6       0         -         8         4        XX
    TOTAL                6       0         -         9         7      28.6%
    -------------------------------------------------------------------------
    ALL CENTRES(*)
    Single               2       6     -66.7%       14        23     -39.1%
    Multiple             8      32     -75.0%       10        89     -88.8%
    TOTAL               10      38     -73.7%       24       112     -78.6%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    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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