Bank of Canada Decreases Rate by 0.25%

February 2023 nesto-meter Report

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February 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. January – February 2023 mortgage report highlights nesto’s variable rates overtaking our discounted fixed rate by 100 bps, interest in variable rate mortgages down to 19% of our client inquiries, and widening spread in purchase intent between users who are ‘just looking’ vs. ‘ready to buy’. Read on, and learn more!

Key takeaways

  •  3 changes made to the rates offered by nesto for QC, ON, and the rest of Canada in January.
  • Variable rates are now 100 bps higher than fixed rates, a huge contrast to what we saw in the summer. Interest in variable rate mortgages has reached a low of 19% of our mortgage inquiries.
  • January 2023 shows a 40% difference in buyer intent between clients who are ‘just looking’ and those who are ‘ready to buy,’ the biggest spread we’ve seen since December 2021.
  • Median purchase price in ON drops by $50,000 since last month, but remains relatively stable in both QC and AB.

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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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