As all the regions in Ontario have now entered Phase 3 of the Reopening Ontario Plan and activities are resuming across the province, we determine where the Ontario real estate market is headed.
This August 2020 Monthly Market Insights Report, from Teranet, analyzes data and showcases industry trends to provide you a clearer picture of the mortgage and sales registrations activity.
Overall, based on the data from July 2020, we can see that the real estate market has felt the impact of the COVID-19 pandemic. In fact, July was the first month, in 2020, that saw a decline in mortgage registration volumes across all lender and property types.
However, while mortgage registration volumes were low, the sales registration volumes for residential properties continued to exhibit a positive upward trend. We saw an increase in volume from 24,000 in June 2020 to 26,000 in July 2020.
A closer look at the sales transactions, in the first seven months of 2020, shows that the first-time home buyers recorded volumes of 40,215, which is the lowest seen since 2009. Though, the non-first-time homebuyer segment seems to be performing slightly better.
For further insights and an in-depth analysis of the following aspects of the market, access the full August 2020 Teranet Monthly Market Insights Report:
- The mortgage registration volume and dollar amount.
- The breakdown of mortgage registrations by the municipality.
- The breakdown of mortgage registrations by property type.
- The sales registrations for residential properties.
The report is available here: August 2020 Teranet Monthly Market Insights Report
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