July 2023 nesto-meter Report
July 2023 – Chase Belair, Co-Founder and Principal Broker at nesto
Welcome to nesto’s monthly report, aka the nesto meter! Each month we’ll report on the state of the housing and mortgage industry. June – July 2023 mortgage report highlights the impact of the Bank of Canada interest rate hikes on monthly mortgage payments, a steady incline in refinance applications, and a sharp increase in down payment amounts across Canada. Read on, and learn more!
- After months of relative stability, the fixed rate increases in ON, QC, and the rest of Canada.
- Refinances, while slower, still log a steady incline since September 2022.
- The large gap between users who are ‘just looking’ vs ‘ready to buy’ remains consistent in both ON and QC, aligning very closely with the national data (61% vs. 39%).
- Across Canada, homebuyers are putting down larger down payments on cheaper houses. This can be indicative of the overall price of homes dropping, as well as cautionary buyers who are shopping at lower price points due to inflationary pressures.
- The impact of the Bank of Canada rate hikes leads to an increase in monthly mortgage payments for homeowners. For example, a fixed rate mortgage secured in March 2022 with $1,322 in monthly payments is up to $1,710 in monthly payments in June 2023 (based on a $300,000 mortgage with 25 year amortization).
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The data used for this study comes from nesto’s online application and is solely based on the experience of nesto.ca customers/users, not the national market as a whole.
Data is collected from thousands of monthly users declaring their intent or completing online applications across Canada. The data is anonymized and aggregated for analysis.
Data presented within our Rate volatility and variances report refer to nesto’s “best rate” at any given moment. nesto’s best rate comes from any one of our many lending partners at any given moment.
Author: Chase Belair,
Co-Founder and Principal Broker at nesto
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