nesto acquires CMLS Group

January 2023 nesto-meter Report

Home / Digital Mortgage Industry Research: nesto-meter / January 2023 nesto-meter report

January 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. December-January 2022-23 mortgage report highlights nesto’s variable rates overtaking our discounted fixed rate, a 20% increase in renewals over the course of 2022, and predictions for a more balanced market in 2023. Read on, and learn more!

Key takeaways

  • The number of lowest rate changes offered by nesto increased from 3 rate changes in November to 4 changes in December.
  • Variable rates have overtaken fixed rates, a huge contrast to what we saw in the summer.
  • In light of the December 7 Bank of Canada rate hike, the portion of users who are ‘just looking’ increased to 65%, while the portion of those who are ‘ready to buy’ fell to 35%.
  • We can note a 20% uptrend in renewals since July 2021, as homeowners act early to lock in lower rates in preparation for more BoC rate hikes. 

Want to see the full report? Download it now!

Full report here.


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

For press and research-related requests,
email us at

Want the full report?

 Download below and get it sent directly to your inbox

In this article