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The Teranet and gateway logo are trademarks of Teranet Inc. (Teranet). All data in this document is provided on an as is basis, without warranties of any kind. Teranet will not, for any reason, be liable for any damages related to the use of data herein.
Monthly Market InsightsJune 2020
Mortgage Registrations: Residential Properties Our industry is experiencing a difficult period full of uncertainty and change. Recently, we heard from our valued partners and customers that you have questions about the state of the market. With our authoritative data, we aim to highlight industry trends on a monthly basis through the Teranet Monthly Market Insights Report. These monthly publications will investigate trends related to lender market share and provide analysis of mortgage registration activity across Ontario compared to previous years.
As of May 2020, there were 38,800 residential mortgage transactions, which was a decrease from the 42,300 transactions in 2019 and 45,600 transactions in 2018. May is the first month in 2020 that experienced a decline in mortgage registrations compared to the same time in the previous year. While in April it appeared that residential mortgage transactions hadn’t been impacted by COVID-19, the drop in registrations in May seems to highlight the impact that the virus is starting to have on the market.
Within the first five months of 2020, there have been 190,780 mortgage registrations, representing a total dollar amount of $91 billion. This is a significant increase from the previous year, which
saw a total dollar amount of $75.9 billion, but falls short of the previous high of $94.6 billion in 2017.
Mortgage Registration Volume and Dollar Amount: Residential Properties (January to May 2020)
Mortgage Registrations: Residential Properties
Jan
2018
2019
2020
25K
30K
35K
40K
45K
50K
55K
Feb Mar Apr May Jun Jul Aug
Registration Month
Tota
l Vol
ume
of R
egis
trat
ions
Sep Oct Nov Dec
Mortgage Registration Volume and Dollar Amount: Residential Properties (January to May 2020)
Tota
l Reg
istr
atio
ns
Tota
l Dol
lar
Amou
nt
0K 0B
10B
20B
30B
40B
50B
70B
60B
100B
90B
80B
2012 20122013 20132014 20142015 20152016 20162017 20172018 20182019 20192020 2020
220K
200K
180K
160K
140K
120K
100K
80K
60K
40K
20K
223.25K
63.1B
176.98K
52.8B
164.60K
52.3B
183.28K
61.7B
204.72K
76.7B
222.04K 94.6B
182.40K 78.1B178.23K 75.9B
190.78K
91.0B
Data provided exclusively through LendView, powered by Teranet
Mortgage Registrations by MunicipalityWhen we look at mortgage registration volume by municipality, we can see that Cambridge, Windsor and Vaughan experienced the largest declines of 31.15%, 30.54% and 27.58% respectively in May 2020. This is a different picture than we saw last month when Richmond Hill, Milton and Vaughan had the largest decreases in mortgage registration volume. Vaughan is the only municipality of these that three municipalities that experienced a larger decrease in volume from April 2020 to May 2020.
All of the top 20 municipalities experienced a decrease in mortgage registration volume compared to the same time last year. This decline was least drastic in Whitby, which had a decline of 0.43% and Barrie where volume declined 2.22% compared to May 2019.
Mortgage Registrations by Lender CategoryFrom a lender perspective we can see that lenders in all categories experienced a decrease in mortgage registration volumes compared to May 2019. Individual Lenders, Private Lenders and Mortgage Finance Companies experienced the most significant decreases of 48.2%, 44.6% and 31.5% respectively. The lenders that experienced the smallest declines were the Big 6 Banks with a decline of 5.4% and Other Banks which experienced a volume decline of 3.5%.
Monthly Market Insights June 2020
Mortgage Registrations by Municipality: 2020
Richmond Hill 16.24%
January
28.19%
February
-34.06%
March
-49.25% -23.22%
April May
Milton -11.42% -4.53% -38.28 -23.22% -11.73%
Vaughan -2.47% 21.22% 8.89% -21.41% -27.58%
Oshawa -6.22% -7.73% 8.95% -2.18% -12.77%
Windsor 21.31% 19.69% 20.85% 1.43% -30.54%
Hamilton 3.09% 15.76% 14.56% 1.32% -11.81%
Kitchener 12.01% 11.52% 18.54% 2.71% -26.74%
Oakville 4.41% 9.30% 18.92% 4.63% -8.00%
Toronto -7.24% -0.35% 16.88% 6.97% -22.37%
Cambridge 26.65% 27.51% 39.94% 11.44% -31.15%
London 14.02% 6.40% 21.56% 12.08% -19.22%
Barrie 17.71% 16.98% 31.67% 11.986% -2.22%
Guelph 6.36% 8.30% 12.83% 11.67% -13.41%
Whitby 16.92% 19.08% 12.68% 13.92% -0.43%
Mississauga 7.72% -5.49% 14.11% 13.46% -13.28%
Markham 9.36% -16.49% 20.96% 115.17% -21.83%
Ajax 18.26% -1.76% 14.45% 15.58% -14.32%
Ottawa 22.92% 29.96% 20.76% 18.76% -14.05%
Brampton 14.53% 22.53% 22.02% 20.65% -13.59%
Burlington 9.29% -3.32% 12.97% 40.87% -13.87%
Mortgage Registrations by Lender Category
Individual Lenders
Private Lenders
Insurance Companies
Trust Company
Credit Union
Mortgage Finance Co.
