Residential construction remained strong in September

Residential construction in urban centres
of the province rose in September. According to figures released today by
Canada Mortgage and Housing Corporation (CMHC), preliminary data indicates
that a total of 49 housing starts were recorded in September compared to 45
starts for the same period last year.
"The increase in residential construction activity in September was the
result of more single and multiple starts in the two urban markets," said
Jason Beaton, Market Analyst with CMHC in Prince Edward Island. A total of 39
single starts were recorded in the province's urban centers in September
compared to 37 units last year. Multiple starts also posted an increase
reaching 10 units in September compared to 8 units last year. Most of the
single-family construction took place in Charlottetown with 33 starts, while
Summerside reported 6 units. On a year-to-date basis, total urban starts in
PEI have fallen slightly to 419 units from 475 units during the same period in
2004. "PEI's housing market is experiencing a strong year in 2005, however it
is unlikely that it will surpass the fifteen year high level set in 2004,"
continued Beaton.
For urban centres of Canada, total housing starts in September
essentially remained unchanged when compared to 2004. Single starts declined
to 8,640 units compared to 9,352 units in September of last year while
multiple starts rose 8 per cent to 9,056 units. In Atlantic Canada,
residential construction in urban centres fell to 892 units in September, a 21
per cent decline when compared to the same month a year ago.

(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 further information: contact: JASON BEATON, MARKET ANALYST - PRINCE
EDWARD ISLAND, CANADA MORTGAGE AND HOUSING CORPORATION, (506) 851-6047

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