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November 2023 nesto-meter Report

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November 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. October – November 2023 mortgage report highlights a decrease in nesto’s lowest fixed rates, an overall decline in home prices on a national scale, and a significant shift in buyer intent in QC, in light of the BoC maintaining the policy rate again in October. Read on, and learn more!

Key takeaways

  • In October 2023, nesto’s lowest fixed rate decreased by 5 bps– a first since the summer!
  •  The gap between new purchase applications and renewal applications began to narrow, with purchases dipping to 48% and renewals increasing to 41%.
  • Buyer intent is split 50/50 in QC between users who are ‘just looking’ vs those who are ‘ready to buy’– a first since April 2022.
  • Homebuyers continue shopping for homes at lower price points while requiring larger down payments to qualify at higher interest rates.

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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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