June 2023 nesto-meter Report
June 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. May – June 2023 mortgage report highlights growing housing demand, very different down payment trends unfolding in Quebec vs Ontario, and a nation-wide decrease in property prices. Read on, and learn more!
- As of January 2023, new purchase applications have begun to climb again. While demand is up, inventory levels are still down. Making for a more competitive environment.
- The median down payment in dollar value plummeted from $50K to $38K in Quebec in tandem with a plateau in Quebec average home price of $400K. The median down payment in Ontario increases from $60K to $100K while the average home price decreases from $650k to $620k.
- After 5 months of increases, all provinces had their average property price decrease in May 2023, dropping from their high of $500K last month to $460K.
- The median down payment decreased from 11% to 10% in Canada. This suggests that buyers may be hesitating with their savings due to rising rents and other expenses.
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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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