The residential mortgage market, like many other markets, has been impacted by COVID-19. This is reflected in the decline in the residential mortgage volumes, in Ontario, in June 2020.
In a year-on-year analysis, in the month of June, the numbers were down by 16.67% and 21.14% compared to 2019 and 2018 respectively.
Semi-detached properties experienced the largest decline of 15.05%, while condos, single-detached, and row houses all saw a decline of less than 11%.
While the volumes are down compared to previous years, it is encouraging to see that the numbers reported this month are better than May 2020.
For more details and a deep dive into the performance of the residential mortgage market visit the GeoWarehouse blog.
Find the full Teranet Monthly Market Insights Report here: click here