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December 2022 nesto-meter Report

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December 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. November-December 2022 mortgage report highlights buyers overcoming last month’s hesitancy through an increase in new purchases, the closing gap between fixed and variable rates, and a total of 0 changes in the variable rated offered by nesto in November. Read on, and learn more!

Key takeaways

  • In November, there were no changes in variable rates offered by nesto across all of Canada.
  • The gap in rate variance closes, as fixed rates and variable rates start to catch up to each other. 
  • There is a slight decrease in overall purchase hesitancy among buyers, compared to previous months. 
  • Ontario’s median down payment increases significantly by $22,500, while Quebec’s falls by $15,000.

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The data used for this study comes from nesto’s online application and is solely based on the experience of 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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