Big 6 Banks
Other Banks
5.8%
22.2%
-17.9%
-9.6%
-3.4%
-14.1%
-19.9%
-52.1%
-8.6%
6.3%
-18.0%
-24.2%
-21.8%
-20.2%
-26.4%
-52.7%
-9.3%11.7%
-6.1%17.4%
-25.0%-16.7%
-0.8%-6.40%
-14.2%-6.4%
-22.4%-7.5%
-32.2%-11.2%
-31.2%-31.3%
0.6%
6.1%
-6.4%
11.9%
-14.4%
-17.2%
-7.7%
20.7%
1.5%
8.2%
23.2%
7.1%
-16.8%
-19.3%
-13.5%
-2.8%
7.4%1.5%
10.8%7.4%
40.6%-2.4%
16.6%7.6%
0.1%-11.5%
5.0%-14.8%
6.1%-4.8%
20.3%1.3%
-0.9%
6.3%
15.1%
0.2%
38.4%
2.8%
19.8%
46.9%
-9.4%
-4.3%
-14.9%
1.0%
13.7%
10.7%
31.6%
42.6%
-48.2%-39.8%
-44.6%-28.6%
-22.7%-22.9%
-26.7%5.6%
-26.8%5.2%
-31.5%7.5%
-5.4%22.6%
-3.5%48.5%
February
2018 2019 2020
March April May February March April May February March April May
The Teranet and gateway logo are trademarks of Teranet Inc. (Teranet). All data in this document is provided on an as is basis, without warranties of any kind. Teranet will not, for any reason, be liable for any damages related to the use of data herein.
Data provided exclusively through LendView, powered by Teranet
Monthly Market Insights June 2020
Mortgage Registrations by Property Type
Other Residential
Condo
Semi Detached
Single Detached
Row
Multi Residential
15.36%
-12.91%
-19.93%
-20.07%
-17.97%
-13.53%
3.52% 11.00%
-26.68% -32.13%
-27.73% -28.09%
-26.01% -26.79%
-31.56% -32.09%
-32.43% -18.97%
10.37%
1.52%
-19.34%
-10.30%
-20.60%
-8.62%
2.19%
15.86%
-16.57%
8.12%
-21.01%
-6.73%
-5.11%
4.81%
-11.83%
-12.69%
-17.33%
-1.63%
4.20%6.84%
18.16%4.80%
4.38%-0.26%
5.31%-6.21%
4.46%-14.93%
12.68%-2.89%
18.56%
11.44%
24.96%
17.54%
18.99%
23.51%
12.33%
19.32%
22.17%
22.30%
19.09%
22.05%
-12.42%6.50%
-22.32%8.71%
-12.18%12.33%
-13.19%13.25%
-13.39%19.68%
-15.48%38.56%
February
2018 2019 2020
March April May February March April May February March April May
When we look at data in relation to sales registrations for residential properties, volumes fell by 27.5% from May 2019 to May 2020. This decline followed volumes in the first four months of the year that experienced similar monthly trends compared to 2018 and 2019. The sales registrations for residential properties seen in May 2020 are the lowest recorded in the last 15 years. The property type that
experienced the steepest decline in sales registrations were condos. Condo volume declined by 38.28% compared to May 2019, followed by multi residential properties, row houses, semi-detached and single detached properties that fell by 33.41%, 28.32%, 22.34% and 22.34% respectively.
The Teranet and gateway logo are trademarks of Teranet Inc. (Teranet). All data in this document is provided on an as is basis, without warranties of any kind. Teranet will not, for any reason, be liable for any damages related to the use of data herein.
Data provided exclusively through LendView, powered by Teranet
When we look at mortgage registrations in relation to property types we can see that there were no increases in volume from May 2019 to May 2020. Condos experienced the largest volume decline
of 22.32%, while all other property types experienced a decline between 12% and 15%.
Mortgage Registrations by Property Type
Sales Registrations: Residential Properties
Resi
dent
ial T
rans
actio
ns
Transaction Month
1 2 3 4 5 6 7 8 9 10 11 12 13
14K
15K
16K
17K
18K
19K
20K
21K
22K
23K
24K
25K
26K
27K
28K
29K
30K
31K
32K
33K
34K
Sales Registrations: Residential Properties
2018
Reg Year
2019
2020
Mortgage registration: mortgages registered in the land registry against a property during a specific time frame.
Sales registration: a property being transacted, transferred or sold from one owner to another for an amount agreed on between both parties. These may be new property or resale properties.
Monthly Market Insights June 2020
For Media Inquiries, please contact Emily BoyceMarketing Manager, Financial Services [email protected]
For more information about the data presented in this publication, please contact Kan Zhu Director, Financial Services & Data Analytics [email protected]
For more information about Teranet Solutions, please contact:
[email protected]@teranet.ca [email protected] [email protected]@teranet.ca
Ottawa/Qué[email protected]
Western [email protected]
The Teranet and gateway logo are trademarks of Teranet Inc. (Teranet). All data in this document is provided on an as is basis, without warranties of any kind. Teranet will not, for any reason, be liable for any damages related to the use of data herein.
Data provided exclusively through LendView, powered by Teranet
Overall, based on the data from May 2020, we can start to see the impact that COVID-19 is having on the Ontario mortgage market. As regions across Ontario begin to slowly open up it will be interesting to see if the decline in mortgage registration volume continues or if these trends will change as the pandemic continues over the next few months and beyond. In the next edition of the Monthly Market Insights Report we’ll explore these trends with the addition
of June’s data, which may show a different picture. If you need more information about mortgage registration volumes or other title data trends, the Teranet Data Science Lab can help you dig deeper. Our data scientists will work closely with you to answer your questions with insights from our proprietary database. Contact your Teranet Account Manager today if you’d like to learn more.
Overview