The impact of the COVID-19 pandemic is gradually becoming visible across homebuyer segments in Ontario.
Data shows that in June 2020, the lowest sales transactions were recorded for first-time homebuyers since 2009.
In the first half of 2020, first-time homebuyer transaction volumes were 32,391. This number is even lower than the volume of 32,898 reported in 2018.
While, in the non-first-time homebuyer segment, the volumes were slightly better. The 81,572 transaction volumes reported in the first six months of 2020, were the second lowest numbers recorded seen since 2009.
There are a number of new developments taking place in Ontario such as the implementation of Post-COVID reopening plans and tightening of mortgage rules. In the next few weeks, it will be interesting to see how these will impact the real estate market.
To see a more in-depth analysis on mortgage registrations, visit the GeoWarehouse blog.
Find the full Teranet Monthly Market Insights Report here: https://financialservices.teranet.ca/acton/attachment/2216/f-b6a68f9b-d4c9-470c-add4-879ba53164a9/1/-/-/-/-/Teranet%20Monthly%20Market%20Insights%20Newsletter%20July%202020%20Final%20Links.pdf