Nova Scotia's Residential Construction Levels Rise in July



    HALIFAX, Aug. 11 /CNW/ - Residential construction activity was strong in
July, as new home starts exceeded July 2007 levels. According to Canada
Mortgage and Housing Corporation's (CMHC) preliminary data(1) released today
for Nova Scotia's urban areas with a population over 10,000, there were 368
total housing starts last month, compared with 292 in July 2007, an increase
of 26 per cent. At 197 units, single-detached starts were off by only
two per cent compared to July of last year. Multiple starts rose sharply with
171 units starting in July 2008 compared to 91 a year ago.
    "While single-detached construction in Halifax has been elevated all
year, another segment of the market which is also proving to be popular in the
Metro area is row housing, where starts have almost tripled compared to last
year," said Charlie Aucoin, Market Analyst with CMHC's Atlantic Business
Centre. "With rising land prices, and increasing construction costs,
townhouses provide costs savings for both the developer and the homebuyer
compared to traditional single-family homes," added Aucoin.
    In urban centres across Canada, the number of housing starts totaled
14,444 in July, a 17 per cent decrease compared to same time last year, when
starts reached 17,367. There were 6,911 single-detached housing starts across
Canada last month, 26 per cent less than the 9,362 single starts in July 2007.
At 7,533 units, multiple housing starts represented a six per cent decline
from the 8,005 units started in July 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.

    (Ce document existe également en français.)

    Canada Mortgage and Housing Corporation (CMHC) has been Canada's national
housing agency for more than 60 years. CMHC is committed to helping Canadians
access a wide choice of quality, affordable homes, while making vibrant,
healthy communities and cities a reality across the country.

    For more information, visit www.cmhc.ca or call 1 800 668-2642.

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                   PRELIMINARY URBAN MONTHLY HOUSING STARTS
                             NOVA SCOTIA SUMMARY
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                           2008      2007              YEAR-TO-DATE
                          --------------- % Change    ------------- % Change
                            JUL       JUL             2008     2007
    -------------------------------------------------------------------------
           ALL URBAN CENTRES WITH POPULATIONS (greater than) 50,000
    -------------------------------------------------------------------------
    HALIFAX CMA
    Single                  134      135    -0.7%      697      599    16.4%
    Multiple                150       73     (xx)      622      745   -16.5%
    TOTAL                   284      208    36.5%    1,319    1,344    -1.9%
    -------------------------------------------------------------------------
    CAPE BRETON RGM
    Single                   18       12    50.0%       89       45    97.8%
    Multiple                  8        2     (xx)       37       24    54.2%
    TOTAL                    26       14    85.7%      126       69    82.6%
    -------------------------------------------------------------------------
           ALL URBAN CENTRES WITH POPULATION (greater than) 10,000
    -------------------------------------------------------------------------
    ALL CENTRES(*)
    Single                  197      201    -2.0%    1,096      838    30.8%
    Multiple                171       91    87.9%      795      852    -6.7%
    TOTAL                   368      292    26.0%    1,891    1,690    11.9%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Figures for the most recent month are preliminary and subject to
    revisions due to corrections or updates from quarterly enumeration or
    sampling results.

    (*)  Includes all centres with a total population of more than 10,000
         (Halifax CMA, Cape Breton RGM, Truro CA, Kentville CA and New
         Glasgow CA, Chester MD CA, East Hants MD CA, Kings Subd. A SC CA,
         Lunenburg MD CA, Queens RGM CA, West Hants MD CA, Yarmouth MD CA).

    (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: Charlie Aucoin, Market Analyst, Canada Mortgage
and Housing Corporation, (902) 426-8465


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