PEI Housing Starts in October

CHARLOTTETOWN, Nov. 9 /CNW/ - Residential construction in urban centres of the province increased in October. According to figures released today by Canada Mortgage and Housing Corporation (CMHC), preliminary data(1) indicates that a total of 101 housing starts were recorded in October compared to 45 starts for the same period last year.

"Residential construction in PEI posted an increase in October, due mainly to more multiple starts in the Charlottetown area," said Jason Beaton, market analyst with CMHC in Prince Edward Island. A total of 41 single-detached units were started in the province's urban centres in October, well ahead of the 27 units started during the same period last year. Multiple starts in Charlottetown reached 60 units this October, compared to 18 units in 2008, while the Summerside area recorded no new units this year. On a year-to-date basis, total urban starts in PEI have increased to 552 units from 393 units during the same period in 2008. "PEI's urban housing market is experiencing another strong year in 2009, primarily as a result of apartment starts in the Charlottetown area," continued Beaton.

In urban centres across Canada, total housing starts in October declined by 19 per cent, down to 14,090 units compared to last year's total of 17,389. Single-detached starts were up 2 per cent to 6,536 units, while multiple unit starts were down 31 per cent from 10,978 units last year to 7,554 units this year. In the Atlantic region, 788 new units were started in October 2009 compared to 950 units during the same period in 2008.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing 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
                          OCT       OCT              2009    2008
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            ALL URBAN CENTRES WITH POPULATION GREATER THAN 10,000
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    CHARLOTTETOWN CA
    Single                 36        23       56.5%   225     234       -3.8%
    Multiple               60        18         (XX)  306     100        (XX)
    TOTAL                  96        41         (XX)  531     334       59.0%
    -------------------------------------------------------------------------
    SUMMERSIDE CA
    Single                  5         4        25.0%   21      35      -40.0%
    Multiple                0         0           -     0      24        (XX)
    TOTAL                   5         4        25.0%   21      59      -64.4%
    -------------------------------------------------------------------------
    ALL CENTRES*
    Single                 41        27        51.9%  246     269       -8.6%
    Multiple               60        18         (XX)  306     124        (XX)
    TOTAL                 101        45         (XX)  552     393       40.5%
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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: Jason Beaton, Market Analyst, Canada Mortgage and Housing Corporation, [phone], [email protected]