Bank of Canada Decreases Rate by 0.25%

April 2023 nesto-meter Report

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April 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. March – April 2023 mortgage report highlights the most changes to the fixed rate since October 2022, the 5-year fixed rate reaching its highest popularity yet, and down payment trends increasing alongside house prices. Read on, and learn more!

Key takeaways

  • In March 2023, we saw the most changes to the nesto’s lowest fixed rate since October 2022. 
  • In light of the BoC maintaining its policy rate, variation for variable rates visibly plateaued, and we can note a small decrease in fixed rates across the country.
  • Between September 2021 and March 2023, we noted renewals trending upwards while new purchases were trending down.
  • The median purchase price and the median down payment in dollars and percentages increased in unison for the first time since the summer of 2022. 

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The data used for this study comes from nesto’s online application and is solely based on the experience of 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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