Real Estate — April 8, 2009

New Brunswick Housing Starts Decline in March

    MONCTON, NB, April 8 /CNW/ - According to Canada Mortgage and Housing
Corporation's (CMHC's) preliminary data(1), residential construction in March
produced a total of 70 starts in New Brunswick's urban centres compared to 86
units during the same period last year.
    "Total urban starts for the month of March were lower than last year's
monthly level due to a year-over-year decline in single starts," said Claude
Gautreau, CMHC's senior market analyst for New Brunswick. A total of 33 single
starts were recorded in March of 2009, compared to 50 units during the same
month last year.
    Meanwhile, multiple starts in provincial urban centres were essentially
unchanged in March with a one unit increase to 37 units compared to last
year's total of 36 units for the month. "Multiple starts in provincial urban
centres during the first quarter were down by a moderate 3.7 per cent,
partially bolstered by increased activity in Saint John during the first three
months of the year," continued Gautreau.
    In urban centres across Canada, total housing starts in March declined by
45 per cent, down to 8,629 compared to last year's total of 15,616.
Single-detached starts decreased 46 per cent to 2,566 units, while multiple
unit starts were down 44 per cent from 10,867 units last year to 6,063 units
this year. In the Atlantic region, 244 new units were started in March 2009
compared to 522 units during the same period in 2008.
    New home construction in Canada is slowing to more sustainable levels and
starts are forecast to come in at 160,250 units, within a range of 141,000 to
180,000 units in 2009. These trends are reflected in the year-to-date actual
starts. These decreases, however, should be viewed in the context that housing
starts have been exceptionally strong over the past 7 years, exceeding 200,000
units per year.

    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 - homes that will continue to create vibrant
and healthy communities and cities 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.

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

    -------------------------------------------------------------------------
                   PRELIMINARY URBAN MONTHLY HOUSING STARTS
                            NEW BRUNSWICK SUMMARY
    -------------------------------------------------------------------------
                      2009      2008                 YEAR-TO-DATE
                      --------------                --------------
                       MAR       MAR   % Change     2009      2008  % Change
    -------------------------------------------------------------------------
           ALL URBAN CENTRES WITH POPULATIONS (greater than) 50,000
    -------------------------------------------------------------------------
    SAINT JOHN CMA
    Single              13        25     -48.0%       40        72     -44.4%
    Multiple            31        25      24.0%      123        93      32.3%
    TOTAL               44        50     -12.0%      163       165      -1.2%
    -------------------------------------------------------------------------
    MONCTON CMA
    Single              6          8     -25.0%       22        34     -35.3%
    Multiple            6          6       0.0%       32        43     -25.6%
    TOTAL               12        14     -14.3%       54        77     -29.9%
    -------------------------------------------------------------------------
    FREDERICTON CA
    Single              11        15     -26.7%       30        55     -45.5%
    Multiple            0          0         -         2         4     -50.0%
    TOTAL               11        15     -26.7%       32        59     -45.8%
    -------------------------------------------------------------------------
         ALL URBAN CENTRES WITH POPULATION (greater than) 10,000(*)
    -------------------------------------------------------------------------
    ALL CENTRES
    Single              33        50     -34.0%      102       170     -40.0%
    Multiple            37        36       2.8%      157       163      -3.7%
    TOTAL               70        86     -18.6%      259       333     -22.2%
    -------------------------------------------------------------------------
    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
         (Saint John CMA, Moncton CMA, Fredericton CA, Bathurst CA,
         Campbellton CA, Edmundston CA, and Miramichi City).

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


    -------------------------------------------------------------------------
                     PRELIMINARY QUARTERLY HOUSING STARTS
                            NEW BRUNSWICK SUMMARY
    -------------------------------------------------------------------------
                      2009      2008                 YEAR-TO-DATE
                      --------------                --------------
                        Q1        Q1   % Change     2009      2008  % Change
    -------------------------------------------------------------------------
           ALL URBAN CENTRES WITH POPULATIONS (greater than) 10,000
    -------------------------------------------------------------------------
    SAINT JOHN CMA
    Single              40        72     -44.4%       40        72     -44.4%
    Multiple           123        93      32.3%      123        93      32.3%
    TOTAL              163       165      -1.2%      163       165      -1.2%
    -------------------------------------------------------------------------
    MONCTON CMA
    Single              22        34     -35.3%       22        34     -35.3%
    Multiple            32        43     -25.6%       32        43     -25.6%
    TOTAL               54        77     -29.9%       54        77     -29.9%
    -------------------------------------------------------------------------
    FREDERICTON CA
    Single              30        55     -45.5%       30        55     -45.5%
    Multiple             2         4     -50.0%        2         4     -50.0%
    TOTAL               32        59     -45.8%       32        59     -45.8%
    -------------------------------------------------------------------------
    BATHURST CA
    Single               3         2      50.0%        3         2      50.0%
    Multiple             0         6       (xx)        0         6       (xx)
    TOTAL                3         8     -62.5%        3         8     -62.5%
    -------------------------------------------------------------------------
    CAMPBELLTON CA
    Single               1         1       0.0%        1         1       0.0%
    Multiple             0         0         -         0         0         -
    TOTAL                1         1       0.0%        1         1       0.0%
    -------------------------------------------------------------------------
    EDMUNDSTON CA
    Single               1         1       0.0%        1         1       0.0%
    Multiple             0         0         -         0         0         -
    TOTAL                1         1       0.0%        1         1       0.0%
    -------------------------------------------------------------------------
    MIRAMICHI CA
    Single               5         5       0.0%        5         5       0.0%
    Multiple             0        17       (xx)        0        17       (xx)
    TOTAL                5        22     -77.3%        5        22     -77.3%
    -------------------------------------------------------------------------
    ALL URBAN
     CENTRES(*)
    Single             102       170     -40.0%      102       170     -40.0%
    Multiple           157       163      -3.7%      157       163      -3.7%
    TOTAL              259       333     -22.2%      259       333     -22.2%
    -------------------------------------------------------------------------
    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
         (Saint John CMA, Moncton CA, Fredericton CA, Bathurst CA,
         Campbellton CA, Edmundston CA, and Miramichi City).

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

    Data for 2006 on 2001 Census Definitions.
    Data for 2008 on 2006 Preliminary Census Definitions.
    

For further information: Claude Gautreau, CMHC Market Analysis Centre,
(506) 851-2742, Cell: (506) 866-9002, cgautrea@cmhc.ca

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