The impact of the COVID-19 pandemic on the Canadian mortgage market became more visible during the summer months.
This trend has continued in August. The month witnessed the sharpest year-over-year drop in 2020, as it recorded 41,000 residential mortgage transactions.
As COVID-19 cases rise and uncertainty remains, our Market Insights Report aims to provide you with a detailed analysis of the current state of the Ontario mortgage market to help you make more informed decisions.
In this report, you can find an in-depth analysis of:
While the residential mortgage transactions in August 2020 exhibited a decline for the first time in 3 years, the dollar value of mortgage registrations showed a positive trend.
Within the first eight months of 2020, there were 321,860 mortgage registrations, representing a total dollar amount of $149.5 billion. This is a significant increase from 2019, which saw a total dollar amount of $135.1 billion in the first eight months of the year.
As multiple factors come into play – like rising COVID-19 numbers, reopening of schools, and a possible second COVID-19 wave coming to Canada – our data scientists continue to monitor the market and provide you up-to-date mortgage market insights.
Download the latest Teranet Market Insights Report here: Teranet Monthly Market Insights Report
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