May 2023 nesto-meter Report
May 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. April – May 2023 mortgage report highlights renewals trending upwards, new purchases trending down, median purchase price continuing to increase, and a small decrease in the fixed rate following the BoC maintaining its policy rate. Read on, and learn more!
- Since September 2021 to April 2023, we can note renewals are trending upwards while new purchases are trending downwards.
- In April 2023, the median purchase price continued to climb, but the median down payment in both dollar and percentage values fell back again from their peak last month.
- Buyer hesitancy persists, as the large gap between users who are ‘just looking’ vs ‘ready to buy’ remains consistent in both ON and QC.
- In light of the BoC maintaining its policy rate, variable rates visibly plateau, and we can note a small decrease in fixed rates across the country.
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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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