March 2023 nesto-meter Report
March 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. February – March 2023 mortgage report highlights 0 changes to nesto’s variable rate in February, the 5-year fixed rate reaching its highest popularity yet, and down payment trends among Ontario and Quebec buyers. Read on, and learn more!
- In February, there was a total of 0 changes to the variable rate offered by nesto across Canada.
- Variable rates are still 100 bps higher than fixed rates, a huge contrast to what we saw in the summer. The 5-year fixed rate has reached its highest popularity since data collection started (i.e.: in Feb, 89% of all choices were fixed rates, and 95% of fixed rate choices were 5-year fixed rate)
- February 2023 shows a 30% difference in buyer intent between clients who are ‘just looking’ and those who are ‘ready to buy.’ This widening spread tells an opposite story to last year, when the gap in buyer intent was tightening at this time.
- Buyers in ON are increasingly contributing larger down payments, while QC buyers are shopping in a higher price range and maintaining the same percentage for their down payments.
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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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