As the regions in Ontario moved to the next stage in the reopening process, we take a closer look at the new developments in the province’s real estate market.
The Teranet Monthly Market Insights Report consolidates the data and highlights industry trends associated with key market drivers including mortgage and sales registrations.
The effect of COVID-19, on the residential mortgage market, is gradually becoming visible.
The residential mortgage volumes, in Ontario, declined in June 2020. In a year-on-year analysis, the numbers were down by 16.67% and 21.14% compared to 2019 and 2018 respectively.
A breakdown of mortgage registrations volumes by property type shows how different property types have performed this month:
- Semi-detached properties experienced the largest volume decline of 15.05%.
- Condos, single-detached, and row houses saw a decline of less than 11%.
- Multi-Residential properties experienced an increase of 2.3% compared to June 2019.
- Other Residential properties witnessed an increase of 6.62% compared to the same time last year.
While the volumes are down compared to previous years, it is reassuring to note that the figures reported in June are better than the previous month. In fact, single-detached properties were the only property type to have seen a decrease in volume compared to May 2020.
Additionally, when it comes to sales registrations for residential properties, volumes have started to experience a positive upward trend as we saw a month-on-month increase of approximately 15.76% from 20,300 to 23,500.
While there has been a slight recovery in June, it will be interesting to see how the real estate market reacts to the changing mortgage regulations, reopening of business and commercial across different regions in the province, and the reduction in COVID-19 cases.
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