October 2022 nesto-meter Report
October 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. September-October 2022 mortgage report highlights growing popularity among short-term, fixed rate mortgages and a preference for fixed rates over variable rates for the first time since 2020. Read on, and learn more!
Key takeaways
- nesto had the highest number of renewals completed compared to any other month in 2022.
- There is an upward swing of 67% on ‘just looking’ sentiment over 33% for ‘ready to buy.’ We believe this continued divergence shows a stark market split due to price drops and borrowers sitting on the side lines.
- With the rate hike announcement on 9/7, we saw the cost of a variable rate mortgage increase by an average of $43 per month on each $100,000 borrowed.
- There is a 23% uptrend with nesto clients choosing a short term fixed rate over longer term options.
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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.
