Residential activity increased in May



    CHARLOTTETOWN, June 9 /CNW/ - Total urban housing starts in PEI for the
month of May were above the level set last year. According to figures released
today by Canada Mortgage and Housing Corporation (CMHC), preliminary data
indicates that a total of 71 starts were reported in May compared to 46 starts
for the same period a year ago.
    "The higher level of residential activity in May was mainly the result of
more single detached starts in both Charlottetown and Summerside", said Jason
Beaton, Market Analyst with CMHC in Prince Edward Island. Total housing starts
in Charlottetown reached 65 units in May, up 23 units from the 42 units
started last year. In Summerside, total housing starts increased to 6 units
this month, up slightly from the 4 units during the same period a year ago. On
a year-to-date basis, 154 urban housing starts have been recorded in PEI
compared to 125 starts during the same period last year. "After a slow start,
residential construction has picked up during the past two months, and is
expected to fall only slightly behind the 2007 level", continued Beaton.
    In urban centres across Canada, total housing starts in May were down
5 per cent to 18,371 units compared to last year's monthly total of 19,374.
Single-detached starts were down 15 per cent to 7,963 units, while multiple
starts were up 4 per cent in May to 10,408 units compared to 10,055 units
during the same period last year. In the Atlantic region, 590 new units were
started in May compared to 468 units in May 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      % Change     YEAR-TO-DATE    % Change
                    ---------------              ----------------
                       MAY   MAY                    2008   2007
    -------------------------------------------------------------------------
                  ALL URBAN CENTRES WITH POPULATION (greater than)10,000
    -------------------------------------------------------------------------
    CHARLOTTETOWN CA
    Single              40    28          42.9%       87     65        33.8%
    Multiple            25    14          78.6%       44     40        10.0%
    TOTAL               65    42          54.8%      131    105        24.8%
    -------------------------------------------------------------------------
    SUMMERSIDE CA
    Single               4     1         (*)(*)       15      9        66.7%
    Multiple             2     3         -33.3%        8     11       -27.3%
    TOTAL                6     4          50.0%       23     20        15.0%
    -------------------------------------------------------------------------
    ALL CENTRES(*)
    Single              44    29          51.7%      102     74        37.8%
    Multiple            27    17          58.8%       52     51         2.0%
    TOTAL               71    46          54.3%      154    125        23.2%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (*)(*) 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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