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October 2023 nesto-meter Report

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October 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. September – October 2023 mortgage report highlights an overall decline in home prices on a national scale, the continued impact of a high rate environment on mortgage holders, and a slight shift in buyer intent in light of the BoC maintaining the policy rate in September. Read on, and learn more!

Key takeaways

  • Over the course of the last 18 months, the average purchase price in Ontario has dropped by 28%, from $720K to $518K by September 2023.
  • There were no changes to the best variable rate available for the second month in a row and only 1 change to the fixed rate.
  • In light of the BoC maintaining its policy rate in September 2023, the gap in buyer intent continued to tighten, as the portion of users who are ready to buy increased by 2% since the previous month.
  • Between May 2023 and September 2023, the national average for home prices dropped by 20%, going from $500K to $400K.

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METHODOLOGY

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

For press and research-related requests,
email us at alivia@nesto.ca.


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