2020 has seen the introduction of new government policies as well as a change in buyer preferences. These factors have impacted the housing and mortgage markets in Ontario.
The eighth edition of the Teranet Market Insight Report explores these factors and delivers a comprehensive analysis of the real estate market in Ontario.
The report examines trends related to mortgage registrations and sales volumes, the changing preferences of non-first-time homebuyers, whether the work from home climate is affecting buyer activity, and more.
Some of the key findings include:
- Monthly registered residential sales value has steadily increased from $7.83 billion in February 2020 to $17.34 billion in August 2020.
- The majority of monthly sales came from non-first-time homebuyers. This is particularly evident, in August, as over 85% of the monthly sales value originated from this buyer segment during the month.
- In 2020, non-first-time homebuyers gravitated towards non-condo properties over condos and purchased significantly fewer condos this summer compared to the volumes seen in the summer months of 2019 and 2018.
- First-time and non-first-time home buyers, both showed increased interest in seasonal properties in the same areas/municipalities. These include Wasaga Beach, Muskoka Lakes, Central Frontenac, Rideau Lakes, and Huntsville.
- A closer look at the mortgage market shows that homeowners chose to stay with the same lender and borrowed more money in their new mortgage.
We are committed to providing you with a comprehensive, timely analysis of the Canadian housing market. If you need more information about this report’s data, the Teranet Data Science Lab can help. You can contact us at: https://www.teranet.ca/contact-us/
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