Record High for urban housing starts in August



    ST. JOHN'S, Sept. 9 /CNW/ - Provincial urban housing starts reached a
record high for the month of August, according to preliminary data(1) released
today by Canada Mortgage and Housing Corporation (CMHC). August's total
housing starts soared 32 per cent, with 269 posted within the province
compared to 204 a year ago. A total of 249 of the 269 starts were within St.
John's metro versus 160 last August, a hefty increase of 56 per cent.
Year-to-date, housing starts within St. John's metro are tracking 24 per cent
higher than the same period last year, with 1,079 recorded.
    "The current demand for new homes is very high within the local housing
market and the notable increase in housing starts during the month of August
was driven by a low level of existing home inventory," said Chris Janes,
Senior Market Analyst with CMHC in Newfoundland and Labrador. "The recent
Hebron agreement, paired with existing strength throughout the economy and
positive net-migration, send a clear signal that market conditions will get
tighter throughout the remainder of this year and next," added Janes.
    For Canada's urban centres, total housing starts lost some steam with
15,871 in August compared to 17,201 during August of 2007. Single-detached
starts fell 25 per cent to 6,406 while multiple starts of 9,465 represent a
nine per cent increase from a year ago. Throughout Atlantic Canada, there were
783 urban housing starts versus 1,071 the previous August.
    Canada Mortgage and Housing Corporation conducts a monthly survey of
housing construction in urban centres of Canada with a population of 50,000
and over.

    
    (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.)


    -------------------------------------------------------------------------
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                   PRELIMINARY URBAN MONTHLY HOUSING STARTS
                       NEWFOUNDLAND & LABRADOR SUMMARY
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                   2008    2007                   YEAR-TO-DATE
                 ---------------- % Change    -------------------   % Change
                    AUG     AUG                 2008       2007
    -------------------------------------------------------------------------
           ALL URBAN CENTRES WITH POPULATIONS GREATER THAN 50,000
    -------------------------------------------------------------------------
    ST. JOHN'S CMA
    Single          183     122      50.0%       867        681         27.3%
    Multiple         66      38      73.7%       212        187         13.4%
    TOTAL           249     160      55.6%     1,079        868         24.3%
    -------------------------------------------------------------------------
            ALL URBAN CENTRES WITH POPULATION GREATER THAN 10,000
    -------------------------------------------------------------------------
    ALL CENTRES(*)
    Single          199     159      25.2%       977        847         15.3%
    Multiple         70      45      55.6%       251        217         15.7%
    TOTAL           269     204      31.9%     1,228      1,064         15.4%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    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
        (St.John's CMA, Corner Brook CA, Gander CA, Grand Falls/Windsor CA,
         Bay Roberts CA and Labrador City CA)
    




For further information:

For further information: Chris Janes, Senior Market Analyst - NL, Canada
Mortgage and Housing Corporation, (709) 772-2403, cjanes@cmhc.ca


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