In case you missed it, we released the latest edition of the Quarterly Market Insight Report last week. These reports deliver a comprehensive analysis and insights on the real estate market in Ontario derived through our Data Scientists’ analysis of mortgage activity in the Ontario Landy Registry.
In this edition of the Quarterly Market Insight Report, we explored trends related to the movement of existing homeowners purchasing a new property across the province of Ontario in 2020 compared to previous years of data. The report also focuses on activity in the GTA, has a deep dive into Toronto’s migration activity and a spotlight on migration activity in Q1 2021.
To analyze homeowner migration, our Data Scientists used unique identifiers to find homeowners who were already registered on title of one property and purchased another one during a set period. Here are a few highlights our Data Scientists uncovered during their analysis:
- Homeowner migration increased in 2020, especially later in the year with a peak of 8,499 migrations in October, which represents a 51.88% year-over-year increase from 2019.
- Homeowners that already owned condos and purchased a non-condo property paid on average about 30.22% more when they make the switch to a non-condo property compared to homeowners that already owned a non-condo property and purchased another non-condo property.
- The number of homeowners who migrated into the GTA in 2020 was the highest volume seen in the last five years with 6,238 compared to 5,284 in 2016.
If you need more information about the data presented in the report, the Teranet Data Science Lab can help you dig deeper. Our Data Scientists will work closely with you to answer your questions with insights from our proprietary databases. For more information, please contact Kan Zhu at kan.zhu@teranet.ca for any Financial Solutions inquires, or Paul McGowan at paul.mcgowan@teranet.ca for any Property Solutions inquiries.
