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It’s been almost six months since measures were put into place to curb the spread of the COVID-19 pandemic.

The effects of the pandemic on the mortgage market in Canada are now becoming even more visible. For instance, we can see that for the first time in 2020 all of the top 20 municipalities in Ontario experienced a decline in mortgage registration compared to the same time in 2019.

As the market situation continues to evolve rapidly, we have created this series of Monthly Market Insights Reports, that leverage our authoritative data, to help you stay up to date.

In addition to providing an analysis of the mortgage registration activity across Ontario, these reports also share insights on lender market share and a breakdown of the registrations by municipality.

Some key insights shared in the August 2020 report include:

  • In July 2020, there were 40,300 residential mortgage transactions in the province of Ontario – this is the largest decrease from previous years. In July 2019, for instance, there were 52,000 transactions.
  • Within the first seven months of 2020, there have been 274,510 mortgage registrations, representing a total dollar amount of $126.5 billion. This is a significant increase from 2019, which saw a total dollar amount of $113.1 billion in the first seven months of the year.
  • When it comes to mortgage registration volumes, the largest year-over-year declines were seen in Mississauga, Ajax, Richmond Hill, and Burlington – 40.2%, 36.6%, 36.5%, and 36.3% respectively.
  • Lenders in all categories (including banks, individual lenders, private lenders, and mortgage finance companies) experienced a decrease in mortgage registration volumes compared to July 2019.
  • Individual Lenders, Mortgage Finance Companies, and Private Lenders experienced the most significant year-over-year declines of 35.76%, 34.60% and 28.09% respectively.

See more data and further year-over-year comparisons in the full August 2020 Monthly Market Insights Report. Download your copy here: August 2020 Monthly Market Insights Report

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