Single Starts Rebound in September in Halifax

    HALIFAX, Oct. 8 /CNW/ - Residential construction activity in Nova Scotia
remained weak last month as total starts were off by two per cent compared to
a year ago. According to Canada Mortgage and Housing Corporation's (CMHC)
preliminary data(1) released today for Nova Scotia's urban areas with a
population over 10,000, there were 376 total housing starts last month,
compared with 383 in September 2007, a decrease of just two per cent.
Single-detached starts rebounded sharply in September compared to August and
were up 24 per cent compared to September of last year. Multiple starts have
continued their fall from 2007 with a further 27 per cent drop in September
compared to last year.
    "After showing signs of decline through most of the summer, single starts
rebounded in September bringing the growth over the first three quarters of
2008 to 34 per cent compared to the same period last year," said Matthew
Gilmore, Senior Market Analyst with CMHC's Atlantic Business Centre. "In
Halifax, single starts are responding to general demand and some overflow in
demand from the existing homes market," Gilmore said. "However, the real story
in Halifax is the sharp decline in multiple starts which are down over
30 per cent so far this year due in large part to various delays in existing
multi-residential projects," added Gilmore.
    In urban centres across Canada in September there were 17,644 total
housing starts, 20 per cent fewer than the 22,033 starts in September 2007.
There were 6,299 single-detached housing starts across Canada last month,
23 per cent less than the 8,227 single starts in September 2007. At
11,345 units, multiple housing starts represented an 18 per cent decrease from
the 13,806 units started in September 2007.

    Canada Mortgage and Housing Corporation (CMHC) has been Canada's national
housing agency for more than 60 years. CMHC is committed to helping Canadians
access a wide choice of quality, affordable homes, while making vibrant,
healthy communities and cities a reality across the country.

    (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.)

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

                             NOVA SCOTIA SUMMARY
                      2008      2007                 YEAR-TO-DATE
                     ---------------- % Change      -------------- % Change
                       SEP       SEP                 2008    2007
           ALL URBAN CENTRES WITH POPULATIONS (greater than) 50,000
    Single             133       124       7.3%       930     831      11.9%
    Multiple           116       143     -18.9%       761   1,096     -30.6%
    TOTAL              249       267      -6.7%     1,691   1,927     -12.2%
    Single               7        25     -72.0%       115      89      29.2%
    Multiple             6         4      50.0%        59      58       1.7%
    TOTAL               13        29     -55.2%       174     147      18.4%
           ALL URBAN CENTRES WITH POPULATION (greater than)10,000
    Single             233       188      23.9%     1,602   1,191      34.5%
    Multiple           143       195     -26.7%     1,005   1,315     -23.6%
    TOTAL              376       383      -1.8%     2,607   2,506       4.0%

    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
           (Halifax CMA, Cape Breton RGM, Truro CA, Kentville CA and
           New Glasgow CA, Chester MD CA, East Hants MD CA, Kings Subd.
           A SC CA, Lunenburg MD CA, Queens RGM CA, West Hants MD CA,
           Yarmouth MD CA).

    (*)(*) Indicates changes in excess of 100% which are not reported due to
           volatility resulting from small absolute numbers.

For further information:

For further information: Matthew Gilmore, Senior Market Analyst - Nova
Scotia, Canada Mortgage and Housing Corporation, (902) 426-4686

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