February 2021 nesto-meter Report

February 2nd 2021 – presented by: Chase Belair, Co-Founder and Principal Broker at nesto

You can download the report below for easy browsing!

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Key takeaways

• In January 2021, fixed rates were the ones moving again, just like it was the case for most of 2020
• While our best insurable variable rate back in January 2020 was at 2.95%, it is now at 1.30%, a 1.65% difference!
• 60% of our nesto users were looking to buy a new property in January 2021, compared to 48% a year ago, in January 2020.
• In both QC and ON, 65-70% of our application requests for a new property were from users who just started looking versus found a property.
• In Ontario, the median purchase price was at 540 000$ in January 2021, a 50 000$ drop since November 2020
• Canadians renewing their mortgage in 2020 tend to turn their back on big banks, for the benefit of mortgage financing companies.
• 5% down payment is what most canadian borrowers decided to opt for in 2020, at almost 58%.

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