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December 2023 nesto-meter Report

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December 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. November – December 2023 mortgage report highlights how the combination of lower rates, home sales and property values is creating a perfect mix for well-qualified buyers to grab a property of their choice before the impending winter, as it’s very likely the market could get heated once again in the spring. Read on, and learn more!

Key takeaways

  • nesto’s lowest fixed rate experienced another decrease in November 2023 
  •  The gap between new purchase applications and renewal applications continues to narrow, with purchases at 45% and renewals at 38%.
  • The gap in buyer intent between users who are ‘just looking’ vs those who are ‘ready to buy’  is the smallest it’s been all year in ON and still tight in QC.
  • Purchase price in ON and QC remained unchanged in November 2023, while median down payments decreased by $20K in both provinces.

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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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