Teranet Market Insights Report – A Rebound in Ontario’s Housing Market?
The Teranet Market Insights Report examines different drivers of the residential housing market, such as mortgage registrations, sales registrations, and more, to provide you with up-to-date market insights and trends.
As the regions in Ontario are moving to different levels, as per the COVID-19 response framework, we take a closer look at the new developments in the province’s real estate market.
In October 2020, there was an increase in the number of residential mortgage registrations in
Ontario compared to the two previous years. This is the largest volume of monthly registrations we’ve seen so far in 2020 as well as the most significant year-over-year increase since March 2020.
The data under review shows that the increased mortgage registrations in September and October could be a direct result of the slowdown seen in the spring and summer months of the year.
A more in-depth analysis shows that almost all of the top 10 municipalities, based on total accumulative mortgage values, YTD in Ontario had higher mortgage registration volumes in October 2020 compared to the same time last year.
Caledon, Kitchener, Cambridge, Hamilton, and Burlington experienced year-over-year increases of over 20%.
When it comes to property types, all of them experienced an increase in mortgage
registration volume compared to October 2019. ‘Row’ and ‘Semi-Detached’ property types led the rise with 23.76% and 22.30% increase respectively.
Another key observation is that while non-first-time home buyers saw fewer sales registrations from January to October 2020 than the previous year, the volume of first-time home buyer sales registrations has surpassed last year’s volume.
In conclusion, the data indicates that the market is rebounding from the economic impact of the policies put in place for COVID-19 and the residential mortgage volumes continue their upward trajectory.
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