PEI Housing Starts in July

CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwire - Aug. 9, 2011) - Residential construction in urban centres of the province increased last month compared to July 2010, according to figures released today by Canada Mortgage and Housing Corporation (CMHC). Preliminary data¹ indicate that a total of 94 units were started in July 2011 compared to 55 units last year.

"New home construction activity in both Charlottetown and Summerside was higher in July compared to last year," said Jason Beaton, market analyst with CMHC in Prince Edward Island. In the capital region, single starts were up while multiple starts declined compared to July 2010. "In Summerside, multiple starts climbed to 38 units due to new apartment construction while singles increased from three to five units," said Beaton.

"On a year-to-date basis, total starts in the province's urban centres remain unchanged at 318 units. The gains in multiple starts have been offset by a comparable decline in single starts," added Beaton.

In urban centres across Canada, total housing starts recorded in July were up three per cent to 16,486 units compared to last year's total of 15,947. Single-detached starts declined 11 per cent to 6,396 units, while multiple starts increased 15 per cent to 10,090 units in 2011. In the Atlantic region, 1,318 new units were started in July 2011 compared to 1,348 units during the same period in 2010.

As Canada's national housing agency, CMHC draws on 65 years of experience to help Canadians access a variety of high 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 informed decisions.

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

	2011	2010		YEAR-TO-DATE
		% Change				% Change
	JULY	JULY		2011	2010
ALL URBAN CENTRES WITH POPULATION >10,000
CHARLOTTETOWN CA
Single	28	19	47.4%	99	147	-32.7%
Multiple	23	29	-20.7%	134	123	8.9%
TOTAL	51	48	6.3%	233	270	-13.7%
SUMMERSIDE CA
Single	5	3	66.7%	17	19	-10.5%
Multiple	38	4	# #	68	29	# #
TOTAL	43	7	##	85	48	77.1%
ALL CENTRES
Single	33	22	50.0%	116	166	-30.1%
Multiple	61	33	84.8%	202	152	32.9%
TOTAL	94	55	70.9%	318	318	0.0%
## Indicates changes in excess of 100% which are not reported due to volatility resulting from small absolute numbers.