Residential activity slowed in May



    CHARLOTTETOWN, June 8 /CNW/ - Total urban housing starts in PEI for the
month of May were below the level set last year. According to figures released
today by Canada Mortgage and Housing Corporation (CMHC), preliminary data
indicates that a total of 46 starts were reported in May compared to 59 starts
for the same period a year ago.
    "The decreased residential activity during the month of May was due to a
lower level of single starts in both Charlottetown and Summerside", said Jason
Beaton, Market Analyst with CMHC in Prince Edward Island. Total housing starts
in Charlottetown reached 42 units in May, a decrease of 10 units from the
52 units started last year. In Summerside, total housing starts slowed to
4 units this month, down slightly from the 7 units during the same period a
year ago. On a year-to-date basis, 125 urban housing starts have been recorded
in PEI compared to 212 starts during the same period last year. "Residential
construction has slowed during the first 5 months, and is not expected to
reach the 2006 level", continued Beaton.
    In Canada's urban centres, total housing starts in May increased by 8 per
cent when compared to last year's level. Single starts dropped by 3 per cent
to 9,026 units, while multiple starts rose 20 cent over the same period. In
Atlantic Canada, residential construction in urban centres recorded 788 new
units in May, a 4 per cent decrease compared to the same month last year.

    
    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
                            MAY     MAY              2007    2006
    ------------------------------------------------------------------------
           ALL URBAN CENTRES WITH POPULATION  greater than 10,000
    ------------------------------------------------------------------------
    CHARLOTTETOWN CA
    Single                   28      46     -39.1%     65      93     -30.1%
    Multiple                 14       6        XX      40      99     -59.6%
    TOTAL                    42      52     -19.2%    105     192     -45.3%
    ------------------------------------------------------------------------
    SUMMERSIDE CA
    Single                    1       5     -80.0%      9      10     -10.0%
    Multiple                  3       2      50.0%     11      10      10.0%
    TOTAL                     4       7     -42.9%     20      20       0.0%
    ------------------------------------------------------------------------
    ALL CENTRES(*)
    Single                   29      51     -43.1%     74     103     -28.2%
    Multiple                 17       8         XX     51     109     -53.2%
    TOTAL                    46      59     -22.0%    125     212     -41.0%
    ------------------------------------------------------------------------

    (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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