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September 2022 nesto-meter Report

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September 2022 – Chase Belair, Co-Founder and Principal Broker at nesto

Welcome to nesto’s monthly mortgage trends and insights report, aka the nesto meter! Each month we’ll report on the state of the housing and mortgage industry. August-September 2022 mortgage report highlights a cooling market, fair customer credit, and a decreasing median purchase price. Read on, and learn more!

Key takeaways

  • August 2022 had the lowest number of interest rate changes to date since March 2022. nesto logged only 1-2 changes this past month compared to last month’s reported 5-7.
  • Refinances are currently at the lowest levels since March 2021, 8.19%.
  • There’s another upward swing from ‘ready to buy’ vs. ‘just looking’; with the latter clocking in at 65% and the former at just 35%. This continued disparity shows an improved state of intent with potential homebuyers in the market in 2022.
  • The housing market continues to show signs of cooling down with the decrease in the median purchase price dropping another $35,000 – from $475,000 to $440,000.

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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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