PEI Housing Starts in November

CHARLOTTETOWN, Dec. 8 /CNW/ - Residential construction in urban centres of the province increased in November. According to preliminary data(1) released today by Canada Mortgage and Housing Corporation (CMHC), a total of 73 housing starts were recorded in November compared to 59 starts for the same period last year.

"The rise in housing starts observed in November was the result of increased multiple starts in the Charlottetown area," said Claude Gautreau , CMHC's senior market analyst.A total of 49 multiple starts were recorded in the province's urban centres in November,compared to 30 units started during the same period last year. Single starts in provincial urban centres during the month of November were down 17.2 per cent from last year's level to 24 units. On a year-to-date basis, total urban starts in PEI were up to 625 units at the end of November. In comparison, 454 units were recorded during the same period in 2008. "As a result of increased multiple starts in Charlottetown, PEI's urban housing market is experiencing another strong year in 2009," continued Gautreau.

In urban centres across Canada , total housing starts in November were virtually unchanged in 2009, with 13,507 units compared to last year's total of 13,500. Single-detached starts were up 15 per cent to 6,671 units, while multiple unit starts were down 11 per cent from 7,718 units last year to 6,836 units this year. In the Atlantic region, 641 new units were started in November 2009 compared to 734 units during the same period in 2008.

As Canada's national housing agency, CMHC draws on more than 60 years ofexperience to help Canadians access a variety of quality, environmentally sustainableand affordable homes. CMHC also provides reliable, impartial and up-to-date housingmarket reports, analysis and knowledge to support and assist consumers and thehousing industry in making vital decisions.

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

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

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                   PRELIMINARY URBAN MONTHLY HOUSING STARTS
                         PRINCE EDWARD ISLAND SUMMARY
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                          2009     2008             YEAR-TO-DATE
                         ---------------  % Change --------------  % Change
                           NOV      NOV              2009   2008
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            ALL URBAN CENTRES WITH POPULATION GREATER THAN 10,000
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    CHARLOTTETOWN CA
    Single                  23       24       -4.2%   248    258       -3.9%
    Multiple                49       30       63.3%   355    130         XX
    TOTAL                   72       54       33.3%   603    388       55.4%
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    SUMMERSIDE CA
    Single                   1        5      -80.0%    22     40      -45.0%
    Multiple                 0        0          -      0     24         XX
    TOTAL                    1        5      -80.0%    22     64      -65.6%
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    ALL CENTRES*
    Single                  24       29      -17.2%   270    298       -9.4%
    Multiple                49       30       63.3%   355    154         XX
    TOTAL                   73       59       23.7%   625    452       38.3%
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    (XX) Indicates changes in excess of 100% which are not reported due to
         volatility resulting from small absolute numbers.
    

For further information: Claude Gautreau, Senior Market Analyst, Canada Mortgage and Housing Corporation, [phone], [email protected]