The July Market Insights Report by Teranet Examines the Effects of COVID-19 and Ontario’s Reopening Plans on the Mortgage Market
As Ontario is implementing reopening plans and commercial and business activities are resuming, the Canadian mortgage market is beginning to experience signs of recovery.
Our monthly insights report aims to help you navigate through the uncertainty and keep you up to date with the new developments in the mortgage market.
In addition to analyzing market data, this monthly report investigates trends related to lender market share and provides a snapshot of the mortgage registration activity across Ontario.
The report provides an in-depth analysis of:
- Mortgage Registrations Volume & Dollar Amount from January 2020 to June 2020.
- Mortgage Registrations by Municipality.
- Mortgage Registrations by Lender Category.
- Mortgage Registrations by Property Type.
- And Sales Registrations.
The data from June 2020 shows that the Ontario mortgage market is slowly beginning to recover from the effects of the pandemic, as there have been more mortgage registrations in June 2020 compared to May 2020.
While this is a positive sign, June volumes are still lower than they were at the same time in the previous two years.
As of June 2020, there were 41,900 residential mortgage transactions, which was a decrease from the 45,500 transactions in 2019 and 45,100 transactions in 2018.
When we look at mortgage registration volume by municipality, we can also see that all of the top 20 municipalities in Ontario saw a decline in mortgage registration volume in June 2020 compared to the same time in 2019.
Though, upon examination of the data from the first six months of the year, it is reassuring to see that overall, the mortgage registrations have represented a higher total dollar amount compared to the same time period in 2019.
As regions across Ontario move to Stage 3 of the Provincial Reopening Plan, it will be interesting to see how the mortgage registration volumes change.
For an in-depth analysis, download the complete Teranet Monthly Market Insights Report here: Teranet Monthly Market Insights Report
Sign up for our email list to receive future reports as soon as they are released: https://ci23.actonsoftware.com/acton/fs/blocks/showLandingPage/a/2216/p/p-0065/t/page/fm/0