Urban housing starts increased during the month of August

August Housing Starts in the St. John’s Area

ST. JOHN’S, September 9, 2010 – Urban housing starts increased during the month ofAugust, according to preliminary data1 released today by Canada Mortgage and Housing Corporation (CMHC). August’s housing starts totaled 179 throughout the St. John’s area versus 151 starts in August of 2009. There were 18 additional starts recorded outside the St. John’s area, for a total of 197 provincial urban starts compared to 190 last August. Year-to-date, starts remain positive, with 1,177 recorded in the St. John’s region versus 1,026 last year.


“The number of new homes started in August is in line with the current forecast and the expectation that new home construction will slow over the remainder of 2010,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador.“New home demand was steady during the first half of 2010, but will taper off in the coming months, due to recent price growth and record high home prices,” added Janes. In urban centres across Canada, total housing starts increased 12 per cent with 14,253 recorded in August compared to 12,734 during August of 2009.

Throughout Atlantic Canada, there were 847 urban housing starts posted versus 907 the previous August, a decrease of seven per cent. 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.

_________

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

PRELIMINARY URBAN MONTHLY HOUSING STARTS

NEWFOUNDLAND & LABRADOR SUMMARY

AUG AUG 2010 2009

ST. JOHN'S CMA

Single 152 128 18.8% 988 864 14.4%

Multiple 27 23 17.4% 189 162 16.7%

TOTAL 179 151 18.5% 1,177 1,026 14.7%

ALL CENTRES*

Single 169 163 3.7% 1,120 1,036 8.1%

Multiple 28 27 3.7% 231 198 16.7%

TOTAL 197 190 3.7% 1,351 1,234 9.5%

Figures for the most recent month are preliminary and subject to revisions due to corrections or updates from

quarterly enumeration or sampling results.

Your Home Sold Guaranteed- Or We'll Buy it for Cash! Ask us about our Guarantee Sales Program that so many people in St. John's have already taken advantage of. Call or Email us anytime 709-764-6161