Bank of Canada Decreases Rate by 0.25%

November 2020 nesto-meter Report

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November 11th 2020 – presented by: Chase Belair, Co-Founder and Principal Broker at nesto

You can download the report below for easy browsing!

Key takeaways

  • In October, we had a total of one rate change, the least amount of volatility we’ve seen so far in 2020.
  • In Quebec, October marks the 5th month in a row with rates only decreasing, reaching record-lows
  • While our 5 year fixed mortgage rates have consistently dropped since July, the 5 year bond has not moved much in either direction.
  • Refinances are gaining ground in October to reach over 18.60% of requests, the highest percentage seen this year.
  • While our Quebec users are still more interested in purchasing a house, in Ontario, the interest for condos has been increasing as of late.
  • Higher refinance requests are driven by a higher consumer debt level.

Click below to download our November report!