November 2022 nesto-meter Report
November 2022 – 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. October-November 2022 mortgage report highlights hesitancy surrounding purchases and refinances, an increase in renewal volumes, continued popularity short-term fixed rate mortgages and a significant increase in median down payment amounts in Quebec. Read on, and learn more!
- Changes in fixed rates increased significantly in October, especially in Quebec.
- In just 6 months, renewals have grown by 13.42% and purchases by 9.19%. The primary hesitancy surrounding refinances can be attributed to rate hikes and uncertainty in the economy.
- ‘Just looking’ continued to have a majority stake at 64% of nesto applicants, compared to 36% who were ‘ready to buy’.
- We see a significant increase in early and standard renewers choosing fixed rate mortgages over variable rate mortgages.
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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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