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Teranet Monthly Market Insights Report – Top 20 Ontario Municipalities Saw a Decline in 2020 Mortgage Registration Volume

As the COVID-19 restrictions are easing and Ontario is moving forward with its reopening plans, the real estate industry is also beginning to experience early signs of recovery.

To provide you a snapshot of the current state of the mortgage market, we have pulled together our authoritative data and broken it down on the basis of municipalities, lender categories, property types, and more.

A Quick Comparison

Last month, there was an increase in the number of mortgage registrations compared to May 2020.

This is a positive development, however, when compared to 2019 the June 2020 numbers are still on the lower side.

In June 2020, there were 41,900 residential mortgage transactions, which was a decrease from the 45,500 transactions in 2019.

Volume By Municipality

Mortgage registration volume by municipality, in June 2020, has declined across all top 20 municipalities in Ontario in comparison to June 2019.

However, what is reassuring is that these numbers are better than the previous month.

In May, all of the top 20 municipalities experienced a decrease in mortgage registration volume compared to the same time last year. While in June, Municipalities including Cambridge, Ajax, Richmond Hill, Guelph, Kitchener, Oshawa, Barrie, and Ottawa experienced better mortgage registration volumes.

Additionally:

  • Windsor, Markham, Vaughan, and Toronto experienced the largest declines of 32.9%, 27.2%, 20.3%, and 20.3% respectively in June 2020.
  • Vaughan experienced a decline in mortgage registrations, for the third month in a row, compared to the same time in 2019, however, this month’s decline of 20.3% was lesser than the decline of 25.7% seen in May.
  • Markham experienced the most drastic change from May to June, with a decline from 1.2% to 27.2% compared to volumes at the same time in 2019.

While the volumes are comparatively lower than 2019 and 2018, there is a general upwards trend compared to May 2020. While COVID-19 continues to impact the mortgage market, early signs of recovery are beginning to appear.

As more regions across the province continue to open and move towards Stage 3, it will be interesting to see what trends occur in mortgage registration volume.

See more data in the full Monthly Market Insights Report. Download your copy here: https://financialservices.teranet.ca/acton/attachment/2216/f-b6a68f9b-d4c9-470c-add4-879ba53164a9/1/-/-/-/-/Teranet%20Monthly%20Market%20Insights%20Newsletter%20July%202020%20Final%20Links.pdf

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