Residential construction slows in September

Total housing starts in September in New
Brunswick's urban centres fell when compared to the same period in 2004.
According to Canada Mortgage and Housing Corporation's preliminary data(1),
residential activity reached a total of 233 housing starts in September
compared to 294 units over the same period last year.
"The drop in provincial urban housing starts in September was mainly due
to a decline in multiple starts in the three urban centres", said Jason
Beaton, CMHC's Market Analyst in New Brunswick. Urban multiple starts in
September receded to 86 units compared to 148 units in September 2004. On a
year-to-date basis multiple starts are still 44 per cent ahead of last year's
levels at 786 units compared to 546 units in 2004.
Single starts rose by 0.7 per cent unit to 147 units in September when
compared to the same period last year. "Demand for single-detached homes
remains strong, but many households are opting for an existing home due in
part to rising construction costs", said Beaton. So far this year, 1,084
single starts have been recorded in the urban centres, a 19.3 per cent decline
when compared to the same period last year.
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, CANADA
MORTGAGE AND HOUSING CORPORATION, (506) 851-6047

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