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Teranet Market Insights Report – Mortgage Registrations Decrease in November 2020

By January 11, 2021May 13th, 2022Market Insight Report

Keeping a finger on the pulse of the industry is crucial – particularly when the economic climate is as uncertain as it is today.

The Teranet Market Insights Report enables you to monitor the different drivers of the residential housing market to determine market performance and make more informed decisions.

While the real estate market has proven to be quite resilient last year, a slowdown in mortgage registrations has been seen in November 2020.

The total number of mortgage registrations for residential properties fell to 47,191.Though, the accumulated mortgage registration volume and total dollar value, from January to November 2020, was still higher than the previous two years.

As there were high registration volumes in September and October, the year-to-date (YTD) registration volume of 484,373 exceeds the volume of 469,825 in 2019.

Similarly, as house prices have continued to increase steadily throughout the year, the total dollar amount of mortgage registrations, until November 2020, is $231.02 billion. This is significantly higher than the amount ($196.1 billion) recorded until November 2019.

Taking a closer look shows that when it comes to the municipalities with the highest registration volumes, Barrie, Burlington, Kitchener, Brampton, and Caledon are the clear winners. These municipalities experienced a positive YoY change rate.

In terms of lender categories, majority of them experienced a negative YoY mortgage registrations change rate. Credit Unions and Individual Lenders had the largest decreases of 33.2% and 18.1% respectively.

Additionally, when it comes to property types, the majority of property types, excluding Condo and Other Residential, experienced a positive YoY mortgage registrations change rate. Condo properties, though, have experienced the largest decline of 14.3%.

Overall, the data from November 2020 shows that the real estate market is starting to slow down after a strong performance in the earlier months.

With a province-wide lockdown in place and rising COVID-19 cases, we will continue to monitor the mortgage registration volumes and other title data trends to keep you informed and updated.

To learn more, access the full Teranet Market Insights Report for free. Download it here:  Teranet Market Insights Report

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