How has the Ontario real estate market been affected by the COVID-19 pandemic so far?
A new Monthly Market Insights Report from Teranet highlights industry trends that show the overall state of the residential housing market.
The inaugural monthly report for May 2020 looks at data from January 2020 to April 2020, including the first two months of the COVID-19 pandemic: March and April.
As of the end of April 2020, residential mortgage transactions appeared to be largely unaffected by COVID-19. Year-over-year, the volume of mortgage transactions increased at a steady rate and did not slow down even after the pandemic began. There were 37,600 residential mortgage transactions in April 2020 — up from 34,600 in April 2019 and 35,700 transactions in April 2018.
However, the volume increase could be due to other factors — such as mortgages that were scheduled to close prior to the pandemic, or an increase in the number of refinances and switches occurring due to existing homeowners taking advantage of low mortgage rates.
The Teranet Monthly Market Insights Report goes into more detail on the mortgage registration volume and dollar amount, plus:
- Discover the breakdown of mortgage registrations by municipality — and which top 20 Ontario municipality actually saw an increase in registrations.
- See the breakdown of registrations by property type — and which dwelling segment stagnated.
- And more!
Access the May 2020 Teranet Monthly Market Insights Report for free. Download it here: https://ci23.actonsoftware.com/acton/attachment/2216/f-7c489c97-9c6f-47e2-a357-06af0ad6e5dd/1/-/-/-/-/Teranet%20Monthly%20Market%20Insights%20Newsletter%20Template%20Final.pdf
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Stay on top of Canadian real estate trends as the COVID-19 pandemic continues. GeoWarehouse provides up-to-date property data that shows comparable sales, neighbourhood demographics, estimated property value, and beyond.
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