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As COVID-19 cases increase and the province gears up to face a possible second wave of the pandemic, we analyze the current state of the Ontario real estate market and share an in-depth analysis of mortgage and sales registrations.
Based on the data from August 2020, we can see that the real estate market is still being impacted by the pandemic. As compared to August 2019, lenders in all categories and almost all of the top 20 municipalities witnessed a drop in the mortgage registration volumes in Ontario.
There was also a decline in all categories, compared to August 2019, when it comes to mortgage registrations in relation to property type. All property types experienced a decline in mortgage registrations greater than 10%.
Condos, multi-residential properties, and semi-detached properties saw the largest declines – 27.95%, 25.61%, and 24.03% respectively.
Though, the data for sales registrations is slightly more positive.
In August, the sales registrations volume was 29,500, an increase from 27,500, recorded in the previous month. However, on the year-to-year basis, volumes for the month of August were still down when compared to 2018 (31,800) and 2019 (34,100).
A closer look also shows us that the first-time home buyer monthly transaction volumes set a new low, in August, with 8-month transactions adding up to 47,298. The lowest to date.
While in the non-first-time homebuyer segment, we can see that volumes are still higher than the previous lows of 106,978 in 2009. Though, the 124,515 transactions seen in the first eight months of 2020 are still the second lowest we’ve seen since 2009.
For further insights and an in-depth analysis of the following aspects of the market, access the latest Teranet Market Insights Report:
The report is available here: Teranet Monthly Market Insights Report
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